S. 30 : Rent rates, taxes, repairs and insurance for buildings –Rent paid –Dispute pending and keys of premises were lying with police – Rent paid is held to be allowable deduction- No question of law [ S.37(1), 260A ]

S. 28(i) : Business income –Engaged in business of leasing, hire purchase and other financial activities – Amount was recognized as a profit on securitization of lease receivables in its profit & loss account – Assessable as business income -Matching concept was never even argued or raised before the Tribunal or raised before the High Court cannot be raised first time while arguing before the High Court. [ S.145, 260A ]

S. 28(i) : Business income – Business of leasing out of land and getting rental income as land premium – land premium received by assessee was part and parcel of its business receipt and, hence, same was a taxable revenue receipt .[ S.10(20A)]

S. 12AA : Procedure for registration –Trust or institution- Delay of 18 years 3 months and 21 days- Registration was granted prospectively with effect from 1-4-2007 relevant to assessment year 2008-09 and onwards, i.e., prospectively is held to be justified -Order of Tribunal to grant the registration retrospectively was set aside .

S. 12AA : Procedure for registration –Trust or institution- Supplying food to poor school children on funds earmarked and disbursed by State Government – Implementation of such schemes would not lead to any charitable activity -Not entitle to registration .[ S.2(15),11 ] .

S. 10AA : Special economic zones -Derived from – Surplus amount in freight export account and in insurance export account was derived from export activities eligible for deduction .

S. 5 : Scope of total income -Accrual- Mercantile system of accounting -Not liable to be taxed on notional interest on non-performing assets. [ S. 145 ]

Wealth-tax Act, 1957.
S.7: Valuation of asset —Undisclosed hundis — Valuation under Income–tax Act, 1961 cannot be adopted for purposes of wealth-tax. [ S.2(ea) ]

S. 245D : Settlement Commission – Rejection of application on the basis of subsequent report of commissioner – Allegation of Commissioner is not rebutted – Rejection of application is held to be justified .[ S.245C, 245D(2C) ]

S. 226 : Collection and recovery – Stay of recovery -Garnishee proceedings -When an application for stay was pending before the Commissioner, attachment of bank accounts as per office Memorandum of Central Board of Direct Taxes, 15 Per Cent. of demand recovered from Assessee — Notices was quashed and set aside- However the claim of the assessee, seeking refund of the amounts attached pursuant to such directions, was not justified and could not be granted. [ S.226(3) ]