S. 14A : Disallowance of expenditure – Exempt income – No Disallowance of expenses relating to dividend received from foreign companies taxable in India and offered to tax – Strategic investments or investments in subsidiary companies or group or associated companies in India or companies promoted by assessee — Includible in disallowance — Disallowance not to exceed exempt income [ R.8D(2)(iii) ]

S. 14A : Disallowance of expenditure – Exempt income – Sufficient interest free funds – No disallowance could be made [ R.8D ]

S. 12A : Registration –Trust or institution- Education – Entitled to Registration [ S.2(15), 12AA ]

S. 11 : Property held for charitable purposes – Application of income – Cost of acquisition of assets allowed as application of income —Cannot claim exemption on account of repayment of loan as application of income .

S. 4 : Charge of income-tax -Capital or revenue – Real estate development – Compensation for relinquishment of right to sue societies for breach of contract capital receipt not taxable as capital gains or business income [ S. 2(24) 28(i) , 45 ]

S. 4 : Charge of income-tax – Capital or revenue – Interest subsidy – Technology upgradation fund scheme- Encourage capital investment by eligible unit in form of specified machinery- The AO is directed to verify issue of utilisation of amount of subsidy. [ S.28(i), 254(1) ]

S. 271A : Penalty – Failure to keep maintain – Retain books of accounts –Documents – Failure to produce books of account – Levy of penalty is held to be justified .[ S.44AA, 273B ]

S. 271(1)(c) : Penalty – Concealment – Penalty initiated under both limbs – Penalty levied for concealment of income – Levy of penalty is held to be not valid .

S. 271(1)(c) : Penalty – Concealment – Disallowance of expenses -Amount debited in profit and loss account — Neither concealment of income nor furnishing inaccurate particulars of income — Penalty not warranted. [ S.14A , R.8D ]

S. 271(1)(c) : Penalty – Concealment – Disallowance of expenses due to not deduction of tax at source – Disallowance of expenses on Corporate social responsibility expenses – Levy of penalty is held to be not valid .[ S. 37(1) ,40(a)(1), 40(a)(iii) ]