S. 37(1) : Business expenditure-Compensation paid to employee through trust-Allowable as revenue expenditure. [S. 36(1)(iv), 36(1)(v), 40A(9)]

S. 32 : Depreciation-Road developed and maintained by it-Entitle to depreciation at 10 percent-Depreciation on Lease hold rights in land-Matter remanded back to Assessing Officer with the direction to analyse contents of agreement entered in to between assessee and SIPCOT and not go merely by nomenclature or title of document.

S. 22 : Income from house property-Building under construction-Pendency of an occupancy certificate-Addition cannot be made on notional basis. [S. 23]

S. 14A : Disallowance of expenditure-Exempt income-Provision would not be applicable if there was no exempt income earned by assessee during year. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Ad-hoc disallowance cannot be made.

S. 11 : Property held for charitable purposes-Educational institutions-Matter remanded for fresh consideration. [S. 10(23C), 11(5), 13(1)(d)]

S. 11 : Property held for charitable purposes-Accumulation of income-Exemption cannot be denied merely on the ground of delay in filing the form No 10. [S. 12A, Art. 226]

S. 10B : Export Oriented undertakings-Manufacture or production-Providing contract research services in field of molecular biology and synthetic chemistry-Eligible for exemption.

S. 10A : Free trade zone-losses of unit eligible for deduction were already set-off against other business income-Such losses could not be again carried forward and set-off against eligible profits of same unit in subsequent year-Computer software sales made to STP/SEZ units would not be excluded from export turnover for computing deduction under section 10A/10AA-VAT/GST would not be excluded from export turnover and total turnover for computing deduction under section 10A/10AA. Tribunal could not exclude 80 per cent of uplinking charges from turnover when such exclusion was already limited to 5 per cent of telecommunication charges while computing deduction under section 10A. [S. 10AA]

S. 10(10C) : Public sector companies-Voluntary retirement scheme-Exemption not claimed in the return-Exemption claimed on the basis of judgement of supreme Court-Exemption was allowed-Order shall not be cited as precedent. [S. 143(3), 264, Art. 226]