S. 37(1) : Business expenditure-Capital or revenue-Corporate Social Responsibility (CSR)-Amendment is not retrospective-Explanation 2 was inserted by the Finance Act, 2014 with effect from April 1, 2015 to section 37(1) of the Income-tax Act, 1961 and is prospective.
S. 28(i) : Business Loss-Loan advanced to subsidiary-Converted to preference shares-Reserve Bank of India directive-Diminution in value of shares-Deductible as business loss. [S.37(1)]
S. 10B : Export oriented undertakings-Filing of Form 56G is mandatory requirement-Denial of exemption is justified. [S. 10A, 10B(5), Form 56F, 56G]
S. 10AA : Special Economic Zones-Export-Services-Articles which are imported by Unit in Special Economic Zone and subsequently reexported-Entitle to deduction. [Special Economic Zones Act of 2005, S. 27]
S. 10A : Free trade zone-Deduction allowed for the first time in assessment year 1997-98-Deduction allowable in the assessment year 2001-02-Res Judicata-Not strictly applicable-Principle of consistency to be followed.
S. 10(26AAB) : Income of an agricultural produce market committee or board-Trading in fish, poultry and eggs-Entitled to set-off of loss against fee income. [Delhi Agricultural Produce Marketing (Regulation) Act, 1976, S. 2(1)(a)]
S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Non-Resident-Marketing services-No Permanent Establishment in India-Not taxable-Not liable to deduct tax at source-DTAA-India-USA. [S. 201, Art. 12(4)]
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Permanent establishment-Global net loss-DTAA-India-Finland [Art. 7]
S. 2(22)(e) : Deemed dividend-Loans and advances-Withdrawal-Matter remanded to Tribunal. [S. 254(1), 260A]
S. 276C : Offences and prosecutions – Wilful attempt to evade tax – Death of manging partner – Failure to pay self assessment tax – Tax and interest was paid before launching of prosecution-Delay of eight years in depositing the tax and interest – Launching of prosecution is quashed . [ S. 220, 276(2), 277, 278B, Code of Criminal Procedure, 1973 , S.482 ]