“Section 3(1)(h)”

Expenditure is defined as money paid out or away, which is gone irretrievably. To be deductible under Section 37(1), expenditure must be wholly and exclusively for business, not capital or personal, and not fall under specific provisions of Sections 30 to 36, often justifiable on grounds of commercial expediency.

The scope of assessment under Section 153A is not limited solely to seized material but includes any other information provided by the assessee in the return of income filed in response to a Section 153A notice. It also applies principles for estimating undisclosed income, such as from on-money receipts, even if there is material for only some transactions.

No interest disallowance can be made if interest-free funds available are sufficient for interest-free loans and advances.

Reopening of assessment is based on a prima facie belief that income has escaped assessment. The Assessing Officer does not need to conclusively prove escapement of income to assume jurisdiction under section 147.

Shares held as corpus by a trust, which were a precondition for notification under Section 10(23C), cannot be deemed to forfeit exemption under Section 13(1)(d) and Section 13(2)(h).

Exemptions under Section 10 of the Income Tax Act are available to general insurance companies.

A trust is entitled to the benefit of Section 11(2) of the Act if the notice of accumulation is furnished before the completion of assessment.

Penalty under section 271(1)(c) cannot be levied when additions or disallowances are made on an estimation basis during assessment.