S. 32 : Depreciation- Non compete fee- Depreciation is held to be not allowable .

S. 28(i) : Business income- In terms of memorandum of association, main object of assessee company was to acquire properties and to further let out such properties, income earned from such letting out was to be brought to tax as ‘business income’ and not as ‘income from house property’ [ S. 22, 27(iiib), 269UA(f) ]

S.14A: Disallowance of expenditure – Exempt income – There was no exempt income earned and interest expense was not related to strategic investments of the company- Disallowance is not justified . [ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot made as without bringing basic fact that expenditure actually incurred to earn exempt income- Matter remanded to the AO. [ R.8D( 2) (ii) ]

S. 14A : Disallowance of expenditure – Exempt income -Share capital and reserve and surplus is higher than the investment in shares -No disallowances can be made [ R.8D(2)(ii) ]

S. 12AA : Procedure for registration –Trust or institution-Refusal of registration was held to be not justified without bringing any evidence to demonstrate that the object of the Trust is not charitable .[ S.2(15) ]

S. 12AA: Procedure for registration – Trust or institution – Power to reject application cannot be delegated by the CIT to its subordinates.[ S.12A ]

S. 12AA: Procedure for registration – Trust or institution – Establishment of diagnostic centre is in line or coherent with objective of medical relief – Non-communication of amended trust deed is a mere irregularity

S. 11 : Property held for charitable purposes – Revenue had not proved that registration granted u/s. 12AA had been withdrawn- Claim of exemption u/s. 11 would not be denied-Matter reamanded to CIT(A). [ S. 12AA,13 ]

S. 11 : Property held for charitable purposes – Micro financing activity is in nature of trade, commerce or business hence is not entitle to exemption as charitable purpose. [ S.2(15) ]