S. 35D : Amortisation of preliminary expenses-Initial public offer of shares expenses-Direct expenses incurred in connection with initial public offer of shares, it could not claim deduction of indirect expenses incurred in connection with same object as revenue expenses. [S. 37(1)]

S. 32 : Depreciation-Godowns-Plinths-plinth constructed could not be treated as building-Not entitle to depreciation-Order of Tribunal is affirmed. [S. 22, 26, 260A]

S. 32 : Depreciation-Unabsorbed depreciation-Carried forward Deemed to be a business loss-Can be set off only against profits or gains of any business or profession-Cannot be set off against income from any other source.[S.28(i), 32(2), 56, 71, 72(2),72(3), 143(1),154, Art. 226]

S. 14A : Disallowance of expenditure-Exempt income-Own interest free funds-Investment in its subsidiaries-No disallowance of interest expenditure can be made.[R.8D]

S.14A : Disallowance of expenditure-Exempt income-Insertion of Explanation to Section 14A by Finance Bill, 2022-Held prospective in nature-The ITAT’s order is set aside and orders of the CIT (Appeals) is affirmed.[S. 260A, R.8D]

S. 12A : Registration –Trust or institution-Form No 10AB could not be up loaded due technical glitches-Commissioner is directed to accept Form No. 10AB in physical mode treating same as filed prior to last date of submission-Decide it on its own merits, considering period of delay and reasons for delay. [Form No.10AB, Art. 226]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Fees charged by foreign branch for providing and extending a credit line to account holder outside India in respect of credit cards issued by foreign branch and used in India is not taxable in India-Order of Tribunal is affirmed. [S. 260A]

S. 4 : Charge of income-tax-Rental income-Property owned by Co-Owners-Association of persons-Maximum marginal rate-Rental income received by co-owners is to be assessed as income from AOP and not in hands of assessee as income from house property under section 22-Order of Tribunal is affirmed. [S.2(31), 22, 26, 167B(2)(i), 260A]

S. 4 : Charge of income-tax-Carbon Credit (CER)-Income from realisation of carbon credit is capital in nature-Not assessable as business income. [S.28(i), 260A]

S. 4 : Charge of income-tax-Income from other sources –Capital or revenue-Short term deposits-Interest income is set off against expenditure-Deposits and income were inextricably linked with setting up of project, interest income on short-term deposits of funds infused by Government is in nature of capital receipt and not revenue receipt.[S. 56, 145]