S. 17 : Perquisite – Amount received by an employee from redemption of Stock Appreciation Rights (SARs) can not be assessed as “perquisite” or as “profits of business” [ S.17(2)(iii), 28(iv), 45 ]

S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income disallowance cannot be made .[ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income –PSU bonds of NTPC – Disallowance was restricted to 1 percent of exempt income [ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income -No disallowance can be made for securities held as stock in trade- Interest free funds available with assessee , no disallowance can be made [ R.8D, 36(1)(iii) ]

S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income during the relevant year no disallowance can be made .[ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income earned during the relevant period , no disallowance can be made [ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income – AO cannot straight way make disallowance without rejecting the disallowance computed by the assessee [ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income –Satisfaction to be recorded by the Assessing Officer ,it cannot be substituted by recorded satisfaction of Commissioner of Income tax ( Appeals) [ S. 251, R.8D ]

S. 14A : Disallowance of expenditure – Exempt income –Rule 8D cannot be held to be applicable retrospectively and cannot be applicable to pending assessments [ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income – Stock in trade – Controlling interest – Principle of apportionment-Only that expenditure which is “in relation to” earning dividends can be disallowed- AO has to record proper satisfaction on why the claim of the assessee as to the quantum of suo moto disallowance is not correct . [ R.8D ]