S. 37(1) : Business expenditure–Commission paid to directors-Allowed in earlier years-Principle of consistency is followed– Appeal of revenue is dismissed.

S. 37(1) : Business expenditure–Construction business– Expenditure incurred subsequent sale of building–Held to be allowable as revenue expenditure. [S. 145]

S. 37(1) : Business expenditure–Capital or revenue-Non-compete fee-Agreement was only for 18 months-Allowable as revenue expenditure.

S. 32 : Depreciation-leased assets–Entitle to depreciation–Less had admitted that the transaction were merely paper transaction – Question of fact. [S. 260A]

S. 32 : Depreciation–Residential flats–Accommodation of employees-Entitle for higher rate of depreciation.

S. 32 : Depreciation-Higher rate of depreciation-Motor vehicles-Buses were being run on hire-Entitle for higher rate of depreciation.

S. 32 : Depreciation-Stock in trade-Investment-Bank-Valuation of investment portfolio–Depreciation is allowable in respect of investment held as stock in trade. [S. 28(i), 145]

S. 32 : Depreciation–Software licence application-Eligible depreciation at 60 %-Computer-Interpretation-Entry to be interpreted is in a taxing statute-Full effect should be given to all words used therein-It is impermissible to ignore the description, and denote the article under another entry by a process of reasoning.

S. 32 : Depreciation-Valuation of investment portfolio-Stock-in-trade-Depreciation is held to be allowable. [S. 145]

S. 22 : Income from house property-Income from other sources-Business income-Firm obtaining flats on lease-Flats sub-leased with furniture and fittings-Income from sub-lease assessable as income from house property and income from other sources-Res judicata is not applicable to income-Tax proceedings. [S. 2(13), 28(i), 56]