S.14A: Disallowance of expenditure-Exempt income-Interest-free funds exceeding investments-Strategic investments-Disallowance restricted to exempt income.[R. 8D]

S. 10A: Free trade zone-Software Technology Park unit-Brought-forward losses and unabsorbed depreciation of non-eligible unit not adjustable before allowing deduction.[S. 72]

S. 10(23C): Educational institution-Wrong sub-clause mentioned in return-Institution otherwise eligible-Exemption allowable-Appeal to Appellate Tribunal-Delay of 691 days and 706 days-Delay caused by Chartered Accountant’s misrepresentation-Sufficient cause-Delay condoned. [S. 10(23C)(iiiab), 254(1)]

S. 147: Reassessment – Failure to dispose of objections to reopening by a separate speaking order before completion of assessment – Additional grounds – Reassessment void and liable to be quashed.[ S. 69C ,143(3) ,148 ]

S. 11: Property held for charitable purposes – Registration granted during pendency of appellate proceedings – Benefit of exemption under sections 11 and 12 available for earlier assessment year – Matter remanded to Assessing Officer. [ S. 12,12AA, 250)

S. 255: Appellate Tribunal – Procedure – Functions -Duties – Pronouncement of orders – Tribunal cannot repeatedly release matters without delivering judgment – ITAT directed to strictly adhere to the time-limit prescribed under Rule 34 and pronounce orders within 60 days, or in exceptional cases within 90 days. [S. 254(1) ,255(4), ITAT Rules, 1963, Rule 34(5)(c), Art .226 ]

S. 11: Property held for charitable purposes -Charitable Trust – Delay in filing Form No. 9A – Appellate authorities have power to examine claim independently notwithstanding rejection of condonation application under section 119(2)(b) – Delay of about three months condoned –The Assessing Officer was directed to allow the exemption.[S.12 ,119(2)(b) , Rule 17, Form No. 9A]

S. 271AAB: Penalty-Search initiated on or after 1st day of July 2012- Voluntary surrender of income-Estimated disallowance of expenditure-Not “undisclosed income”-Penalty deleted- Show-cause notice not specifying applicable clause-Penalty void ab initio. [S. 132, 153A, 274]

S. 263: Commissioner- Revision of orders prejudicial to revenue-Non-resident-Offshore supply contract-Offshore design, engineering and commissioning performed outside India-Receipts not taxable in India-Revision under section 263 not justified.[S. 44BB]

S. 234B: Interest-Advance tax- Tax deductible at source-Interest to be recomputed after allowing TDS credit.[S. 199]