S. 43B : Deductions on actual payment-Loan from its two promoters, Government of Tamil Nadu and IL&FS-Public financial institutions-Matter remanded to Assessing Officer. [S. 254(1)]

S. 37(1) : Business expenditure-Amount paid represented fee for participation in training programmes-Allowable as business expenditure. [40A(9)]

S. 37(1) : Business expenditure-Buy back of shares-Amount over and above face value of shares to departing group of shareholders-Allowable as revenue expenditure. [S. 263]

S. 37(1) : Business expenditure-Buy back of shares-Amount over and above face value of shares to departing group of shareholders-Allowable as revenue expenditure. [S. 263]

S. 35DDA : Amortisation of expenditure-Voluntary retirement scheme-Accrued liability-Allowable as deduction [S. 43(2), 145]

S. 32 : Depreciation-Claim of depreciation as permissible-Deletion of disallowance was proper.

S.14A : Disallowance of expenditure-Exempt income-Only expenses proportionate to earning of exempt income could be disallowed [R. 8D]

S.14A : Disallowance of expenditure-Exempt income-Failure to record satisfaction-Invoking rule 8D is not justified-Disallowance proposed by the assessee is affirmed [R. 8D]

S. 12AA : Procedure for registration-Trust or institution-Educational institution-Failure to file return-Matter was remanded back to file of Commissioner (E) with direction to grant registration under section 12A if objectives and activities of assessee were found to be same-Order of Tribunal affirmed [S. 12A]

S. 12AA : Procedure for registration-Trust or institution-Cancellation of registration is not valid on the ground which was not contained in show cause notice [S. 115BBC]