S. 43A : Rate of exchange-Foreign currency-Capital assets-Amendment with effect from 1-4-2003-Adjustment on account of Foreign Exchange rate fluctuation required to be made to actual cost at end of every year-Not liable to tax. [S. 145]

S. 37(1) : Business expenditure-Year of allowability-Method of accounting-Amortised in the accounts-Upfront loan processing fee expenses-Allowable as deduction. [S. 145]

S. 37(1) : Business expenditure-Accrued or contingent liability-Award of damages with interest-Arbitration made Rule of Court by Single Judge-Pendency of award before Division Bench-Grant of stay by Division Bench does not relieve assessee of liability to pay interest-Entitled to deduction of interest-SLP of Revenue is dismissed. [S. 145, Art. 136]

S. 36(1)(iv) : Contribution towards a recognized provident fund-
Contribution to medical benefit fund of retired employees-Not disallowable.[S.36(1)(v),36(1)(va), 40A(9)]

S. 36(1)(iii) : Interest on borrowed capital-Joint venture company-Entitle to deduction.

S. 32 : Depreciation-Telecommunication Infrastructure-Towers Constructed subsequent to commencement of business-Depreciation is allowable on all towers.

S. 32 : Depreciation-Rate of depreciation-Plant-Oil Well-Plant-Eligible for depreciation at higher rate of 80 Per Cent.-Supreme Court-SLP of Revenue is dismissed.

S. 14A : Disallowance of expenditure-Exempt income-Not recording satisfaction-Order of Tribunal deleting the disallowance is affirmed.[R.8D(iii)]

S. 11 : Property held for charitable purposes-Donations-Entire Capitation Fees-No denial of exemption if certificate in force-Entitle to exemption. [S.11(d), 12A, 12AA(4)(b)]

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Make available-The facts on record showed that the recipient of the services was not enabled to provide the same service without recourse to the service provider-DTAA-India-Singapore.[S. 260A, Art. 12(4)(b)]