S. 37(1) : Business expenditure-Commission to increase sales-Free Lance Individuals-Allowable as business expenditure.

S. 36(1)(vii) : Bad debt-Finance business-Interest income assessed as business income-Merely because parties related, Loss written off could not be disallowed. [S. 36(2)]

S. 36(1)(iii) : Interest on borrowed capital-Strategic investments Joint venture company group and subsidiary companies-Disallowance of interest is not justified.

S. 36(1)(iii) : Interest on borrowed capital-Own capital and reserves more than capital advanced-Disallowance of interest is not justified.

S. 32 : Depreciation-Lease rental-Eligible for depreciation subject to verification whether sum capitalised-Tourist Resort-Occupancy seasonal-Could not be construed to have used asset for less than 180 days-Depreciation allowable for entire year.

S. 28(i) : Business income-Adventure in nature of trade-Sale of land within four months from date of purchase-Assessable as business income.

S. 28(i) : Business income-Adventure in nature of trade-Sale of land within four months from date of purchase-Assessable as business income.

S. 28(i) : Business income or Income from other sources-Interest income on fixed deposit-Assessable as business income-Income from Mutual funds and income-tax refund to be treated under head income from other sources. [S. 56, 71]

S. 24 : Income from house property-Deductions-Interest on borrowed funds-Onus on assessee-No Documentary evidence furnished-Disallowance proper. [S. 24(b)]

S. 14A : Disallowance of expenditure-Exempt income-Interest-Sufficient funds-Disallowance of interest is not valid. [R. 8D]