S. 37(1) : Business expenditure-Professional fees-Negotiating debt funding-Tax deducted-Payment through banking channels-, Recipients did not file return is not sufficient to disallow payment

S. 32AD : Investment in new plant or machinery in notified back ward areas in certain States-Additional investment allowance-Notification specifying backward area relates back to 1-4-2015-Entitle to additional investment allowance-The notification is neither taxing nor exempting the tax either in full or in part to any class of assessees but it only specifies the details requisite for implementation of the section-Issuance of notification by the CBDT is only pursuant to the delegated legislation, but not a conditional legislation-Circular No. 19 of 2015, dt. 27-11-2015 (2015) 379 ITR 19 (St), Notification dated 20-7-2016(2016) 386 ITR 6 (St))

S. 23 : Income from house property-Annual value-Stock in trade-Notional value-Amendment is prospective. [S. 22, 23(5)]-

S. 11 : Property held for charitable purposes-Imparting education-Activities in nature of trade, commerce or business-Separate Books account and balance-sheet is not maintained-Matter remanded for verification. [S. 2(15), 11(4A),12, 12A 13(8)]

S. 11 : Property held for charitable purposes-Objective of providing low-interest loans to downtrodden individuals-Interest charged over and above bank interest-Huge profit-Micro-Finance Activity-Business activity-Not entitle to exemption.[S. 2(15) 11(4A) 12

S. 10 (23C): Educational institution-Proviso to Section 143(3) requiring withdrawal of approval before denial of exemption on ground of contravention-Assessing Officer has no jurisdiction to reopen assessment.[S. 10(23C)(vi), 143(3)]

S. 10(1) : Agricultural income-Soil placed on trays-Agricultural activity-Mushroom is an agricultural product-Income from sale of mushrooms constitutes agricultural income.[S. 2(IA)]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Non-Resident-Dependent agent permanent establishment-Offshore supply of equipment-No fixed place-Addition under section. 44AB is deleted-Interest is consequential in nature-DTAA-India-France [S. 444BBB 234B, Art. 5]

S. 153C : Assessment-Income of any other person-Search-Incriminating material is not pertaining to the relevant assessment.

S. 153A : Assessment-Search-Unsecured Loans-Unexplained income-Penalty-Amounts carried over from previous year cannot be assessed as undisclosed income of the current year-New loans-Failure to establish credit worthiness-Addition is affirmed-Unabated assessment-Purchase and sale of land-No addition can be made merely on the basis of annual information return. [S.68, 132, 271(1)(c), 276C]