S. 28(i) : Business loss-Forward contract-Hedge against fluctuation in foreign exchange-Marked to market loss arising on valuation of forward contract on closing date of accounting year was to be allowed as business loss-Accounting Standard 11. [S. 43(5)]

S. 28(i) : Business income-Maintenance charges of common areas from tenants-Assessable as business income and not as income from house property. [S. 22]

S. 24 : Income from house property-Deductions-Annual value-Society maintenance charges-Not allowable as deduction [S. 22, 23(1)(b), 24(a)]

S. 23 : Income from house property-Annual value-Deemed rental income-Addition held to be justified. [S. 22]

S. 23 : Income from house property-Annual value-Builder-Unsold stock-Deemed income-Assessable as income from house property-Estimate at 8.5% of investment was held to be not justified-Remanded for compute valuation of deemed rent. [S. 22]

S.14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed the exempt income. [R.8D]

S. 14A : Disallowance of expenditure-Exempt income-Dissatisfaction-Discussion made in the assessment order would satisfy requirement of recording of dissatisfaction. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income during the year-No disallowance can be made. [R.8D]

S. 14A : Disallowance of expenditure-Exempt income-Expenses in respect of investments yielded income can only be disallowed-Matter remanded-Interest free funds exceeded the investment made-Interest disallowance cannot be made. [R. 8D]

S. 12AA : Procedure for registration-Trust or institution-Failure to examine the documents filed-Matter remanded.