“Section 43(10)”

A statute should not be construed to permit double deduction for the same expenditure unless specifically provided by law.

Club entrance fees, if incurred wholly and exclusively for business purposes, are allowable as revenue expenditure under Section 37(1). Furthermore, an order holding a deductor liable for TDS defaults under Section 201 must be preceded by an inquiry into the deductee's actual tax payment.

A statute prescribing a procedure using negative language (e.g., 'in no other manner') imposes absolute requirements, and failure to comply will invalidate the entire proceeding.

Payments made to meet any portion of the actual cost, as contemplated under Explanation 10 to Section 43(1) of the Income Tax Act, are eligible for consideration.

Loss incurred by certain types of companies in trading derivatives is considered speculative loss under the Explanation to Section 73, as the value of stock derivatives depends on shares. Such speculative losses are ineligible for set-off or carry forward against business income.

An assessment order is erroneous and prejudicial to the interest of the revenue when the Assessing Officer conducts a mere semblance of inquiry or accepts the assessee's claims without proper investigation, leading to substantial taxable income not being brought to tax.

Reopening an assessment based on a mere change of opinion, without any tangible material, is invalid. The Assessing Officer cannot withdraw an issue after considering the assessee's reply and then re-open the case on the same grounds.

A subsidy received by an assessee for acquiring depreciable fixed assets cannot be reduced from the actual cost or written-down value (WDV) of those assets for the purpose of claiming depreciation. The subsidy itself is to be treated as capital receipt.