S. 45 : Capital gains –Business income – Investment in shares -Intention of assessee at time of purchase of shares is paramount -Gain arising on sale of shares which was held as investment is assessable as capital gain and not as business income .[ S.28(i) ]

S. 36(1)(viia) :Bad debt-Provision for bad and doubtful debts – Schedule bank -Aggregate average advance made by rural branches of scheduled bank would be computed by taking amount of advances made by each rural branch as outstanding at end of last day of each month comprised in previous year which had to be aggregated separately [ R.6ABA ]

S. 12AA : Procedure for registration –Trust or institution-On receipt of registration Form 10 was filed claiming the benefit of S.11 of the Act- Single judge was justified in condoning the delay in submission of Form 10 and directing the AO to allow accumulation of income .[ S.11(2), Form 10 ] .

S. 11 : Property held for charitable purposes – Corpus donation- Corpus donation on which it earned interest, in view of specific direction of donors that said interest would also form part of corpus and entitle to exemption .[S.11(1)(d), 62 ,63 ]