S.14A : Disallowance of expenditure-Exempt income-Interest expenses-Not maintaining separate books for investments-Disallowance by the Assessing Officer is affirmed. [R.6D]

S. 11 : Property held for charitable purposes-Income applied to charitable purposes more than receipts of year-Excess applied can be carried forward to succeeding year-Plant and machinery-Depreciation is allowed.[S. 32]

S. 10AA : Special Economic Zones-Turnover-Expenses incurred in foreign currency for providing technical services outside India-Not to be excluded from export turnover.

S. 9(1)(vii) : Income deemed to accrue or arise in India-Non-Resident-Fees for technical services-Rendering services-Matter remanded-DTAA-India-Ireland.[art. 12]

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Distributor of software-Not sale of copyright-Income from sale of software in India is not royalty-DTAA-India-Singapore [Art.12(3)]

S. 271(1)(c) : Penalty-Concealment-Disallowance of claim-Mere filing incorrect claim which was not allowed by Assessing Officer would not attract concealment penalty.

S.271D : Penalty-Takes or accepts any loan or deposit-Cash loan from relative-Investment in properties-Levy of penalty is deleted. [S. 269SS]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-short-term capital gain on Multiplex sold-Capital gains-Block of assets-Depreciable assets-Service tax-Delay in payment of TDS-Revision order is quashed partly-Employees’ contributions (EPF/ESI)-Revision is affirmed. [S. 36(1)(va), 37(1), 43B , 50, 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Interest expenditure-Nexus of interest expenditure with interest income-Revision order is affirmed.[S. 57]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Sale of seven flats within three years of acquisition-Revision is held to be justified. [S. 54F , 143(3)]