S. 36(1)(iii) : Interest on borrowed capital-Paying interest thereon at 12.2 Per Cent. and advancing loans charging interest at 7.25 Per Cent. and 10 Per Cent.-Disallowance is held to be not justified.

S. 36(1)(iii) : Interest on borrowed capital-Intercorporate deposits agreement with assessee and its subsidiaries-Commercial expediency-Interest deductible.

S. 35DDA : Amortisation of expenditure-Voluntary retirement scheme – Expenses incurred prior to insertion of section – Governed by earlier provisions. [S. 37 (1)]

S. 32 : Depreciation-Computer software-60% depreciation is allowable.

S. 14A : Disallowance of expenditure-Exempt income-No exempt income during the year-No disallowance can be made.[R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Only exempt income yielding investments to be considered to compute disallowance. [S. 115JB, R. 8D]

S. 11 : Property held for charitable purposes-Trust entitled carry forward deficit of current year and to set it off against income of subsequent years. [S. 11((1)(a), 12A]

S. 11 : Property held for charitable purpose-A Statutory body established for acquisition of land for Industrial Infrastructure- Operating on non profit basis-Entitle to exemption. [S. 2(15), 32]

S. 10AA : Special economic zones-Trading covered by Services under Special Economic Zones Act, 2005-Entitle to deduction-Special Economic Zones Act, 2005 has overriding effect over provisions contained in any other Act. [Special Economic Zones Act, 2005, S. 2(z), 51]

S. 254(2A): Appellate Tribunal –Stay- Any order of stay shall stand vacated after the expiry of the period or periods mentioned in the Section only if the delay in disposing of the appeal is attributable to the assessee.[ Art . 14 ]