S. 14A : Disallowance of expenditure-Exempt income-Short term borrowings-Equity shares held as stock in trade-portion of interest expenses related to earning of exempt dividend income had to be disallowed-Matter remanded-Method of valuation-Stock in trade-Matter remanded. [RR. 8D]
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]