S. 45 : Capital gains-Foreign Institutional Investor (FII)-Income deemed to accrue or arise in India-Status of beneficiaries or constituents of tax transparent entities is relevant for purpose of determining treaty protection to trustee in representative capacity-Capital gains, on sale of shares in hands of assessee and investors, it represents as trustee, were treaty protected from taxation in India. DTAA-India Netherlands. [S. 9(1)(i), Art. 13]

S. 44BB : Mineral oils-Computation-Royalty-Substance of contract-Matter remanded-DTAA-India-Singapore. [S. 9(1)(vi), Art. 5, 12]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-No banking facility was available at quarry site-Disallowance is held to be not justified-Cash expenditure-Disallowance is restricted to 5% of cash expenditure exceeding Rs. 20,000. [R. 6DD]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Testing charges-Not liable to deduct tax at source-Services rendered outside India-Reimbursement expenses-No disallowance could be made-Amendment by Finance Act, 2014, restricting disallowance to 30 per cent of amount paid on which tax had not been deducted at source, will have no retrospective operation-OECD Model Tax Convention, Art 12. [S. 9(1)(vii), 40(a)(i), 195]

S. 36(1)(vii) : Bad debt-Amount written off-Notice could not be served randomly-Amount could not be disallowed.

S. 23 : Income from house property-Annual value-Valuation by Municipal Authorities determining the Annual value of a property cannot be rejected. [S. 22, 24]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot be made in absence of exempt income. [S.10(34), R. 8D]

S. 11 : Property held for charitable purposes-Annual Development fee-For development of school building-Not to be treated as revenue receipt-Prior to 1-4 2015 , depreciation is allowable eve if the such asset was treated as application of income. [S. 32]

S. 11 : Property held for charitable purposes-Regulatory body-Development Authority-Implementation of development measures-Charitable in nature-Entitle to exemption. [S. 2(15), 12, 12AA, Gujarat Town Planning and Urban Development Act, 1976]

S. 11 : Property held for charitable purposes-Application of income-Amount spent on construction of buildings-Exemption cannot be denied on the ground that the amount was spent in cash-No payment was made to have been made to alleged related persons. [S. 13(1)(c), 13(3), 132]