S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Transhipment charges-Outstanding for three years-Offered to tax in 2011-12-Justified in deleting. [S. 145]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding liability-Addition is not justified.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Profits on buy-back of foreign currency convertible bonds-Furnishing certificate of Chartered Accountant-No part of proceeds utilised towards non-capital expenditure-Addition is not justified. [S. 28(iv)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding sundry creditors shown in the books-Addition cannot be made.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Waiver of interest-Estimate made-No proof for waiver of interest-Deletion of addition is affirmed.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Loans outstanding in the balance sheet-Addition cannot be made.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Capital or revenue-Assets and liabilities of subsidiary absorbed by holding company-Written off-Advance for purchase of tools-Not assessable as business income. [S. 28(iv)]

S. 40A(9) : Expenses or payments not deductible-Bonus to employees-Employees welfare fund-Voluntary retirement Scheme-Allowable as deduction. [S. 10(10C), 37(1)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Most of payments made on Saturday/Sunday-Payments covered u/r. 6DD-Outside the scope of section 40A(3). [R. 6DD]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Expenditure not debited to profit and loss account-Disallowance cannot be made.