S. 80IB: Industrial undertakings – Manufacture –Process of galvanization amounted to ‘manufacture’ since the resultant product is a different commercial commodity having distinct use and is sold at a higher price.

S.48:Capital gains – Computation – Expenses incurred towards fees for computerization of share certificates in order to transfer them to escrow account is allowable as deduction .[ S.45, 112 ]

S. 43B : Deductions on actual payment -Unutilised MODVAT credit representing excise duty paid of raw material/input at the end of year cannot be allowable as deduction

S. 43B: Deductions on actual payment – Employees provident fund -No disaalowance can be made , if deposted prior to due date of filing of return [ S.139(1)]

S.37(1):Business expenditure –Bank- Provision for interest on over due deposits being ascertained liabilities which is crystallised during the relevant previous year is held to be allowable as deduction [ S.145 ]

S. 11 : Property held for charitable purposes – Application of income -Wrirte back of depreciation was allowed to be carried forward for application of income of subsequent years [ S.32 ]

S. 37(1): Business expenditure – Expenditure incurred fpr acqudsition of application software which was subsequently abandoned would be allowable in year of write off as revenue expenditure [S.145 ]

S. 32A:Investment allowance- Development rebate -Transfer of asset within 8 years to the retiring partner , denial of benefit of investment allowance/development rebate was justified.[ S.2(47),34(3),35A ,155(4A)]

S. 14A: Disallowance of expenditure – Exempt income – Assessing Officer cannot attribute administrative expenses for earning tax free income in excess of total administrative expenditure.[R.8D ]

S. 14A : Disallowance of expenditure – Exempt income -Net interest- Prior to its amendment with effect from 2-6-2016 , amount of expenditure by way of interest would be interest paid by assessee on borrowings minus taxable interest earned during financial year [ R.8D ]
Dismissing the appeal of the revenue , the Court held that ; Prior to its amendment with effect from 2-6-2016 , amount of expenditure by way of interest would be interest paid by assessee on borrowings minus taxable interest earned during financial year . (AY. 2008-09)
Nirma Credit & Capital (P.) Ltd (2017) 85 taxmann.com 72 / ( 2018) 300 CTR 286 (Guj HC)