S. 37(1) : Business expenditure-Contribution to Temple, Panchayat-Allowable as business expenditure. [S. 80G]

S. 36(1)(viii) : Eligible business-Special reserve-Eligible profits-Interest income from Government securities-Apportionment of other income-Matter remanded for verification.

S. 36(1)(iii) : Interest on borrowed capital-Real estate construction-Method of accounting-Percentage completion method-Stock in trade-Work in progress-Allowable as deduction. [S. 145]

S. 32 : Depreciation-Motor car-Not maintained log book for usage-Personal use-Disallowance of 20% of depreciation is affirmed. [S. 38(2)]

S. 32 : Depreciation-Additional depreciation-Manufacturing switchgear products-tools, dies, jigs, etc.-Parts of machinery entitle to claim additional depreciation.

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Advances deposits in preceding year-Failure to file confirmation-Cessation liability-Provision of section 28(iv) is not applicable. [S. 41(1)]

S. 23 : Income from house property-Annual value-Vacancy allowance-Only an intention to let out a property coupled with efforts to let out is sufficient to come within purview of section 23(1)(c)-As lease rental received was nil, addition made by Commissioner (Appeals) on basis of Annual Letting Value (ALV) under section 23(1)(a) was to be deleted. [S. 22, 23(1)(a), 23(1)(c)]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance is to be restricted to extent of exempt income earned during the year. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Explanation inserted by Finance Act, 2022 with effect from 1-4-2022 Provisions shall apply whether or not exempt income has accrued, arisen or received-Clarificatory in nature and applicable retrospectively. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Dividend and interest-Did not make suo motu disallowance-Matter remanded. [S. 10(34), R. 8D(ii)]