S. 45(4) : Capital gains–Retirement-Allotment to a partner of his share in assets of partnership after deduction of liabilities is not transfer – Not liable to capital gains tax. [S. 2(47)(vi)]

S. 37(1) : Business expenditure–Cost of print and publicity–cost of production- Feature films -Expenditure were incurred after production and certification of film by Censor Board was received – Not governed by Rule 9A- Allowable as revenue expenditure. [R. 9A 9B]

S. 36(1)(vii) : Bad debt-Held to be allowable though the principal amount debited to the principal amount never appeared as a debt on account of trade.

S. 28(i) : Business income-Income from house property–Shopping mall -Commercial exploitation-Facilities and services-Income derived by assessee by letting out shops in mall had to be assessed as income from business and not as income from house property. [S. 22]

S. 14A : Disallowance of expenditure-Exempt income–AO cannot reject the disallowances offered by the assessee, without adducing any reasons. [R. 8D]

S. 11 : Property held for charitable purposes –Registration granted – AO cannot revisit objects again while examining compliance with S.11 of the Act. [S. 2(15), 12A]

S. 11 : Property held for charitable purposes-Accumulation of income – Entitle to exemption. [S. 2(15)]

S. 11 : Property held for charitable purposes – Artists and actors -Advance paid to purchase leasehold right in auditorium was to be considered as application of income- Entitle to exemption.[ S.2(15) 11(1)(a), 11(5)]

S. 10AA : Special economic zones-Reconstruction-sole proprietorship was not been shifted to firm -Only Capital received from sole proprietorship-Not a reconstruction – Entitle to exemption. [S.10AA)4)(iii)]

S. 275 : Penalty-Bar of limitation–Initiation of penalty starts from issue of show cause notice and not from date of order u/s 201(1)- Penalty order was within time and not barred by limitation. [S. 201(1), 201(IA), 271C]