S. 32 : Depreciation-Additional depreciation-Business of mining iron ore and sale thereof-Entitled to additional depreciation-Putting new assets to use for less than 180 days in previous year-Allowed 50 Per Cent. of eligible additional depreciation-Amendment allowing carry-over to subsequent year applicable prospectively from 1-4-2016-Not entitled to 50 Per Cent. of additional depreciation brought forward from earlier assessment year. [S. 32(i)(iia)]

S. 32 : Depreciation-Intangible assets-Customer list and goodwill-Entitle for depreciation. [S. 32(1)(ii)]

S. 14A : Disallowance of expenditure-Exempt income-Own funds excess of investments-No disallowance can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Interest has no nexus with investment in mutual funds and shares-Disallowance not attracted-Administrative expenses-Disallowance is attracted. [R. 8D, ITAT R. 34(5)]

S. 14A : Disallowance of expenditure-Exempt income-Satisfaction not recorded-Deletion of addition is held to be justified. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income. [R. 8D]

S. 4 : Charge of income-tax-Capital or revenue-Liquidated Damages for intangible assets-Liquidated damages received are capital receipts. [S. 28(iv)]

S. 272A : Penalty-Default in delivering statement of tax deducted at source-Affidavit stating it had not paid any amount or deducted any tax at source during years in question-Penalty is not leviable. [S. 200(3), 272A(2)(K), Form 26Q, 27EQ]

S. 271AAA : Penalty-Search initiated on or after 1st June, 2007-Addition deleted-Penalty does not survive.

S. 271AA : Penalty-Failure to keep and maintain books of accounts-Documents-International transaction-Transfer pricing-Information regarding international Transactions maintained properly in Transfer Pricing Report-Deletion of penalty is held to be justified. [S. 92, 92C, 92D, 92E, R. 10D, Form 3CEB]