S. 28(i) : Business loss-Foreign exchange rate fluctuation-Allowable as deduction.

S. 28(i) : Business income-Income from house property-Business expenditure-Renting of parking spaces, table spaces and games collection-Renting activity against which maintenance recovered from tenants to be considered under business and balance to be disallowed as pertaining to income from house property-Matter remanded. [S. 22, 24, 37(1)]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance is to be restricted to exempt income. [R. 8D(2)(iii)]

S. 11 : Property held for charitable purposes-Expenditure-Certain receipts taken by directly to balance-sheet held to be on revenue account, even though treated as balance-sheet item-Corresponding expenditure to be allowed in accordance with law-Matter remanded-Delay in filing of appeal is condoned.[S. 253]

S. 11 : Property held for charitable purposes-Accumulation of income-Accumulated in wrong column-Bona fide mistake-Matter remanded for verification and to decide in accordance with law. [S.11(2) 11(3), 143(1)]

S. 11 : Property held for charitable purposes-Audit report in Form No 10B was filed beyond prescribed date-Application for condonation of delay was not filed-Denial of exemption is not proper-Assessing Officer is bound to consider deduction of expenses debited in Income and expenditure account as allowable-Matter remanded to the Assessing Officer.[11(2), 12AA-119(2)(b), 139(1)]

S. 11 : Property held for charitable purposes-Not involved in any activities other than charitable-Entitle to exemption. [S.12(2(a) 12AA,143(1)]

S. 10AA : Special Economic Zones-Surplus funds-Interest on fixed deposit-Eligible profits-Interest earned is eligible for deduction.

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Presumptive taxation-Permanent Establishment-Fixed place of profession-Akin to a fixed place of business-No permanent establishment in India-presumptive tax is not applicable-Income is taxable at regular rate. [S.44DA-92F(iiia), 115A]

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Receipts of fabrication charges for refurbishing of bushes-Not fees for technical services taxable in India-No permanent establishment in India-DTAA-India-Singapore [S.9(1(i), Art. 12]