“Section 60(2)”

Expenses incurred for obtaining a loan for the purpose of the assessee's business, such as debenture discount, bank guarantee charges, and stamp duty, are considered revenue expenditure. These liabilities, though potentially spread over time, are deductible as revenue expenses.

The law applicable for an assessment year is the law as it stands amended on the first day of April of that financial year. Any amendments coming into force after April 1st do not apply to the assessments for that year.

A deduction or benefit, particularly under profit-linked incentive sections like 10A or 80IA, allowed in an earlier assessment year should not be denied in subsequent years unless there is a change in law or fresh material justifying a different view.

Dharmada collections are not taxable income of the assessee if they are genuinely meant for and spent on charitable purposes, or if they are voluntary contributions not accruing to the assessee's own benefit.

Interest derived by a cooperative society from its investments, other than those in cooperative societies, is eligible for deduction under section 80P(2)(a)(i). The denial of this deduction by the CIT(A) is unsustainable.

Expenditure incurred on the construction or acquisition of a new facility that is subsequently abandoned while still in the work-in-progress stage is allowable as a deduction in the year of write-off, provided it was incurred wholly and exclusively for the purpose of the assessee's business.

Denying an opportunity to cross-examine third parties does not amount to a violation of natural justice if their statements and reports are only secondary or subordinate material used to support the main addition.

An Assessing Officer has 'reason to believe' that income has escaped assessment if there is a direct nexus between the tangible material available on record and the belief formed.