S. 11 : Property held for charitable purposes-Computation of income-Depreciation-Provision barring allowance of depreciation on asset whose acquisition treated as application of income-Prospective-Entitled to depreciation for earlier years-Provision for bad and doubtful debts and bad debts-Provision restricting allowance to debts written off applicable only prospectively-Provision reasonably made for loss or outgoing, can be deducted from income if there is apprehension that debt might become bad-Losses arising on sale of assets to be considered while computing income. [S.2 (15), 11(6), 32, 28 to 44, 45 to 48]

S. 10A : Free trade zone-Special economic zones-Conversion of Export processing zone unit into special economic zone unit-Exemption cannot be denied.

S. 10 (23C) : Educational institution-Not doing any activity other than education nor hospital run for commercial purpose or any purpose other than teaching-Withdrawal of exemption is not justified-Notice is signed by the AO which was approved by the CIT and which was corrected by him in his own hand writing Notice signed by the AO on behalf of the CIT is held to be valid-Revision notice is valid. [S. 10(23C(vi), 12AA, 263, 292BB]

S. 10(13A) : House rent allowance-Qualifying amount-Ten Per Cent. of Salary-Performance bonus-Does not form part of salary for purpose of S.10(13A) Entitled to allowance at ten Per cent. of salary excluding performance bonus. [R. 2A]

S. 2(42A) : Short-term capital asset-Shares of unlisted company– Holding shares for more than 12 months and transferring them prior to 31-03 2014 to be treated as long term capital gains-Holding Shares for more than 12 months and transferring them prior to 31-3-2014-Entitled to benefit of shorter period of holding-Gains to be Treated as long-term. [S. 2(29A), 2(29B), 45]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – No loss to revenue – Assessment after detailed inquiry – Revision is held to be not valid [ S. 45(2), 143(3) ]

S. 268A : Appeal-Monetary limit-Less than Rs 1 crore-Appeal is dismissed. [S. 260A]

S. 11 : Property held for charitable purposes-Charitable purpose-Activities of relating to providing services of relief to poor, education and medical relief would fall within scope of general public utility-Entitle to exemption. [S.2(15,) 12, 12A, 80G]

S. 271(1)(c) : Penalty-Concealment-Deletion of penalty on the basis of order of sister concern is held to be justified-No question of law. [S. 260A].

S. 271(1)(c) : Penalty- Concealment-Capital gains on sale of land-Revised return prior to issue of notice u/s 153C-Deletion of penalty is held to be justified. [S. 45, 139(3), 153C ]