Commercial vehicles purchased during the stipulated period were...

Commercial vehicles purchased during the stipulated period were treated as eligible for higher depreciation. For in-house research and development, deduction beyond expenditure approved by the prescribed authority requires verification of the difference between approved and actual expenditure before consequential allowance. Where interest-free funds exceed investments yielding exempt income, investments may be presumed to have been made from those funds, supporting deletion of the related disallowance under rule 8D(2)(iii). Club-facility expenses incurred in individuals' names or of a personal nature do not satisfy the requirement of being wholly and exclusively for business purposes and remain disallowable.