S. 36(1)(vii) :Bad debt – — Assessee only to establish that debt written off in accounts — Not necessary to establish that debt in fact had become irrecoverable — Law after 1-4-1989-Winding up — Diminution in value of investment made by assessee in company in liquidation —Capital loss – Matter remanded to the Assessing Officer . [ S.46(2) ]

S. 36(1)(vii) :Bad debt -Law after 1-4-1989 — Not necessary to establish or prove that debt has become irrecoverable — Recording of debt as bad debt in books of account is sufficient. [ S.28(i)]

S. 36(1)(iii) :Interest on borrowed capital – Real estate business- Amount borrowed to purchase shares to expand business- Controlling interest – Interest allowable as deduction [ S. 37(1) , 57(iii) ]

S.28(i): Business income -Capital gains —Object of firm is to purchase and sell land -Profit from purchase and sale of land assessable as business income.[ S.45 ]

S. 14A : Disallowance of expenditure – Exempt income – No claim by assessee of exempt income — No disallowance can be made [ R.8D (2)(ii) ]

S. 12AA : Procedure for registration –Trust or institution- Activity of import and distribution of raw material- Matter remanded to the Appellate Tribunal [ S. 2(15) 11,254(1) ]

S. 12AA : Procedure for registration –Trust or institution-Application not disposed of within six months — Registration cannot be deemed to be granted —interpretation of taxing statutes — Literal Interpretation- Meaning of deemed [ S.12AA(2) ]

S. 12AA : Procedure for registration –Trust or institution- Charitable purpose- Trust would be hit by proviso to Section 2(15) cannot be the ground for cancellation of registration [ S.2(15) 12AA(3) ]

S. 12A : Registration –Trust or institution- Order granting o rejecting of application to be passed within 6 Months — Application Filed On 17-9-1999 decided on 31-10-2001 beyond period of six months —Registration shall be deemed to have taken effect after six months from date of filing application — Grant of registration does not ipso facto entitle to exemption . [ S.2(15) 11, 12A ]

S. 12AA : Procedure for registration –Trust or institution-
Association of third party administrators — Dominant purpose of Institution Charitable — Ancillary purposes not charitable —Entitled to registration [ S.(2(15) ]