S.37(1): Business expenditure-Employee Stock Option (ESOP)-Disallowance is deleted.

S. 36(1)(iii) : Interest on borrowed capital-Advanced funds for commercial purposes without charging interest-Advanced from interest free funds-Order of CIT(A) confirming the disallowance is deleted.

S. 32AC: Investment in new pant or machinery-Installation of machinery-Blending of lube oil tantamounts to manufacture or production-Entitle to deduction.

S. 32 : Depreciation-Computer software-Depreciation is allowable at rate of 60 per cent.

S. 24 : Income from house property-Deductions-Interest on borrowed capital-Interest on housing loan-Let-out property-When the property is let out there is no maximum deduction on interest on borrowed capital Interest on housing loan allowable as deduction under section 24 for let-out property, based on bank certificate and consistent claims in previous years.[S. 22]

S.14A : Disallowance of expenditure-Exempt income-Interest-Own fund were much higher than investments that yield exempt income-Order of CIT(A) deleting the addition is affirmed. [R.8D(2)(ii)]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Payment to specified person-Payment of salaries-Much higher educational qualification or they were having much experience in service-Exemption is allowed-Payment of rent-Market rental report prepared by a Government approved registered Valuer-Provisions under section 13(3)(c), 13(2)(c) read with section 13(2)(g) were not attracted. [S.11,12A, 13(2)(c), 13(3), 13(2(g)]

S. 12AB: Procedure for fresh registration-Trust or institution-Eligibility-Rajasthan Public Trust Act is applicable to assessee-trust-Trust was not registered under Rajasthan Public Trust Act-Not eligible for registration under section 12AB. [S. 12A, Rajasthan Public Trust, 1959, S.17]

S. 12A : Registration-Trust or institution-Mistake in filing entry in Form No-10AB-Rejection of application is not proper-Commissioner (E) is directed to treat application of assessee under section 12A(1)(ac)(iii) and to consider case on merits. [S.12A(1)(ac)(iii), Form No.10AB]

S. 12A : Registration-Trust or institution-Failure to furnish details of activity-Opportunity of hearing was not granted-Restored to file of Commissioner (E) for de novo adjudication. [S.12A(1)(ac)(vi)]