S. 28(iv): Business income-Value of any benefit or perquisites-Converted into money or not-Shares received on a loan basis-Neither the existence of any written agreement itself is determinative of the character of the transaction per se, nor absence thereof prevents the AO from assessing the circumstantial and surrounding circumstances to arrive at a lawful conclusion-No benefit can be said to have accrued to the assessee-The liability towards repayment of such loan transactions continues to exist during the year-Tere is no remission or cessation of any liability towards lender-Book profit-Books of account not rejected]-Addition deleted]-Addition is not sustainable. [S. 41(1), 115JB, 131, 133A]

S. 28(iv): Business income-Value of any benefit or perquisites-Converted into money or not-Share application money-Shares issued after some years-Capital receipt]-Not taxable as business income.[S.4]

S. 13A: Political parties-Income of political party-Non-filing of return within the due date-Not entitled to exemption-Claim for netting is also not allowed. [S.139(1), 139(4B]

S. 12AB: Procedure for fresh registration-Time limit-Existing society-Rejection of the application on the ground that the assessee was required to apply in Form No. 10AB within six months from the start of its activities is not justified-Failure to file proper replies-Matter remanded to the file of CIT(E) to decide in accordance with law. [S.80G(5), Form No.10AB]

S. 11: Property held for charitable purposes-Accumulation of income-Belated exercise of option during assessment proceedings]-The Assessing Officer was directed to allow the claim of deemed application of income. [S. 11(1), 12A,12B 143(3)]

S. 11: Property held for charitable purposes-Omission to show application of funds in the IT return-Denial of exemption was not justified.[S. 12, 139]

S. 11: Property held for charitable purposes-Change of name]-Not applied for fresh registration-Assessed under the normal provisions of the Act]-All permissible deductions, including expenditure incurred out of said income, allowable as deduction-Matter restored to the file of the Assessing Officer. [S. 12A, 37 (1)]

S. 10 (23C): Educational institution-Filing of return-total income of the assessee without giving effect to the provisions of s. 10(23C)(iiiad)] exceeded the maximum amount not chargeable to income-tax-Not required to file return of income either under section 139(1) or under section 139(4C)]-Return filed in response to section 148 cannot be treated as invalid]-Disallowance of claim was not justified. [S. 10(23C)(iiiad), 139(1) 139(4C), 148]

S. 10AA: Special Economic Zones-Non-submission of audit report along with return-Audit report was filed during assessment proceedings]-Exemption cannot be denied merely on account of delay in furnishing the audit report.[Form No 56F]

S. 9(1)(vi): Income deemed to accrue or arise in India]-Royalty-license fee for granting broadcasting right-Not royalty]-Apportionment of license fee-‘live coverage’ of the event has very large viewership as compared to a recorded broadcast and, therefore, it is appropriate to allocate 10 per cent of the license fee for broadcasting rights towards recorded events and 90 per cent towards ‘live coverage-DTAA-India]-USA.[S.90, Art. 12(3)]