Sec. 37(1) of the Income-tax Act, 1961 - Business expenditure – The revenue urged three questions of law with respect to disallowance under Section 14A; in regard to payment of brokerage expenses and; Whether the payment received towards membership of club is to be taxed in the given year of its receipt. High Court held that “for the other years, the assessee's treatment of such expenses has been in his favour and the Revenue has not chosen to challenge it. Even otherwise, such expenditure has to be allowed and; with respect to membership receipt towards club membership it was held that the treatment in the concerned year of receipt is in accordance with the principles of accountancy. SLP of the revenue dismissed. - PR. CIT V/s DLF HOME DEVELOPERS LTD. - [2020] 270 TAXMAN 097 (SC)