S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and Set off-Entitle to set off carried forward unabsorbed depreciation against income assessed u/s. 68 of the Act-Prior to Amendment of S.115BBE with effect from 1-4-2017-Amendment is not retrospective. [S. 68 115BBE]
S. 28(i) : Business income-Capital gains-288 transactions– Assessable as business income and not short term capital gains. [S. 45]
S. 14A : Disallowance of expenditure-Exempt income–Tribunal is justified in restricting the disallowance of 5% of exempt income-Rule 8D would not be applicable retrospectively. [R. 8D]
S. 12AA : Procedure for registration–Trust or institution-Delay in filing form No 10-CIT(E ) is held to be not justified in rejecting the form no 10 filed belatedly–Delay was condoned–Matter remanded to CIT( E ) grant the registration as per the law. [S. 11(2) 119(2b), 147, 148, Art. 226]
S. 12AA : Procedure for registration–Trust or institution-Trust formed for distribution of pensionary benefits-Payment of pension is statutory obligation and not charity-Not entitled to registration-Review petition is dismissed.[S.2(15), Code Of Civil Procedure, 1908,O. XL VII R. 1.
S. 12AA : Procedure for registration–Trust or institution-Deemed registration-Tribunal allowing the registration to Trust-Held to be valid. [S. 254(1)]
S. 12A : Registration–Trust or institution-Charitable purpose-Statutory body constituted with object of promoting development of urban areas-A Charitable institution entitled to registration. [S. 2(15), 11, Karnataka Urban Development Authorities Act, 1987. S.65]
S. 11 : Property held for charitable purposes-Company set up for prevention of pollution-Preservation of environment is an object of general public utility-Entitle to exemption. [S.2(15), 12A, Companies Act, S.25]
S. 10(23C) : Educational institution-Substance over form to be considered-Matter remanded back to the Chief CIT with a direction to examine the entire financials and to take decision on merits in accordance with law. [S. 10(23C )(vi), 12, Art.226]
S. 9(1)(vi) : Income deemed to accrue or arise in India–Royalty– Payment made for use of software-Not royalty-DTAA-India-USA-United Kingdom. [S. 195, Art. 12]