S. 32 : Depreciation-Securities-RBI guidelines-Depreciation on valuation of Securities allowable as business loss. [S. 28(i)]

S. 28(i) : Business income-Civil contractor-Transfer of development rights-Income earned from project assessable as business income-Estimation of 10% of gross receipts is held to be justified-When income is estimated specific disallowance u/s. 40A(3) cannot be made-The transfer definition cannot be applied to on transfer development rights which is a business asset-Income taxable on performing certain obligations [S. 2(47)(v), 40A(3), Transfer of Property Act, 1882, S.53A]

S. 28(i) : Business income-Ancillary objects-Financial services-Assessable as business income. [S. 37(1), 57(3)]

S. 14A : Disallowance of expenditure-Exempt income-Shares held as stock in trade-Disallowance is held to be not justified. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income-Disallowance cannot be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Investments held as Stock In Trade cannot be subject matter of disallowance-Strategic investments yielding exempt income alone to be considered for purpose of working of disallowance. [R. 8D(2)(iii)].

S. 14A : Disallowance of expenditure-Exempt income-Investment was made in earlier year-No interest expenditure was claimed-Matter remanded to the AO for fresh consideration. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Investment made in earlier years-Disallowance to be restricted to extent of funds invested. [R. 8D]

S. 12AA : Procedure for registration-Trust or institution-Running Educational Institutions imparting engineering courses-Recognised by All India Council for technical Education and Establishing Polytechnic College-Genuineness established-Eligible for grant of Registration-Grant of approval u/s. 80G only after satisfying conditions. [S.2(15), 80G]

S. 11 : Property held for charitable purposes-Object of promoting growth of Automobile Industry In India and also to improve and protect environment-Entitled to exemption-Corpus fund-Amount transferred is not application of income-Foreign grants-Pending for approval-Characterisation of receipt as taxable income only at time of appropriation and not at time of receipt-Not income of assessee-No quantum additions-Penalty not leviable. [S. 2(15), 12, 12A, 271 (1)(c), Foreign Contribution (Regulation) Act of 2010, S.11 (1)]