S. 32 : Depreciation-Delivery from recognised seller–Denial of depreciation is held to be not justified.

S. 28(iv) : Business income-Value of any benefit or perquisites- Converted in to money or not-Discount received by assessee on buyback of Foreign Currency Convertible Bonds (FCCB) is capital receipt–Not liable to be taxed.[S. 4]

S. 22 : Income from house property–Owner-SPV promoted by State Housing Board for undertaking construction of apartments- Not an owner of apartments-Annual value of unfinished flats could not be brought to tax.[S. 23]

S. 22 : Income from house property -Fair rent not available–AO is directed to take let out value of property as per determination value by Cantonment Board to determine annual fair value.[S. 24]

S. 14A : Disallowance of expenditure-Exempt income-interest and other charges paid to bank was capitalized in capital work-in-progress account–Addition cannot be made while computing book profit. [S. 115JB]

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

S. 12AA : Procedure for registration–Trust or institution-Object of promoting sport of cricket –Object of general public utility-Entitle to exemption [S. 2(15)].

S. 10AA : Special economic zones-Export–Entitle to deduction stand alone basis–Deduction cannot be denied only on the ground that non filing of audit report along with the return.[S. 80A(5)]

S. 10(37) : Capital gains-Agricultural land–Compensation received on compulsory acquisition – Price fixed upon negotiation–Entitle to exemption. [S. 45, Land Acquisition Act, S. 4, 6, 9]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection–Water supply augmentation project and oil pipeline project etc- Payment received during year was attributable to PE in India, same was taxable as business profit-DTAA-India–Russia [Art. 7, 12]