S. 36(1)(v) : Contribution approved gratuity fund -Contributions paid to LIC as premium for policy obtained for indemnification of gratuity liability towards employees, even for prior years, when employees were in employment of company taken over by assessee would be eligible for deduction .[S.37(1)]

S. 32 : Depreciation – Trade mark-Trademark was advertised for sale promotions of assessee’s products – Entitle depreciation .

S. 32 : Depreciation – Dumper’ and Valvo machines used by assessee for his own mining purposes as well as giving them on hire, were eligible for higher rate of depreciation

S. 30 : Rent rates, taxes, repairs and insurance for buildings –Rent paid –Dispute pending and keys of premises were lying with police – Rent paid is held to be allowable deduction- No question of law [ S.37(1), 260A ]

S. 28(i) : Business income –Engaged in business of leasing, hire purchase and other financial activities – Amount was recognized as a profit on securitization of lease receivables in its profit & loss account – Assessable as business income -Matching concept was never even argued or raised before the Tribunal or raised before the High Court cannot be raised first time while arguing before the High Court. [ S.145, 260A ]

S. 28(i) : Business income – Business of leasing out of land and getting rental income as land premium – land premium received by assessee was part and parcel of its business receipt and, hence, same was a taxable revenue receipt .[ S.10(20A)]

S. 12AA : Procedure for registration –Trust or institution- Delay of 18 years 3 months and 21 days- Registration was granted prospectively with effect from 1-4-2007 relevant to assessment year 2008-09 and onwards, i.e., prospectively is held to be justified -Order of Tribunal to grant the registration retrospectively was set aside .

S. 12AA : Procedure for registration –Trust or institution- Supplying food to poor school children on funds earmarked and disbursed by State Government – Implementation of such schemes would not lead to any charitable activity -Not entitle to registration .[ S.2(15),11 ] .

S. 10AA : Special economic zones -Derived from – Surplus amount in freight export account and in insurance export account was derived from export activities eligible for deduction .

S. 5 : Scope of total income -Accrual- Mercantile system of accounting -Not liable to be taxed on notional interest on non-performing assets. [ S. 145 ]