S. 80IA :Industrial undertakings – Production of power —Energy – Power would Include steam – Steam produced can be termed as power and would qualify for the benefits . [ S.80IA(4) ]

S.68: Cash credits — Unexplained money — Estimation of gross profit – Day to day stock register is maintained – Deletion of addition is held to be justified . [ S.153A ]

S. 68 : Cash credits – Affidavit filed by the asesssee was not rebutted -Arbitrary rejection of explanation is not proper – Duty Assessing Officer to conduct proper enquiry-Matter remanded

S. 40(a)(ia): Amounts not deductible – Deduction at source – Payment to truck owners towards freight charges – Commission agent – Form 15I was collected within time -Deletion of disallowance is held to be justified .[ S.194C ]

S. 40(a)(ia): Amounts not deductible – Deduction at source -Recipient has declared the income – No loss to revenue – No disallowances can be made – Amendment with effect from 1-4-2013 is declarative and curative in nature . [ S.271C ]

S. 40(a)(i) : Amounts not deductible – Deduction at source -Non-resident -Interest on foreign currency Loan —Specific exemption from Ministry of Finance for interest —Not liable to deduct tax at source – No disallowances can be made .[ S.10(15)(iv)(f),37(1), 195 ]

S.37(1) : Business expenditure — Wholly and exclusively for the purposes of business – Donations made under Corporate Social Responsibility — Held to be deductible — Res Judicata — Not strictly applicable in Income-Tax proceedings — Consistency essential.

S. 36(1)(viia) :Bad debt-Provision for bad and doubtful debts – Schedule bank – Entitled to deduction to the extent provision is made in the accounts subject to the limit mentioned in S.36(1)(viia) of the Act .

S.36(1) (iii): Interest on borrowed capital — Amount borrowed advanced at lower interest — Revenue authorities cannot substitute their own wisdom or notion about the rate of interest agreed to between the parties – Interest is deductible .

S. 36(1)(iii) :Interest on borrowed capital – Borrowed from banks and advanced to sister concern- Commercial expediency – Sufficient interest free fund was available – Deletion of disallowance is held to be justified .