S. 32 : Depreciation-Suspension of business activities-generation and sale of electricity-Kept the asset for ready to use-Eligible for depreciation-Interest disallowance-Matter remanded for verification. [S. 32(1)(ii), 36(1)(iii)]

S. 32: Depreciation-Additional depreciation-Put to use less than 180 days-Balance additional depreciation of 10 Per Cent. can be claimed in succeeding assessment year. [S. 32(1)(ii)), 32(1)(iia)]

S. 32: Depreciation-Matter remanded for verification.

S. 32 : Depreciation-Capital or revenue-Setting up of plant-Facts identical to assessee’s earlier own case-Details of expenditure to be furnished for verification. [S. 37(1)]

S. 32: Depreciation-Molasses Tanks-Matter remanded for verification.

S. 32: Depreciation-Additional depreciation-Claim not made in return-Subsequent letter the Assessing Officer-Justified in allowing the claim.

S. 28(iv) : Business income-Value of any benefit or perquisites-Company-Principle of lifting of corporate veil-Converted in to money or not-Directors transferring shares to persons in control of company which had discontinued news paper business-Not a case of acquisition of shares simpliciter-Benefit derived by transaction to be taxed as arising from business from adventure in nature of trade-Not as income from other sources-Valuation of benefit at fair market value of property proper. [S. 2(13) 28(i), 56, 56(2)viib), R. 11UA]

S. 28(1) : Business income-Capital or revenue-Benefit or perquisite arising from business-Engine manufacturer giving assessee credit for selecting its engines-Not assessable as revenue receipt or capital gains-Capital receipts-Construction of documents-Nature of receipt to be judged in hands of recipient-Entries in books of account not determinative of character of receipt as income. [S.4, 28(iv), 45, 48]

S. 28(i) : Business loss-Advances given to employees for meeting expenses-Amounts irrecoverable-Allowable as business loss-Matter remanded to the Assessing Officer for fresh examination. [S. 37(1)]