S. 73 : Losses in speculation business-Non-Banking financial Institution advancing Loans and making investments-Not speculative transactions-Loss is allowable to be set off. [S. 28(i)]

S. 68 : Cash credits-Transactions found to be genuine—Deletion of addition is held to be justified.

S. 68 : Cash credits-No explanation was furnished–Civil proceedings would not regulate the assessment under the Income-tax Act-Tribunal remanding the matter is held to be erroneous-Addition as cash credit is valid. [S. 254(1)]

S. 43A : Rate of exchange-Foreign currency-Actual cost-Gains earned on cancellation of forward contracts-Capital in nature and liable to be capitalized towards cost of machinery. [S. 43(1)]

S. 37(1) : Business expenditure-Contribution to Employees welfare Trust–Allowable as business expenditure. [S. 36(1)(iv), 36(1)(v), 40A(9)]

S. 37(1) : Business expenditure-Variation in quality or defective goods–No addition can be made-General expenses–Reduction of expenses–Rent to other companies–Same management– Commission paid to investment companies–Amount cannot be assessed in the hands of the assessee.[S. 4]

S. 37(1) : Business expenditure-Royalty-Disallowance of expenses to extent not attributable to previous year relevant to Assessment year is held to be proper–Entitle to deduction for the period in question.

S. 37(1) : Business expenditure–Right issue–Collaboration agreement–Year of allowability–Held allowable in the year of receipt of bill and approval-Club membership fee-Allowable as business expenditure. [S. 145]

S. 37(1) : Business expenditure-Capital or revenue-Royalty paid as percentage of sales for obtaining technical Know how for setting up new business—Held to be capital expenditure.

S. 37(1) : Business expenditure-Setting up of business and starting commercial activities-Commencement of research and development and construction of factory-Business is set up- Entitled to deduction of operating expenses, financial expenses and depreciation-Appellate Tribunal-Power. [S. 28(i), 32, 254(1)]