S. 10(23C) : Educational institution-Denied exemption under section 11 due to lack of registration under section 12A/12AA-Matter is remanded to Commissioner (Appeals) for fresh adjudication. [S. 10(23C)(iiiad), 11, 12A, 12AA]

S. 10(10D) : Life insurance policy-Keyman insurance policy-If Keyman Insurance policy was transferred before its maturity then it would lose its character and thus sums received on surrender of such insurance policy would be eligible for exemption under section 10(10D) and it could not be taxed under section 28(vi).[S. 2(14),28(vi)]

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Fees for technical services-Sale of software-Wrongly offered as income in the return-Return was not revised-Not chargeable to tax-Matter remanded to the file of Assessing Officer to verify the facts-DTAA-India-UK [S.9(1)(vii), 139(5), Art. 13]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Permanent Establishment-Interest on income tax refund-Not effectively connected with PE either on basis of asset-test or activity-test-It has to be taxed under article 12 of India-France DTAA at 10 percent and not as business income-DTAA-India-France. [Art. 7, 12, 15]

S. 4 : Charge of income-tax-Grant-Electricity grants received by assessee from State Government under Industrial Policy, 2005 for setting up a project for manufacturing of paints is capital in nature.

S. 4 : Charge of income-tax-Subsidy-Capital or revenue-Subsidy received by assessee from State Government under Package Scheme of Incentives, 2007 to encourage setting up of industries in less developed areas of State and not for purpose of running business more profitably is capital in nature.[S.28(i)]

S. 4 : Charge of income-tax-Capital or revenue-Premature payment of deferred sales tax at present value of certain amount against total liability and credited balance amount to its capital reserve account-Amount credited amount is a capital receipt. [S. 28(i)

S. 4 : Charge of income-tax-Insurance claim-Capital or revenue-Interim order-Matter remitted back to Assessing Officer to decide a fresh. [S. 28(i)]

S. 2(22)(e) : Deemed dividend-Loans and advances-From group company (APL)-Beneficial shareholder was KSWPL under whose controlling interest and influence, APL had given loan/advance to assessee-Deeming provisions of section 2(22)(e) under second limb were attracted on KSWPL and not on assessee-loan amount was not taxable in hands of assesse. [S. 5 (1)(b)]

S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Additional evidence-Matter remanded to the file of the Assessing Officer.[S.194C, 272A(2)(k)),R.18(4)]