S. 37(1) : Business expenditure-Mark-to-market loss on swap contract-loans were converted into foreign currency loan to take benefit of low interest rate-Order of CIT(A) is affirmed. [S. 28(i)]

S. 37(1) : Business expenditure-Interest payment on delayed deposit of Income-tax-Not an allowable expenditure.

S. 37(1) : Business expenditure- Payment to sub contractor-Bad debt-Government contracts-Matter remanded.[S.36(1)(vii), 36(2)]

S. 36(1)(va) : Any sum received from employees-Employee’s contribution-Belated payment-Not entitle to deduction. [S.143(1)(a), 254((2)]

S. 36(1)(va) : Any sum received from employees-Employee’s contribution-Belated payment-Entitle to deduction. [S.2(24)(x), 43B, 143(1)(a)]

S. 36(1)(iii) : Interest on borrowed capital-Diversion of funds-Proportionate interest paid on said diverted funds was to be disallowed.

S. 30 : Rent rates, taxes, repairs and insurance for buildings-Premises on short-term lease-Allowable as revenue expenditure.

S. 28(i) : Business income-Letting out properties-Assessable as income from business and not as income from house property.[S.22)

S. 12A : Registration-Trust or institution-Voluntary contributions-Trust is not registered-Corpus donation will form part of taxable income-Failure to produce vouchers disallowance of expenditure is justified. [S. 2(24(iia), 11, 37 (1)]

S. 11 : Property held for charitable purposes-Lease rent-Lessee companies were part of same group where trustees of assessee-trust and their relatives held more than 50 per cent of shares, tenants of rented property-Section 13(3) and as provisions of section 13(1)(c) read with section 13(1)(b) were violated-Assessee is not entitled to claim exemption under section 11. [S. 12AA, 13(1)(b), 13(1(c), 13(3)]