S. 32 : Depreciation-Co-operative bank-Securities held as ‘Available for sale’ which was computed and claimed consistently by assessee every year in its profit and loss account- Held to be allowable.

S. 22 : Income from house property–letting out property– Assessable as income from house property and not as business income.[S. 28(i)]

S. 14A : Disallowance of expenditure – Exempt income – Suo moto disallowance which is more than exempt income- No disallowance can be made. [R. 8D]

S. 12A : Registration–Trust or institution-Medical relief- Rejection of application for registration merely on the ground that activities envisaged in aims and objects of assessee-society had not been carried out is held to be not valid -Matter remanded. [S.2(15), 12AA]

S. 9(1)(vi) : Income deemed to accrue or arise in India–Royalty– Non-resident–Sale of software -Copyrighted products–Not liable to tax as royalty–DTAA-India-Ireland. [Art. 12]

S. 9(1)(vi) : Income deemed to accrue or arise in India–Non-Resident-Royalty-Computer software-Transfer of copyrighted software-consideration would not amount to ‘royalty’ or fees for ‘included services’ or ‘technical services’-Not taxable in India– Not liable to deduct tax at source-DTAA-India–Sweden.[S.9(1)(i), Art. 12]

S. 2(ea): Assets-Urban land held as stock–in trade–Shown as investment-Liable to wealth tax- No substantial question of law. [S. 2(ea)(v), 2(m)]

S. 275 : Penalty-Bar of limitation-Repayment of deposits or Loans-Issuance of notice on 27-11-2014-Passing of final order on 21-9-2016—Barred by limitation. [S. 154, 269T, 271E]

S. 271(1)(c) : Penalty–Concealment–Claim for 100 Per Cent. Deduction-Bonafide claim–Deletion of penalty is held to be justified. [S. 80IC]

S. 271(1)(c) : Penalty–Concealment–Depreciation-Voluntary withdrawal of claim during course of assessment proceedings- Does not mean that assessee accepted guilt or giving wrong or false explanation-Levy of penalty is not justified. [S. 32]