S. 37(1) : Business expenditure-Creation of a reserve fund and transfer certain amount to such reserve as per section 45-IC of Reserve Bank of India Act, 1934-Not allowable as deduction. [S.115JB, Reserve Bank of India Act, 1934 S. 45-IC.]

S. 37(1) : Business expenditure-Securities held as stock in trade-Interest paid for broken period allowable as deduction-Rights issue of Fully Convertible Debentures (FCDs)-Expenditure on account of printing expenses, advertisement, professional fees, stamp duty and filing fees, bank charges, packages, etc-Allowable as deduction.

S. 37(1) : Business expenditure-Not shown any income from money lending business-No interest income-Expenditure is not allowable as deduction-SLP of assessee is dismissed. [S. 56, Art. 136]

S. 32 : Depreciation-Building-Building structure had been standing for 20 years and it was renovated and beautified for use as a conference hall-Only 10 per cent depreciation is allowable-Not a temporary structure-Delay of 344 days in filing SLP-Delay is not condoned. [Art. 136]

S. 28(i) : Business income-Income from house property-Business of purchase and renting properties-Rule of consistency is followed-Order of Tribunal assessing the rental income as income from house property is set aside.[S. 22, 260A]

S. 28(i) : Business income-Income from other sources-Fixed deposit interest-Short term deposit for opening LC or other business purposes-Matter remanded to the Assessing Officer-Order of High Court is affirmed.[S. 56, Art. 136]

S. 17(2) : Salary-Perquisite-Rent-free or concessional rent accommodations-Claim of assessee that perquisite value of Rent-free or concessional rent accommodations should be computed under Rule 3 considering its employees at par with Central Government employees is rejected-Proceedings under Sections 201 and 201(1A) were to be quashed, as assessee had made a bona fide estimate of perquisite value consistent with a similar ruling for another CSIR unit-SLP of the assessee is dismissed. [S. 15, 201, 201(IA), R. 3, Art. 136]

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Non-resident company-Sales commission-Not in nature of Fee for Included Services (FIS)-DTAA-India-USA. [S.260A, Art. 12]

S. 5 : Scope of total income-Interest on Government Securities-Right to receive interest on Government securities vested in assessee only on due date mentioned in securities and could not be said to have accrued to assessee on any date other than dates stipulated therein-Delay of 364 days-SLP of Revenue is dismissed on account of delay and also on merits. [S. 145, 245C, 245D, Art. 136]

S. 5 : Scope of total income-Interest on Government Securities-Right to receive interest on Government securities vested in assessee only on due date mentioned in securities and could not be said to have accrued to assessee on any date other than dates stipulated therein-SLP of Revenue is dismissed. [S. 145, 245C, 245D, Art. 136]