S. 32: Depreciation-Additional depreciation-Claim not made in return-Subsequent letter the Assessing Officer-Justified in allowing the claim.

S. 28(iv) : Business income-Value of any benefit or perquisites-Company-Principle of lifting of corporate veil-Converted in to money or not-Directors transferring shares to persons in control of company which had discontinued news paper business-Not a case of acquisition of shares simpliciter-Benefit derived by transaction to be taxed as arising from business from adventure in nature of trade-Not as income from other sources-Valuation of benefit at fair market value of property proper. [S. 2(13) 28(i), 56, 56(2)viib), R. 11UA]

S. 28(1) : Business income-Capital or revenue-Benefit or perquisite arising from business-Engine manufacturer giving assessee credit for selecting its engines-Not assessable as revenue receipt or capital gains-Capital receipts-Construction of documents-Nature of receipt to be judged in hands of recipient-Entries in books of account not determinative of character of receipt as income. [S.4, 28(iv), 45, 48]

S. 28(i) : Business loss-Advances given to employees for meeting expenses-Amounts irrecoverable-Allowable as business loss-Matter remanded to the Assessing Officer for fresh examination. [S. 37(1)]

S. 28(i): Business loss-Embezzled-Loss deemed to be arisen when assessee comes to know about it and on realization on non recovery despite multiple attempts-Police complaints, Banking ombudsman etc-Write off on loss due to embezzlement allowable. [S. 145]

S. 28(i) : Business loss-Working capital-Allowable as business loss. [S. 37(1)]

S. 28(i) : Business loss-Fluctuation in foreign exchange-Restatement of outstanding liabilities on revenue items-Allowable as revenue expenditure. [S. 37(1)]

S. 28(i) : Business loss-Real estate business-Purchase of land-Litigation-Stock in trade-Allowable as business loss.

S. 28(i) : Business loss-Business expenditure-Commodities trading-Non-recovery of purchase cost of goods paid to National Spot Exchange (NSEL)-Allowable as business loss [S. 37(1), 145]

S. 28(i) : Business loss-Forward contract-Hedging transactions through banks-Loss allowable as business loss and not speculation loss. [S. 43(5), 73]