S. 37(1) : Business expenditure–Export business–Remuneration to trustees-Reasonableness of expenditure is to be judged from point of view of businessman and revenue cannot sit in arm chair of businessman to decide what is reasonable and what is not- Held to be allowable.

S. 37(1) : Business expenditure–Capital or revenue–Repair and renovation is held to be revenue expenditure. [S. 30]

S. 32 : Depreciation–UPS-Component/equipment connected with computer- Entitle to 60 SLP of revenue is dismissed; CIT v. Bajaj Hindustan Ltd. (2019) 261 Taxman 558 (SC)per cent depreciation.

S. 32 : Depreciation–Unabsorbed depreciation pertaining to assessment year 1997-98 to assessment year 2001-02 was allowed to be carried forward and adjusted after lapse of 8 assessment years in view of section 32(2) as amended by Finance Act, 2001 [S. 32(2)]

S. 12AA : Procedure for registration–Trust or institution- Society imparting training to various officers/officials involved in criminal justice – No profit motive – Entitle for registration. [S. 2(15), 12A]

S. 10(23C) : Educational institution-Receipt exceeded more than 1 crore-Purchase of land for further extension of school building- Eligible for exemption. [S. 10(23C(vi)]

S. 153A : Assessment–Search-Income of any other person – Recording of satisfaction is mandatory -Notice has to be issued by Assessing Officer to other person under S. 153A although such Assessing Officer gets jurisdiction under S. 153C- In the case of searched person there is no requirement of recording of satisfaction. [S. 132, 153C]

S. 80G : Donation-Charitable institutions-Carried out some of charitable activities in furtherance to its objects-Rejection of exemption is held to be not valid. [S. 12AA, 80G(5)]

S. 45 : Capital gains- cash credits–Bogus accommodation entries- Penny stock – Sale of shares-Purchase by account payee cheque– Transaction was credited in DMAT account-Opportunity of cross examination was not given-Sale transaction cannot be treated as bogus merely on the basis of suspicious or surmises-Addition was deleted–Estimation of commission was also deleted. [S. 10 (38), 68, 69C, 132(4)]

S. 45 : Capital gains-sub-tenancy right-capital asset- Gains on surrender is liable to capital gains tax and not income from other sources. [S. 14, 55(2), 56]