S. 35D : Amortisation of preliminary expenses-Share capital to Public through initial public offer-Utilising 92 Per Cent. of receipts on working capital-92 Per Cent. of share issue expenditure allowable as revenue expenditure-Balance 8 Per Cent. to be treated as capital expenditure. [S. 37(1)]
S. 28(i) : Business loss-Advance for business purposes-Amount written off-Allowable as business loss. [S. 37(1)]
S. 22 : Income from house property-Annual letting value of rented property-Municipal rateable value much less than rental income shown-Addition cannot be made on guess work. [S. 23]
S. 14A : Disallowance of expenditure-Exempt income-Entire expenditure cannot be disallowed. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income. [R. 8D]
S. 11 : Property held for charitable purposes-Education-Publication of Text books and selling of school text books-Surplus income utilised for education-Entitled to exemption. [S. 2(15), 11(4A), 12]
S. 10A : Free trade zone-Expenditure of telecommunication charges, insurance charges, etc.-Travel expenses incurred in foreign currency-Deductible from both export turnover and total turnover-Loss on account of employee misappropriation-Deduction allowable on enhanced profit.
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Payment made for use of software-Does not give rise to royalty-not table in hands of assessee-DTAA-India-USA. [Art. 12]
S. 281 : Certain transfers to be void -Natural justice – Order passed without giving an opportunity of hearing – Bad in law -Tax recovery Officer has no jurisdiction to examine whether the transfer is void-Order was quashed . [S. 222, Rule 11 of the Second Schedule, Art , 226, Transfer of Property Act , 1882, S.53 ]
S. 271B : Penalty-Failure to get accounts audited-Co-Operative Society-Receipt of Grant-In-Aid from Government of Maharashtra at predetermined rates on which tax deducted at source-Accounts audited under Co-Operative Societies Act-If amount of grant-in-aid excluded, turnover below limit specified-Reasonable cause for not getting accounts audited-Levy of penalty is not valid. [S. 44AB, 273B]