S. 36(1)(vii): Bad debt-Subsidy-Offered as income in earlier years-Unrecoverable subsidy allowable as bad debt.

S. 36(1)(va): Any sum received from employees-Deposited ESI contribution on 16-10-2017 for September 2017, when the due date was 15-10-2017, which happened to be a public holiday, i.e., Sunday-One day delay on account of a public holiday-Allowable deduction. [S.43B General Clauses Act, 1897, S.10]

S. 36(1)(iii): Interest on borrowed capital-sufficient non-interest-bearing funds–car loan–disallowance of interest is not justified.

S. 32: Depreciation-Goodwill-Intangible asset-Purchased goodwill as it involves cost and is recognised as an intangible asset in accounting in the successor company-Depreciation allowable.[S. 55]

S. 32: Depreciation-Carry forward and set off-Unabsorbed depreciation as current year’s depreciation-Set-off against income under any head, including income from other sources-Provision does not mandate that business be carried on in relevant year, nor limit adjustment to business income.[S. 32(2), 72]

S. 32: Depreciation-POS machine is eligible for depreciation at a rate of 40 per cent-SAP license being a computer software, depreciation on the same was allowable at a rate of 40 per cent.

S. 28(iv): Business income-Value of any benefit or perquisites-Converted into money or not-Hospitality business-Unsecured loans-Shel companies-No evidential proof or investigation established loans as sham and lender companies were active, registered and not identified as shell companies-Addition was not justified.

S. 28(i): Business income-Call centre facilities-Business of providing call centre facilities and leasing out premises-Assessable as business income and not as income from house property-Maintenance charges received by assessee, owner of a property, from tenants for undertaking maintenance of common areas of property were to be assessed as income from business and profession. [S. 22]

S. 28(i): Business income-Export of services-Not liable to pay GST/IGST on services exported out of India-Refund of IGST could not be treated as income of assessee.[S. 43B, Central Goods and Services Tax Act, 2017, S.54]

S. 28(i): Business income-Foreign Exchange fluctuations-Loan given to overseas party-Mark-to-market gain on loans given to an overseas party due to year-end foreign exchange reinstatement-loans were not on revenue account-Addition was deleted. [S. 45]