S. 37(1) : Business expenditure-Assessee carrying on business in veterinary pharmaceuticals-Products registration expenses-Allowable as revenue expenditure:

S. 37(1) : Business Expenditure-Capital or revenue-Non-Compete fee-In the first year of payment, proportionate deduction disallowed holding the same as capital expenditure-Rule of consistency is to be followed.

S. 37(1) : Business expenditure-Club membership fees-Club membership used by representatives of assessee for entertaining present and prospective customers-Commercial expediency-Allowable expenditure.

S. 37(1) : Business expendirure-Amortisation of preliminary expenses-Capital or revenue expenditure-Expenditure in connection with increase in authorised capital-Not allowed as revenue expenditure-Assessee cannot capitalise it and claim depreciation thereon-Mercantile system of accounting-Interest to be taxed on accrual basis. [S. 32, 35D, 37(1), 145]

S. 37(1) : Business expenditure- Equity Stock Option Plan-ESOP expenses-Failure to consider the submissions-Matter remanded.[S. 17(2)(vi(c),192]

S. 37(1): Business expenditure-Insurance premium of director paid by Company-Not incurred wholly and exclusively for the purpose of business-Not allowable as deduction-Bogus purcahses-Entire bogus purchase cannot be added-Addition restricted to 12.5% of alleged bogus purchases.-Delay of 177 days was condoned. [S. 133(6), 254(1)]

S. 37(1): Business expenditure-Commercial expediency-Professional and consultancy charges-Matter remanded.

S. 37(1): Business expenditure-Insurance premium of director paid by Company-Not incurred wholly and exclusively for the purpose of business-Not allowable as deduction-Bogus purchases-Entire bogus purchase cannot be added-Addition restricted to 12.5% of alleged bogus purchases.-Delay of 177 days was condoned. [S. 133(6), 254(1)]

S. 37(1) : Business expenditure-Reimbursement of service tax-Commercial expediency —Allowable as revenue expenditure.

S. 37(1) : Business expenditure-Free samples and distribution of infant and children’s nutrition food-Not allowable as deduction-Expenditure incurred on arranging conferences and seminars-Not allowable as deduction.[Infant Milk Substitutes, Feeding Bottles and Infant Foods (Regulation of Production, Supply and Distribution) Act, 1992 (Relevant Act),S. 4]