S. 37(1) : Business expenditure-Derivative loss-Business loss-Mark-to-market basis-account Foreign exchange fluctuation-Mercantile basis-Allowable as deduction. [S. 28(i), 145]

S. 37(1) : Business expenditure-Education cess-Not allowable as deduction-As per Explanation 3 to the provision of section 40(a)(ii) inserted by Finance Act, 2022 with effect from 1-4-2005 surcharge or cess forms a part of ‘tax’ [S. 40(a)(ii)]

S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-Schedule bank-Deduction to be computed at rate of 7.5 per cent of total income-After setting off of brought forward losses. [S. 36(vii), 72]

S. 32 : Depreciation-Software-Period of use was less than 180 days-Entitle only 30 percent depreciation.

S. 32 : Depreciation-Activity of mining, mineral processing for exports, shipping etc. Amounted to production of iron-ore-Entitled for additional depreciation in respect of machinery used in mining.

S. 14A : Disallowance of expenditure-Exempt income-Suo-moto disallowance-Recorded the dissatisfaction–Assessing Officer recomputed the amount at higher amount-Order of Tribunal affirming the disallowance was up held. [S. 10(34), R. 8D(2)(iii)]

S. 14A : Disallowance of expenditure-Exempt income-Dividend income earned from the overseas entity-Included in the total income-No disallowance can me made-DTAA-India-Oman. [S. 90(2), R.8D, Art. 25]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income was received or receivable during relevant previous year-Disallowance cannot be made-Amendment to section 14A is prospective.[R.8D]

S. 10(37) : Capital gains-Agricultural land-Compensation received for acquisition land [Gujarat Town Planning and Urban Development Act, 1976 S. 107]

S. 4 : Charge of income-tax-Club-Principle of mutuality-Non-permanent members, non-life members, temporary or honorary members, they are not entitled to vote or offer themselves as candidates for any elective office, or have no right of disposal over the surplus-Principle of mutuality is applicable. [S. 2(24)]