S. 43(5) : Speculative transaction-loss on purchase and sale of shares and securities as business loss-Controversy between assessee and revenue no longer survived in view of settlement of dues under Direct Tax Vivad Se Vishwas Scheme, 2024, SLP filed by assessee against impugned order of High Court had been rendered infructuous [Art. 136]

S. 37(1) : Business expenditure-Mark to market loss on derivative-Swap contract loss-Hedge-Foreign exchange loss-Accrued and subsisting liability-Not merely a contingent or hypothetical liability-Allowable as deduction-Accounting Standard 11.[S. 145]

S. 36(1)(vii) : Bad debt-Business loss-Guarantee assistance on market value basis-Pledging of shares-Loss incurred by assessee was for business expediency of group company hence such loss/debt should be treated as having been incurred for purpose of business and directly relatable to business of assessee and eligible for deduction as loss or bad debt. [S. 28(1), 36(2)]

S. 36(1)(iii) : Interest on borrowed capital-Advance to subsidiary-Share application money without charging interest-Commercial expediency and in normal course of its business activities-High Court affirmed the order of Tribunal-Delay of 295 days in filing SLP which had not been satisfactorily explained by revenue-SLP dismissed on ground of delay and question of law, if any, would be kept open.[Art. 136]

S. 36(1)(iii) : Interest on borrowed capital-Land was used for agricultural purposes-High Court held that since there was no evidence to show that land was used for purpose of business of assessee, interest paid in respect of loan borrowed for purchasing said land could not be allowed as a deduction-SLP filed against order of High court was dismissed as withdrawn.[Art. 136]

S. 32 : Depreciation-Unabsorbed depreciation from assessment year 1999-2000 could be set off against long term capital gains for assessment year 2002-03-Matter remanded.[S. 32(2), 72, 154, 260A]

S. 28(i) : Business loss-Derivatives arising from future option-set-off of this loss against profit earned from sale of a land along with development rights-Controversy settled under Direct Tax Vivad Se Vishwas Scheme, 2024-SLP dismissed as infructious. [Art. 136]

S. 28(i) : Business income-Foreign exchange fluctuation gain-Delay of 825 days-Delay was not satisfactorily explained-SLP of revenue dismissed. [Art. 136]

S. 23 : Income from house property-Annual value-Arreras of rent-No retrospective fixation of fair rent-Orders increasing fair rent for year 2019 and for year 2022 were passed only on 24-1-2024, when lease had ended between parties, only arrears need to be determined-Common practice and also laid down in Government Order that 15 per cent increase can be made for every three years-In best interest of resolving dispute between parties, a reasonable 15 per cent increase shall be taken and calculated and submissions made to contrary shall be rejected.[S. 22, Art. 226]

S. 10AA : Special economic zones-Failure to file audit report in Form 56F along with the return-Rectification application-Assessee had duly fulfilled substantial requirement as well as procedural requirement, though there was a minor technical breach in fulfilment of procedural requirement, delay in filing Form 56F would not be fatal to substantive claim of assessee-Order of tribunal affirmed.[S. 143(1), 154, 260A, Form 56F]