“Section 60(1)”

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.

Depreciation is allowable on computer software, including software licenses, at the rate of 60%.

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.

Income must be charged only once, preventing double taxation. If income is mistakenly assessed in the hands of individual members instead of the Association of Persons or Hindu Undivided Family, or vice versa, the Income Tax Officer must make appropriate adjustments for the tax already realized.

Interest received on delayed payments from trade debtors for sale consideration is considered income derived from the business of an industrial undertaking. This income is eligible for deduction under relevant provisions like Section 80IB or 80IE.

The Assessing Officer cannot question the correctness of the certificate issued by the prescribed authority for claiming weighted deduction under section 35(2AB) for scientific research expenditure. The deduction is limited to the amount approved and certified by the competent authority.

The higher tax rate under Section 115BBE, increased to 60% effective from April 1, 2017, is not applicable to transactions that occurred prior to this date.