Where the assessee, engaged in equity broking, paid client assistant charges to ICICI Bank Ltd. for deputation of its staff under a three-in-one account scheme, the High Court held that merely because ICICI Bank was a beneficiary of the scheme and the assessee had not separately charged any amount, the expenditure could not be disallowed; even if the charges were in lieu of brokerage or involved sharing of brokerage, the expenditure was incurred for the purposes of business and was allowable. Where the assessee had made a provision on account of loss which was contended to be contingent in nature, the High Court held that even if such provision was contingent, applying the conservative principle, the same was allowable as a deduction.(AY. 2008-09).