S.115QA: Tax on distributed income to share holders-Buy back of shares-Consideration for purchase of its own shares from its shareholders in accordance with scheme sanctioned by High Court-completed on 31-5-2016 i.e. prior to 1-6-2016-Capital reduction carried out by assessee would not be covered in definition of buyback as per explanation (i) to section 115QA and tax on distributed income to shareholders was not payable by assessee-company. [S. 115QC, Companies Act, 1956, S.77A, 100-104]

S. 115JB : Company-Book profit-Export business-Deduction under section 80HHC for purpose of section 115JB, should be based on amount eligible as per books of account and not based on amount of deduction under section 80HHC under Chapter VI-A while computing normal income.[S.80HHC]

S. 80P : Co-operative societies-Interest-Co-Operative Bank-Eligible deduction. [S.80P(2)(d)]

S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Failure to file Form No 10CCB-Order of CIT(A) allowing the claim is seta side with the direction to pass speaking order. [S. 250, Form No 10CCB]

S. 80G : Donation-Approval under sub-section (5)of S.80G Third proviso to section 80G(5) was applicable only to newly constructed trust and not to old trust, delay in filing Form No. 10AB is condoned-Matter is remanded.[S.80G(5), Form No 10AB]

S. 80G : Donation-Rejection of application without any specific observations as to whether less than 5 per cent of total income had been spent by assessee towards religious purposes-Matter is remanded back for de novo consideration. [S.80G(5)]

S. 80G : Donation-Object-Religious nature-Rejection of application without pointing out any specific object in trust deed cannot be treated as religious in nature-Matter was to be remanded back for de novo consideration. [S.80G(5)Form No 10AB]

S. 80G : Donation-Contribution to prime minister’s relief fund-Part of legal compliance of corporate social responsibility (CSR)-Finance Act, 2014 mandated that CSR expenditure shall not be allowed as business expenditure under section 37(1)-No deduction under section 80G is allowable. [S.37(1)]

S. 80G : Donation-Objects to provide education, research and training, etc.-Expenditure incurred by it were not found to be religious in nature, it is eligible for approval under section 80G(5). [S.12AA, 80G(5)(vi)]

S. 69A : Unexplained money-Sale of shares-Long term capital gains-Penny stock-Both purchase and sale transactions were carried out through banking channel and by transfer of shares, long-term capital gain could not be regarded as sham profit and thus addition was not justified.[S. 10(38), 45, 69C]