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]

S. 12AA : Procedure for registration-Trust or institution-Engaged in safeguarding rights, privileges and interest of advocates-Purpose being advancement of general public utility-Entitled for registration and exemption under section 80G of the Act. [S. 2(15), 10(23), 80G]

S. 11 : Property held for charitable purposes-Primary objective was to administer payment settlement system for larger benefit of general public and not to run clearing system in a commercial manner or on a commercial basis, assessee’s activities were charitable-Exemption cannot be denied. [S. 2(15), 12, 13(3), Companies Act, 1956, S. 25]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Wholly owned subsidiary in India-Entering into subscription agreement with various travel agents, it could be regarded as assessee’s fixed PE in India-DTAA-India-Singapore. [Art. 5, 8]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Dependent Agent-Arm’s length remuneration-DTAA-India-UK. [Art. 7]

S. 5 : Scope of total income-Sale of property-Amount represented outstanding receivable from buyer in respect of property sold in earlier assessment year-Addition is held to be not valid. [S. 145]

S. 5 : Scope of total income-Accrual income-Retention money-Taxable in the year of receipt. [S. 115JB, 145]

S. 2(24)(iv) : Income-Value of benefit or perquisite-Family arrangement-Lifting corporate veil-Benefit from receipt of shares-Sham and bogus-lifting corporate veil, without providing any cogent reasons could not have commented on said transaction as sham and bogus and by doing this he had overstepped provisions of Act and commented on third party assessee (beneficiary) which was not permissible.