S.37(1):Business expenditure — Capital or revenue- Fluctuation in foreign exchange rates – Loan to purchase plant and machinery — Increase in liability – Capital expenditure.

S.37(1): Business expenditure — Bank — Purchase and sale of securities — Assessable as business income and not as income from other sources -Interest paid allowable as deduction [ S. 28(i), 36(i) (iii), 56 ]

S.32 : Depreciation — Unabsorbed depreciation — Carry forward and set off —Amendment ,Finance Act of 2001- Circular No. 14 of 2001 dt.9 -11 -2001- No time limit for carry forward and set off [ S.32(2) ]

S.32: Depreciation — Additional depreciation — Generating electricity Manufacture or production of article or thing —Business of generating electricity —Article or thing — Entitled to additional depreciation [ S. 32 (1)(iia) ]

S.32: Depreciation — Unabsorbed depreciation —Set off against long-term capital gains — Held to be justified [ S.32(2), 71, 72 ,73 ]

S. 28(i) : Business income – Income from house property – Rental income from technology park- Assessable as business income – Special Economic Zone -Appellate Tribunal – Remitting the matter is held to be not proper [ S.22, 80IAB , 254(1) ]

S. 15 : Salaries – Non -Compete fee – Service rendered outside India – Held to be not taxable – Cannot be treated as assessee in default – DTAA -India – USA [ S.5(2), 17 , 195(2) , 201(IA), Art, 16(1) , 23 ]

S. 14A : Disallowance of expenditure – Exempt income -No non-taxable income — No disallowance could be made [ R.8D ]

S. 12AA : Procedure for registration –Trust or institution-Gujarat Maritime Board — Entitled to exemption [ S.2(15, 11, 12 , 260A

S. 12AA : Procedure for registration –Trust or institution- Charitable purpose – Amendment has not changed the law – Activities carried on by the assessee were genuine – Cancellation of registration is held to be not valid [ S.2(15) ]