S. 32 : Depreciation-Stock in trade-Investment-Bank-Valuation of investment portfolio–Depreciation is allowable in respect of investment held as stock in trade. [S. 28(i), 145]

S. 32 : Depreciation–Software licence application-Eligible depreciation at 60 %-Computer-Interpretation-Entry to be interpreted is in a taxing statute-Full effect should be given to all words used therein-It is impermissible to ignore the description, and denote the article under another entry by a process of reasoning.

S. 32 : Depreciation-Valuation of investment portfolio-Stock-in-trade-Depreciation is held to be allowable. [S. 145]

S. 22 : Income from house property-Income from other sources-Business income-Firm obtaining flats on lease-Flats sub-leased with furniture and fittings-Income from sub-lease assessable as income from house property and income from other sources-Res judicata is not applicable to income-Tax proceedings. [S. 2(13), 28(i), 56]

S. 12AA : Procedure for registration–Trust or institution-Prior to 1-4-1997 mere application for registration is sufficient for claim for exemption-S. 12AA, w.e.f. 14-1977 is not retrospective provision. [S. 11, 12A]

S. 12A : Registration–Trust or institution-71% of the receipt were spent in accordance with the object of the Trust-Partial expenditure were spent on religious-Trust is held to be genuine–Entitle for registration–Benefit of S.11 is not available only to the extent of partial expenditure which were spent on religious. [S. 11]

S. 11 : Property held for charitable purposes–Accumulation of income-Form No 10 was filed belatedly–Rejection of claim on technical formalities is held to be not valid-AO is directed to decide the allowability of claim on merits [S. 11(2), 139(9), 143(1), 154]

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services–Wind turbines-Installing and carrying out repair work of wind turbines abroad, payment made for said services was liable to tax in India as fee for technical services-Liable to deduct tax at source-DTAA-India–Sri Lanka [S.90, Art.7, 12]

S. 2(22)(e) : Deemed dividend-loan to share holder–loan in the ordinary course of business-Not assessable as deemed dividend-Deemed dividend is exempt u/s. 115O [S.10(34),115O, Art. 226].

S. 18(1)(c) : Penalty-Concealment-In the absence of any proof to show that there was an attempt on the part of the assessee to conceal the particulars or to furnish inaccurate particulars, the levy of penalty was not justified by invoking the deeming provision of Expln. 3 to S. 18(1).