S.36(1)(iii): Interest on borrowed capital- Work in progress- Expansion of existing business – interest on capital work-in-progress representing amount incurred on installation of new towers, is held to be not allowable as deduction .Matter was seta side to AO to verify if investment was made from interest free funds no disallowances can be made .

S. 36(1)(iii) :Interest on borrowed capital -Interest on loan taken for renovation and modernisation of factory premises is allowable as deduction .

S.32: Depreciation- Lease premises -Notionally estimated cost and capitalised for restoration of office spaces for setting up of cell site towers – Depreciation is held to be not allowable [ S.43(1) ]

S.28(i): Business loss -Derivatives- loss at end of year on mark to market basis could not be disallowed on ground that same was contingent in nature [ S.37(1) ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Deduction allowed u/s 10A allowed before adjustment unabsorbed depreciation or losses is held to be valid- Revision was held to be not valid . [ S.10A ]

S. 245D : Settlement Commission -Broker – Search and seizure- Failure to substantiate that entire unaccounted income from seized documents did not belong to him in respect of off market commodity transactions and hedging transaction -Rejection of application was held to be justified [ S. 69A, 153A, 245C ]

S. 194C : Deduction at source – Contractors – Payments to contractor for purchase of land and not development of works carried out is not liable to deduct tax at source [ S. 201(1) 201(IA) ]

S. 151 : Reassessment – Sanction for issue of notice – After the expiry of four years- Approval was not obtained – Reassessment was held to be bad in law [ S.147, 148 ]

S. 144C : Reference to dispute resolution panel – Defect in existing in original assessment order cannot be cured – show cause notice cannot be equated with assessment order – Oder passed without passing draft assessment was seta side .

S.92C: Transfer pricing – Comparable- While deterring ALP of components and parts exported to AE which are used in manufacturing of two wheelers cannot be compared with sale of finished goods in domestic market.