S. 32 : Depreciation – Application of income as cost of assets -–Disallowance of depreciation- Amendment applies prospectively [ S. 11 (6) ]

S.32: Depreciation- Charitable trust – Depreciation is allowable on assets whose cost of acquisition allowed as application to charitable purpose [ S. 12AA, 13(3) ]

S. 32: Depreciation — Unabsorbed depreciation —Effect of amendment to Section 32(2) by Finance Act, 2001 —Unabsorbed depreciation or part thereof not set off till assessment year was allowed to be set off and carry forward- Provision to be construed in its own terms , benefit or advantages not to be restricted [ S. 32(2) ]

S. 28(iv): Business income -Benefit or perquisite –Brand ambassador- Gift of car received for doing promotional activities was held to be taxable as professional income .

S.28(i): Business loss- Trade advances written off was held to be allowable as business loss .

S.28(i): Business loss — Fluctuation in foreign exchange rate was held to be allowable. [ S.37(i) ]

S. 28(i): Business income – Penny stock – Donation- Assessable as business income and not as short-term capital gains, deduction of donation was held to be allowable . [ S. 35,45 ]

S. 28(i) : Business income – Income from house property- License fee to operate hotel for a specified period was held to be assessable as inform from business and not as income from house property [ S. 22 ]

S. 28(i): Business income – Capital gains- Adventure in the nature of trade – Assessable as business income [ S. 2(13), 45 , Foreign Exchange Management (Acquisition & Transfer of Immovable Property in India, Regulation 2000) S. 47 ]

S. 23 : Income from house property – Annual value – Municipal valuation can be a pointer for fetching reasonable rental value, however multiplication factor derived for another property located in different locality, though in same city, cannot be applied blindly.[ S. 22,24 ]