S. 35: Expenditure on scientific research-Approval of DSIR-In the absence of any statutory requirement for the DSIR to quantify or approve each expense prior to 1st July, 2016, the claim of weighted deduction under S. 35(2AB) cannot be restricted to the amount mentioned in Form No. 3CL. [S. 35(2AB]

S. 35: Expenditure on scientific research-Allocation of common expenses to tax-exempt units-Eligible undertaking-Separate books and verifiable entries-Disallowance is not sustainable. [S.10AA, 80IC, 80IE]

S.32: Depreciation-Intangible asset-Slump sale-Acquisition of manufacturing, supply and maintenance contracts-Goodwill-AO is directed to treat the excess of consideration paid over and above the fair market value of the assets and liabilities as goodwill and allow depreciation-Depreciation-Unabsorbed-Carry forward and set off-set off of brought forward unabsorbed depreciation pertaining to asst. yr. 2008-09 cannot be denied on the basis that for that assessment year the assessee filed its return of income under S. 139(4) [S.2(42C),32(1)(ii), 32(2), 50B, 72, 80,139(4)]

S. 32: Depreciation-Intangible asset-Goodwill arising pursuant to amalgamation-The excess consideration paid is bona fide, attributable to commercial intent, and not a colourable device-The goodwill constitutes a depreciable asset]-Depreciation is allowable. [S.2(IB), 32(1)(ii)43(1), 43(6), 49(1)(iii)(e)]

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]