S. 43B : Deductions on actual payment-GST liability-Directly shown in balance sheet-Failure to pay before filing of return u/s. 139(1)-Disallowance is justified. [S. 139(1), 145A]

S. 43(5) : Speculative transaction-Derivative transactions-Futures and options transactions in recognized stock exchange through SEBI registered share broker-Loss allowable as business loss. [S. 43(5)(d), 73]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Wrongly shown by tax auditor in the report-Expenditure was not claimed as deduction-Addition is not valid. [S. 28(i)]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess is not allowable as deduction. [S. 37 (1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractors/sub-contractors-Payments to Making charges-Manufacturing of gold and silver jewellery-Wastage left with goldsmiths-Not liable to deduct tax at source. [S. 194C]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Rent paid to various parties-Less than Rs. 1,20,000 to each party-Remanded to the Assessing Officer for verification. [S. 194I]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Legal services-Matter remanded-DTAA-India-UK. [S. 9(1)(i), 9(1)(vii), 195, Art. 7]

S. 37(1) : Business expenditure-Amount paid to Life Insurance Corporation of India by a company-Group gratuity scheme-Not approved by Commissioner-Allowable as deduction.

S. 37(1) : Business expenditure-Club expenses-Deduction could not be disallowed on mere disclosure of these expenditure in clause 21(a) of tax audit report-Matter remanded.

S. 37(1) : Business expenditure-Sales promotion expenses-Self made vouchers-Payments made to Tamil Nadu State Marketing Corporation (TASMAC) is not allowable since it was a public sector undertaking of State of Tamil Nadu-Not allowable as deduction. [S. 40A(3)]