S. 11 : Property held for charitable purposes-Computation of capital gains-Assessment pending for both years-Expenses related to GOLAK donation and interest-To be calculated after taking consideration of section 11 read with section 12A of the Act-Computation of capital gains-Acquisition of property by state government-Land purchased before 1-4-1981-Base index rate from 1-4-1981-Valuation done by state government as on 1-4-1981-Report of government valuer acceptable-Deemed registration-Entitled to claim exemption. [S. 12A, 12AA, 45]

S. 10B : Export oriented undertakings-Approval-STPI Scheme and Income-tax Act-Grant of the approval under S. 14 of Industrial Development and Regulations Act, 1951 by the Development Commissioner-Entitle to exemption-Arrangement with associates-Transactions with foreign entities-No loss to revenue-Provision is applicable only to in respect of profit earned from domestic companies-Deletion of addition was affirmed. [S. 10A, 10(B)(7), 80IA(10), Industrial Development and Regulations Act, 1951, S. 14]

S. 10AA : Special Economic Zones-Section 10AA does not mandate filing of return of income within specified due date as one of condition precedent for claiming exemption under said section-Matter remanded. [S. 80AC, 139(1), 139(4)]

S. 10AA : Special Economic Zones-Computation-Exemption must precede any other adjustment of brought forward losses-Assessee denied full exemption due to system automatically-Matter remanded to Assessing Officer for purpose of limited verification of amount of exemption. [S. 70, 72, 74, 143(1)]

S. 10AA : Special Economic Zones-Export turnover-Additional evidence-Not to be restricted to consideration received up to date of filing time of return-Reversal of provision-Matter remanded. [S. 10A, 10B]

S. 10AA : Special Economic Zones-Claim made in revised return accompanied by Form No. 56F-Deducction allowable-AO has not proved existence of any arrangement between the assessee and its AES so as to produce more than ordinary profits-Disallowance was deleted. [S. 10A(5), 10AA(9), 44AB, 80IA(10), 139(1), 139(5), 288(2)]

S. 10A : Free trade zone-Transaction between related parties-Restriction of deduction is held to be not justified. [S. 80IA(10)]

S. 10A : Free trade zone-Total turnover-Deductions on freight, telecommunication and Insurance attributable to delivery of computer software to be deducted from total turnover-Expenses on provision of technical services outside India also deductible from total turnover in same proportion as from export turnover.

S. 10A : Free trade zone-Disallowance of difference between profit declared by Assessee Arm’s Length Profit-Not Justified.

S. 10A : Free trade zone-Export-Telecommunication Charges-To be excluded from both export and total turnover.