S. 32 : Depreciation-Valuation of investment portfolio-Stock-in-trade-Depreciation is held to be allowable. [S. 145]

S. 22 : Income from house property-Income from other sources-Business income-Firm obtaining flats on lease-Flats sub-leased with furniture and fittings-Income from sub-lease assessable as income from house property and income from other sources-Res judicata is not applicable to income-Tax proceedings. [S. 2(13), 28(i), 56]

S. 12AA : Procedure for registration–Trust or institution-Prior to 1-4-1997 mere application for registration is sufficient for claim for exemption-S. 12AA, w.e.f. 14-1977 is not retrospective provision. [S. 11, 12A]

S. 12A : Registration–Trust or institution-71% of the receipt were spent in accordance with the object of the Trust-Partial expenditure were spent on religious-Trust is held to be genuine–Entitle for registration–Benefit of S.11 is not available only to the extent of partial expenditure which were spent on religious. [S. 11]

S. 11 : Property held for charitable purposes–Accumulation of income-Form No 10 was filed belatedly–Rejection of claim on technical formalities is held to be not valid-AO is directed to decide the allowability of claim on merits [S. 11(2), 139(9), 143(1), 154]

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services–Wind turbines-Installing and carrying out repair work of wind turbines abroad, payment made for said services was liable to tax in India as fee for technical services-Liable to deduct tax at source-DTAA-India–Sri Lanka [S.90, Art.7, 12]

S. 2(22)(e) : Deemed dividend-loan to share holder–loan in the ordinary course of business-Not assessable as deemed dividend-Deemed dividend is exempt u/s. 115O [S.10(34),115O, Art. 226].

S. 18(1)(c) : Penalty-Concealment-In the absence of any proof to show that there was an attempt on the part of the assessee to conceal the particulars or to furnish inaccurate particulars, the levy of penalty was not justified by invoking the deeming provision of Expln. 3 to S. 18(1).

S. 2(ea)(v) : Urban Land-Appeal-Maintainability-Law tax effect-Question of law has now been settled by the Supreme Court-Repeated instances of such question of law arising does not arise at all, since the WT Act is no more in force-In such circumstances though the question of law has to be answered in favour of the Revenue, there need be no recovery steps taken for reason of the appeals being below the monetary limits. [S. 260A, 268A]

S. 275 : Penalty–Concealment-Limitation-Appeal effect order having been passed by AO on 22nd May, 201-The six month period of limitation under will begin to run from that date—Penalty order passed by AO on 26th April, 2018, passed beyond six months, was barred by limitation. [S. 271(1)(c), 275 (1)(a)]