S. 80IA : Industrial undertakings–Separate and independent unit-Common excise registration-Common electricity-Common water connection-Not an extension of existing units-Different products manufactured–Written down value of machinery transferred was less than 20 % of the value. [S. 80IB]

S. 56 : Income from other sources–Relative–Gift from brother in law is relative-Cash credits–No addition can be made as cash credits–Genuineness is established. [S. 56(2)(vii), 68, 132]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractors-Provisions are not applicable where neither the assessee nor the party engaged by assessee was a contractor-No disallowances can be made. [S. 194(c)]

S. 37(1) : Business expenditure–Sales promotion expenses–Held to be allowable as business expenditure.

S. 37(1) : Business expenditure–Capital or revenue–Buy back of shares-Held to be revenue expenditure.

S. 37(1) : Business expenditure–Capital or revenue–Buy back of shares-Held to be revenue expenditure.

S. 37(1) : Business expenditure–Technical consultancy fees is held to be allowable business expenditure.

S. 37(1) : Business expenditure–Amortization of investment ‘held to be maturity’–Tribunal is justified in allowing the claim. [S. 145]

S. 14A : Disallowance of expenditure-Exempt income–No expenditure incurred – Disallowances cannot be made–Rule 8D cannot be made applicable assessment year prior to AY. 2008-09. [R. 8D]

S. 12A : Registration –Trust or institution-Objects of the trust are for the advancement of the business of TPA, it would not ipso facto render the trust to be non-charitable-Entitle to registration. [S. 2(15), 11]