S. 36(1)(iii) : Interest on borrowed capital–Sufficient interest free funds-Interest free advances-Advance of loan to related parties– Matter remanded back for disposal afresh.

S. 36(1)(iii) : Interest on borrowed capital–Firm-Partners-Debit balances in partner’s current account–Opening debit balances-No disallowance can be made.

S. 35 : Scientific research expenditure-Weighted deduction-In house research and development facility-Mandate of approval of quantum of expenditure had been inserted with effect from 1-7-2016-for relevant year eligible for weighted deduction. [S.35(2AB)]

S. 24 : Income from house property-Deductions-Trust would be entitled for deduction . [S. 11]

S. 24 : Income from house property-Deductions-Interest paid on borrowed fund–Loan utilised for construction of commercial property a part of which is let out–Allocation of interest-Held to be allowable. [S. 22, 24(b)]

S. 14A : Disallowance of expenditure-Exempt income–Not earned any exempt income – No disallowances can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Long term capital gains–AO is justified in making disallowance. [S. 10(38), R. 8D]

S. 14A : Disallowance of expenditure-Exempt income–Not recording of satisfaction-No disallowance can be made. [R. 8D]

S. 12AA : Procedure for registration–Trust or institution-Registration granted is required to be continued till nature of its activities change-Registration cannot be cancelled on mere fact that the trust earned commercial lease rent exceeding Rs. 25 lakhs. [S. 2(15), 12A]

S. 11 : Property held for charitable purposes-Income from house property-Deductions-Trust would be entitled for deduction-Accumulation of income–Matter remanded. [S. 2(45), 11(3), 24]