“Section 24(1)(b)”

Deduction for employee contributions to provident fund and other funds is disallowed if not paid by the due date of filing the return of income, particularly when Section 2(24)(x) and Section 36(1)(va) are considered. The omission of the second proviso to Section 43B(b) does not negate this disallowance.

The expression "for the purpose of business" is wider in scope than "for the purpose of earning profits" and encompasses expenditures made for commercial expediency, business preservation, administration, and modernization.

Interest on borrowed capital used to acquire an asset, paid year after year until the date of sale, must be capitalized and included in the cost of acquisition for computing capital gains.

Interest on borrowed capital used for purposes not directly related to the assessee's immediate business, such as providing interest-free advances or investing in a subsidiary's shares, is not deductible under Section 36(1)(iii) due to a restrictive interpretation of "for the purposes of business."

For comparability analysis in transfer pricing, giant companies with significantly higher turnover and brand value cannot be compared with small-sized companies, and such companies should be excluded from the comparable set.

The nature of the activity giving rise to income is fundamental in determining the deductibility of expenses. Interest on loans for acquiring properties held as current assets is a deductible business expenditure if incurred for business purposes.

Expenditure incurred towards the purchase of shares is a capital expenditure and therefore, interest expenditure incurred on such purchases is not eligible for deduction under Section 36(1)(iii) of the Income Tax Act.

An appellate tribunal ought to remand a matter rather than set aside assessments entirely when jurisdiction is in question.