S. 28(i) : Business loss-Commercial expediency-loss caused as a result of fraud, embezzlement by employees was allowed as business loss. [S. 37(1)]

S. 28(1) : Business loss-losses incurred due to surrender of NLD certificate-Allowable as normal business loss. [S. 37(1)]

S. 28(i) : Business income-Income from house property-Rule of consistency-No justifiable reasons to change income head-Income continued to be assessed under the head of business income. [S. 22]

S. 23 : Income from house property-Annual value-No rental income-Security deposits to be adjusted for old outstanding-If amount excess remains then current assessment year outstanding to be adjusted. [S. 22]

S. 23 : Income from house property-Annual value-Unsold flats-Stock-in-trade-Before the insertion of S. 23(5)-Addition is held to be not valid. [S. 22, 23(5)]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income-No disallowance can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income-No disallowance can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-AO was required to work out the average of such investment, the income from which did not form part of the total income instead of total value of investment-Matter remanded. [R. 8D(2)(iii)]

S. 14A : Disallowance of expenditure-Exempt income-No income earned by assessee during the relevant AY-No disallowance can be made. [R. 8D].

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Only upto the violation of the provisions-Exemption cannot be denied. [S. 11, 12, 13(3), 164(2)]