S. 37(1): Business expenditure – Capital or revenue – Debenture whether convertible or non convertible are in nature of loan at the time of issuance therefore expenditure incurred are allowable as business expenditure.

S. 32: Depreciation—Toll bridge –BOT basis- Intangible asset, depreciation is allowable .

S.28(i) : Business loss – Advance made to parties for purchase of goods, consumables which are written off in the books is held to be allowable as business loss.

S.28(i) : Business loss – Government deposits written off is held to be allowable as business loss .[ S.37 (i)]

S.28(i) : Business loss – Retention money – Advances to the companies which are in nature of irrevocable which are written off in the books is allowable as business loss.

S.28(i) : Business loss -Advance to purchase of land- loss incurred on account of irrevocable advance paid for purchase of land for construction of office is held to be allowable as business loss .

S.14A : Disallowance of expenditure – Exempt income – AO has neither considered contention of the assessee nor recorded the satisfaction, hence disallowance is not justified.[ R.8D ]

S. 12AA : Procedure for registration –Trust or institution- Amount received from settler company and same was given as donation to another charitable institution , refusal of registration is held to be justified ,as the assessee has not carried out any charitable activities [ S. 2(15) ]

S. 271D : Penalty -Takes or accepts any loan or deposit –Journal entries – Penalty cannot be levied if the transactions are bona fide ,genuine and reasonable cause.No substantial question of law [ S. 260A,269SS, 269T, 273B ]

S.147: Reassessment – After the expiry of four years- Carry forward the loss- No failure to disclose all material facts -Reassessment is bad in law [ S.79, 148 ]