S. 43B : Deductions on actual payment-Contributions to Employees’ Welfare Funds such as Provident Fund and Employees’ State Insurance-Employer in Trust-Income of assessee unless paid into fund by due date-Prescribed by enactment governing fund-Interpretation Of Taxing Statutes-Exemption or deduction,Non Obstante Clause-Deduction is available if paid before due date prescribed under respective Acts. [S. 2(24)(x), 36(1)(iv), 36(v), 139(1), Sch. IV, R. 2(C), Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, S. 30, Employees’ State Insurance Act, 1948, Employees’ Provident Funds Scheme, 1952, Cl. 30, Employees’ State Insurance (Central) Regulations, 1950, Regulation, 31]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Paid to Non-Resident for technical services-Amount neither debited to profit and loss account nor claimed as deduction-No disallowance can be made. [S. 37(1), 145]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Non-Residents-Payments were made outside India-Not liable to deduct tax at source.

S. 37(1) : Business expenditure-Loss in hedging contracts with Foreign Exchange dealers and banks-Not speculative allowable as business expenditure. [S. 28(i), 43(5)]

S. 36(1)(vii) : Bad debt-Amounts written off in accounts-Not necessary to prove that amount had become irrecoverable.

S. 37(1) : Business expenditure-Capital or revenue-Expenditure on software-Allowable as revenue expenditure.

S. 35D : Amortisation of preliminary expenses-Premium collected on issued share capital-Not part of capital employed-includible in preliminary expenses for amortisation-Cost of acquisition of companies does not form part of project expenses-Deduction to be distributed in subsequent years. [S. 37(1)]

S. 28(i) : Business loss-Bad debt-No evidence that loss was connected with business-Disallowance of loss is justified. [S. 36(1)(vii), 260A]

S. 28(i) : Business Loss-Loss in stock-in-trade-Allowable as business loss.

S. 14A : Disallowance of expenditure-Exempt income-Not earned any exempt income-Amendment providing for disallowance even if assessee has not earned exempt income is not retrospective-Precedent-Special Leave petition pending before Supreme Court but order of court not stayed-Binding on Tribunal-Interpretation of taxing statutes-Provision for removal of doubts cannot be presumed to be retrospective if it alters or changes Law as it stood. [R. 8D]