S. 28(i) : Business loss-Sale of cashew to sister concerns-Conformity with normal commercial practice-Allowable as business loss. [S. 145]

S. 28(i) : Business income-Purchase and sale of immovable properties-Sale of agricultural plot of land-Stock in trade-Assessable as business income and not capital gains. [S. 2(14)(iii), 45]

S. 15 : Salaries-Employed in GEII-Assignment to Australia-Remission of salary to Indian Bank-Cannot be taxed as salary earned in India-DTAA-India-Australia. [S. 5, Art. 15]

S. 14A : Disallowance of expenditure-Exempt income-Own funds are more than investments-Presumption that investment was made out of own funds-No disallowance can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Own funds exceeded amount of investment in shares-No disallowance can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance under Rule 8D(2)(iii) is to be done by taking into account dividend bearing securities only. [S. 10(34), R.8D(2)(iii)]

S. 14A : Disallowance of expenditure-Exempt income-Short term borrowings-Equity shares held as stock in trade-portion of interest expenses related to earning of exempt dividend income had to be disallowed-Matter remanded-Method of valuation-Stock in trade-Matter remanded. [RR. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Investment from interest free own funds-No disallowance can be made. [R. 8D(2)(ii)]

S. 12AA : Procedure for registration-Trust or institution-Advocate welfare fund trustee committee-Charitable in nature-Entitle to registration. [S. 2(15), 80G]

S. 12AA : Procedure for registration-Trust or institution-Visakhapatnam Metro Region Development Authority-Cancellation of registration is held to be not justified. [S.2(15), Andhra Pradesh Urban Areas (Development) Act, 1975, S.19]