S. 71 : Set off of loss – One head against income from another -Unabsorbed depreciation and brought forward business loss can be set off against income from other sources [ S.72 ]

S. 44BB : Mineral oils – Computation – imparting any services in relation to exploration of mineral oil then royalties/FTS would be taxable under S. 44BB of the Act- Specific provision prevail over other provisions dealing with royalties and FTS . [ S.9(1)(vi), 9(1) (vii), 44DA, 115A ]

S.40(a)(ia):Amounts not deductible – Deduction at source -Professional fees- Failure to deduct tax at source- Disallowance was held to be justified [ S.194J ]

S.37(1): Business expenditure -Capital or revenue- Right to use technical know is held to be revenue expenditure .

S.28(i): Business income- Hire charges –Activity of the assessee being business activity ,hire charges received is assessable as business income and not as income from other sources [ S.56 ]

S. 12AA : Procedure for registration –Trust or institution- Filing or non-filing of return of income or payment of tax has nothing to do with genuineness of activities of an institution- Benefit of S.11 is subject to application of income and income can also be taxed u/s 13 if there is violation- CIT ( E ) is directed to grant registration to the assessee forth with [ S. 2(15) 11, 13(1)(b)]

S. 10B: Export oriented undertakings – Interest from fixed deposits made with Bank for obtaining letters of credit which has direct nexus with export activities is to be includable in computing the income -Matter was remanded for verification-Insurance claim which has direct nexus with industrial undertaking are eligible for deduction . Foreign exchange gain on sale of forward exchange contract arising out of eligible undertaking is entitle to deduction . Export proceeds that were unrealized, claimed that period for realization, had been extended by RBI Master Circular dated 1-7-2005 was directed to be allowed subject to verification . [ S.10A ]

S. 2(22)(e):Deemed dividend-Amount received back given in earlier years cannot be assessed as deemed dividend .

S. 2(22)(e):Deemed dividend- Director-Advance received for blocking deal of sale and purchase on behalf of the company for business transaction cannot be assessed as deemed divided.

S. 273A : Penalty – Commissioner – Power to reduce or waive -Long term capital gain shown as exempt in the original was accepted by filing the revised computation as income from other sources – Genuine hardship financially or in any manner was not proved -Rejection of application was held go be justified [ S. 10(38), 45, 56, 271(1) ( c ),273A((1)(4) ]