S. 11 : Property held for charitable purposes-Adjustment-A prior intimation is required to be served on assessee, either in writing or electronically, as contained in 1st proviso to section 143(1)(a)-Income should be understood in its commercial sense and computing total income of assessee equal to total receipts for year was not in accordance with commercial prudence and commercial sense-Addition was deleted .[S.12AA, 143(1)(a)]

S. 11 : Property held for charitable purposes – Collection of charges from the civilians for community work of spreading awareness related about drug abuse and addiction and rendered services for procuring passport, issuance of NOC, etc – Denial of exemption is not justified – Mater remanded to the AO to verify whether proviso to section 2(15) had been breached. [S. 2(15), 12AA, 13(8)]

S. 11 : Property held for charitable purposes – Failure to file Form No 10B along with the return-Exemption cannot be denied. [Form No 10B]

S. 11 : Property held for charitable purposes-Interest received on compensation in respect of compulsory acquisition of land-Not barred from claiming deduction under section 57(iv) of the Act. [S.10(33), 56(2)(vii),57(iv),145B(1)]

S. 11 : Property held for charitable purposes-Depreciation – Capital asset-Application of income – Matter remanded – Directed to pay cost of Rs 1000 to the Prime Minister Relief Fund .[S.11(6), 32]

S. 11 : Property held for charitable purposes-Education-Organizing drama programs for companies for fee-Companies selling tickets for profit-Element of profit involved in organising dramas-Not eligible for exemption. [S. (2(15), 12A]

S. 10AA : Special Economic Zones – Revised return – Audit report was filed during assessment proceedings-Convertible foreign currency-Goods were sold by assessee to parties were exported by merchant exporters and foreign exchange was received by the said exporters and assessee did not receive any convertible foreign exchange on such sales-Eligible for deduction .[S. 139(1) Form No 56, SEZ rules 2006]

S. 10AA: Special Economic Zones-The trading activity of import and re-export carried out by the assessee —Falls within the meaning of “services” as defined u/s 2(z) of the SEZ Act, 2005-Eligible for deduction .[Special Economic Zone Act, 2005, S.2(z)]

S. 10(38) : Long term capital gains from equities – Business income or capital gains-Two portfolios viz., investment portfolio and trading portfolio –Sale of shares from investment portfolio is entitle to exemption.[S.28(i), 45]

S.10(37) : Capital gains-Agricultural land-With in specified urban limits-Compensation received on account of compulsory acquisition of agricultural land by state Govt is exempt from tax. [S. 2(14)(iii), 45 (5),Land Acquisition Act, 1894,Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARR Act.)]