S. 32 : Depreciation – Hospital equipments – Since assessee could neither sell said hospital equipments as scrap nor it could use them and same were also written off in its books of account, written down value of hospital equipments was to be allowed as depreciation [ S.32(1)(iii) ]

S. 28(i) : Business income – Capital gains- Buying and selling of shares frequently and volume and magnitude being very high assessable as business income and not as capital gains [ S.45 ]

S. 28(i) : Business loss -Advance written off- Matter was remanded back to Assessing Officer for deciding as to whether there was actual irrecoverability of advances which assessee chose to write off in its account and claimed write off amount as business loss

S. 12AA : Procedure for registration –Trust or institution- Society engaged in preparing and supplying mid-day-meals to students at primary schools in various villages, against a contract awarded by State Government is a charitable purpose and entitle to registration .[ S.2(15 ]

S. 11 : Property held for charitable purposes – Surplus earned from organizing exhibition- As separate books of account is not maintained denial of exemption was held to be justified .[ S.11(4A) ]

S. 10(46) Authority: Greater Noida Industrial Development Authority which is engaged in undertaking works relating to housing schemes and land development schemes including acquisition, distribution, sale and letting of properties is entitle to exemption .

S. 10(38) : Long term capital gains from equities -Insurance business- Sale of investments is exempt from tax .[S.45 ]

S. 10(23C) : Educational institution – Merely on the ground that surplus of society was utilized for expansion of school building, exemption cannot be denied .[ S.10(23C)(vi) ]

S. 2(42C) : Slump sale – There was neither any plant, machinery, furniture and fixtures, nor was there any building in existence at time when land was sold therefore it was not a slump sale.

S. 237 : Refunds – Tax deducted at source- It is an obligation cast on revenue to effect refund, without calling upon assessees to apply for refund claim. Revenue was directed to grant refund with interest .