S. 37(1) : Business expenditure-Diversion by overriding title-Sharing of profit-The AO has to take into account the manner in which the business works, the modalities and manner in which SAP/additional purchase price/final price are decided and determine what amount forms part of the profit-Whatever is the profit component is sharing of profit/distribution of profit and the rest is deductible as expenditure-question of law is answered partly in favour of the revenue and partly in favour of the assessee-Matter is remitted to the AO to undertake the exercise as stated in the judgement after giving an opportunity to the respective assesses-Review petition is dismissed [S.40A(2),Sugarcane (Control) Order 1966 clauses, 3, 5A]

S.263 : : Commissioner – Revision of orders prejudicial to revenue – Business expenditure-Interest-Real estate business-Not commenced the business-Investing in shares of subsidiary-Not allowable as deduction-SLP of assessee is dismissed as fresh assessment order was passed and the matter is pending before ITAT .[S. 37(1) Art.136]

S. 36(1)(va) : Any sum received from employees-Late deposit of employee’s contribution to PF and ESI-Disallowance is justified-Assessment order under section 143(1)(a) would make no difference.[S.143(1)(a), 260A]

S. 36(1)(iii) : Interest on borrowed capital-Loan to subsidiary-Subsidiary was incurring losses-Loan from banks at rate 14 to 16 percent-Advance to subsidiary at rate of 6 percent-No disallowance was made in earlier years-Rule of consistency-Order of Tribunal is affirmed-No substantial question of law.[S.260A]

S. 32 : Depreciation-Amalgamtion-Intangible assets-Goodwill is valuable asset-Entitle to depreciation-SLP of Revenue is dismissed.[S. 32(1), Art. 136]

S. 14A : Disallowance of expenditure-Exempt income-Borrowed capitals-Investing in shares to earn income from dividend-Expenditure incurred on interest paid on borrowed funds is not allowable as deduction. [S.10(33), 36(1)(iii), 260A]

S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-Order of Tribunal deleting the addition is affirmed.[S. 10(34), 45, 260A, R.8D]

S. 13A : Political parties-Electoral Bond Scheme-Declared unconstitutional-Direction to submit details of Electoral Bonds purchased-Time to extend the publication of details of purchsers of Bonds-The miscellaneous Application filed by SBI seeking an extension of time for disclosure of details of purchase and redemption of Electoral Bonds until 30-6-2024 was dismissed and SBI was directed to disclose details by close of business hours on 12-3-2024. [Art. 19(1)(g)]

S. 13A : Political parties-Denial of exemption-Stay-Pendency of matter before Supreme court-Concession made by Revenue, no coercive action of any nature shall be taken against assessee till next date of hearing on 24-7-2024 [S. 11, Art. 136]

S. 12AB : Registration-Trust or institution-Wrong section code in Form 10A-Rejection of application is set aside-Matter remanded for reconsideration by Commissioner (Exemption).[S.11,Form No 10A, Art. 226]