S. 37(1) : Business expenditure -Securities held as stock in trade -Broken period interest-SLP of revenue dismissed.[Art. 136]

S. 14A : Disallowance of expenditure-Exempt income-where no exempt income is received or receivable during relevant previous year-SLP of revenue dismissed on account of failure to explain 597 days of delay. [Art. 136]

S. 12AA : Procedure for registration -Trust or institution- While deciding application for registration the Commissioner cannot comment on genuineness of activities of trsut-Required to restrict to object of trust-SLP of revenue dismissed.[S.12A, Art. 136]

S. 11 : Property held for charitable purposes-Dominant object was not only preservation of environment, but also one of general public utility- liquid and solid industrial waste generated by polluting industries in Common Effluent Treatment Plant and Total Suspended Disposal Facility and did anciliary activities for purpose of curbing pollution- Entitled to exemption-Monetary limits- SLP dismissed due to low tax effects. [S. 2(15), 268A, Art, 136]

S. 11 : Property held for charitable purposes-Activities charitable in nature -Entitle for exemption- SLP of revenue dismissed. [S. 2(15),12AA, Art. 136]

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Payment to Non-Resident telecommunication operators for provision of bandwidth and inter-connectivity usage-Not royalty-Not liable to deduct tax at source-Expansion of definition of royalty inserted later-Assessee cannot be expected to foresee future amendment at time of payment in earlier assessment years-Jurisdiction-No jurisdiction to tax income arising from extra-territorial source-Double Taxation Avoidance Agreement-Sovereign document between two countries-Applicable in Proceedings under Section 201 of the Act-DTAA-India-Belgium-SLP of revenue dismissed. [S. 195,201, Art, 136]

S. 2(47) : Transfer-Suit for declaration of ownership and possession of immovable property-General Power of Attorney-Sale deed executed by GPA holder after death of principal-GPA was general in nature and not coupled with interest-Agreement to sell does not convey title or ownership-Transfer of immovable property can be only by registered conveyance-Contemporaneous GPA and agreement to sell in favour of same person not sufficient to infer interest in property-In absence of registration of documents under section 17(1)(b) of Registration Act, GPA holder had no valid right, title or interest to execute sale deed-Sale deed executed by GPA holder after death of principal held invalid-Subsequent registered conveyances by legal heirs upheld. [Transfer of Property Act, 1882, S, 54, 55, Registration Act, 1908, S. 17(1)(b), 49, Indian Contract Act, 1872, S. 201, 202]

S. 56 : Income from other sources – Immovable property – Stamp duty valuation – Reference to DVO – Safe harbour tolerance band – Once DVO value substitutes stamp duty value, tolerance limit of 10% applies also with reference to DVO valuation – Amendment held curative/beneficial – Addition deleted when difference between consideration and DVO value was only 6.09% . [S. 50C, 55A, 56(2)(x) , 143(3)]

S. 68 : Cash credits – Gift from spouse – Mere filing of gift deed, PAN and ITR acknowledgment of donor not sufficient – In absence of bank statements, clear trail of funds, source of donor and correlation of remittance, assessee failed to fully discharge primary onus – Matter restored to Assessing Officer for de novo verification – Appeal allowed for statistical purposes. [S. 56(2)(x), 115BBE, 133(6), 143(3), 250]

S. 12AB : Procedure for fresh registration – Registration of charitable trust – Renewal – Absence of irrevocability clause / dissolution clause in trust deed – Rejection of Form No. 10AB on ground that trust deed did not contain express clause that trust was irrevocable and that answering “Yes” in Row 6 amounted to furnishing false / incorrect information – Not justified – Public charitable trust registered under Maharashtra Public Trusts Act is inherently irrevocable unless there is express power of revocation – Mere absence of irrevocability clause does not render trust revocable – Section 12AB does not prescribe such condition – Rejection orders quashed- Respondent No.1 directed to decide the applications of the Petitioners and all other similarly situated trusts, whose orders are hereby quashed, afresh and in accordance with the law and the ratio laid down in this judgment, within a period of six weeks from today. [S. 11, 12A, 12AA 12AB(4), 13, 61, 63, 80G, 115TD; Indian Trust Act , 1882 , S. 78, Maharashtra Public Trusts Act, 1950, S. 22(3A), 22(3B), 55, Form No .10AB , Art . 226 ]