S. 13 : Denial of exemption-Trust or institution-Investment restrictions–Advancing money for acquiring land and construction of building–Delay in execution of sale deed-Advance of money to employee trust-No violation-Denial of exemption is held to be not valid–Application of income-entitle to depreciation though the cost of asset was allowed as application of income. [S. 11, 12AA, 13(1)(d), 32]

S. 11 : Property held for charitable purposes-Trade association-Surplus from Goa Feast–Feast receipt and interest from bank-Entitle to exemption. [S. 2(15)]

S. 11 : Property held for charitable purposes-Charging huge amounts for sponsorship fees from corporate entities on advertisement and free passes–Organisation for networking of entrepreneurs is not an educational institution-Membership is not open to general public-Contributors and beneficiaries are different–Not entitle to exemption. [S. 2(15)]

S. 10(37) : Capital gains-Agricultural land-With in specified urban limits–Compulsorily acquiring of land for public purpose- Provision meant for removing hardship–Two years prior to acquisition was used for agricultural purposes-Agricultural Officer had certified land to be agricultural land-AO cannot deny the exemption. [S. 2(14)(iii)(a)(b), 45]

S. 9(1)(i) : Income deemed to accrue or arise in India – Business connection – Indian assignment -Resident of USA- Not liable to tax in India – DTAA-India -USA. [Art. 4]

S. 4 : Charge of income-tax–Subsidy-Industrial investment or expansion-Capital receipt-Amendment to S. 2(24) by inserting clause (xviii) by Finance Act, 2015 with effect from 1-4-2016 is prospective in nature- Not liable to be reduced from cost of assets for purpose of depreciation.[S. 2(24)(viii), 32, 43(1)]

S. 2(14) : Capital asset – Tree standing on an agricultural land are transferred along with land as its integral part in one transaction, said land would be regarded as ‘agricultural land’ and not a separate capital asset -Entitle to exemption. [S. 2(14) (iii)(a),10(37), 45]

S.143(3): Assessment-–Jurisdiction- Amalgamation of companies – Notice issued in the name of amalgamating entity after amalgamation is void-The amalgamating entity ceases to exist- Participation in the proceedings by the assessee cannot operate as an estoppel against law. [ S.144C(1),170(2),292BB ]

S. 68: Cash credits- Bogus share capital- Shell company –Huge premium- Failure to produce the subscribers and based on the statement of the Director that entire invest was bogus- Addition is held to be justified .[ S.132(4) ]

S. 37(1): Business expenditure- Cash credits- Bogus purchases-Despite admission by the assessee that the purchases were mere accommodation entries, the entire expenditure cannot be disallowed. Only the profit embedded in the purchases covered by the bogus bills can be taxed. The GP rate disclosed by the assessee cannot be disturbed in the absence of incriminating material to discard the book results. [ S.68, 69, 143(3) ]