S. 36(1)(iii): Interest on borrowed capital-Percentage of completion method for recognizing the revenue-ICDS IX provisions are not applicable to asst. yr. 2014-15. There is no provision in s. 36(1)(iii) to apportion the interest cost between the work-in-progress and the sales-Interest allowable as deduction.

S. 35: Expenditure on scientific research-Approval by prescribed authority-The deduction as claimed by the assessee under s. 35(2AB) is to be allowed-Prior to the amendment of R. 6, the provision of S 35(3) did not provide for referring to DSIR for determining the amount of expenditure eligible for deduction. [S.35(2AB), 35(3), R.6 (7A)]

S. 32AC: Investment in new plant or machinery-Computers used in the business of development of computer software-Eligible for investment allowance-Remanded for verification.

S. 32: Depreciation-Additional depreciation-Computers used for the production of software-Plant and machinery-Eligible for additional depreciation. [S. 32(1)(iia)]

S. 32: Depreciation-Actual cost-Sales-tax subsidy-subsidy is to be deducted from the cost of fixed assets for the purpose of depreciation computation as per Expln 10 to s. 43(1).[S.43(1)]

S.28(i): Business income-Income from house property-Income from renting out house properties to tourists and pilgrims on a day-to-day basis-Assessable as business income-Depreciation is allowable. [S. 22, 24(a), 32(1(ii)]

S.14A: Disallowance of expenditure-Exempt income-Interest expenditure-Disallowance has to be computed at 0.5 per cent of investments which have actually yielded exempt income during the year and not the average of investments as appearing in the balance sheet of the assessee.[R.8D(2)(iii)]

S.14A: Disallowance of expenditure-Exempt income-Shipping business-Tonnage tax scheme-Disallowance under S. 14A cannot be made in the case of the assessee, which is subject to tax under Chapter XII-G.[S.115VA]

S. 12AB: Procedure for fresh registration-Wrong mentioning of religious-cum-charitable in the Form No.10AB-Rejection of application was set aside-CIT(E) is also directed to examine the grant of approval under s. 80G after deciding the application for grant of registration under s. 12AB. [S.80G]

S. 12AB: Procedure for fresh registration-Trust for the benefit of residents of a particular housing society-Denial of registration was affirmed. [S.11, 12, 12AB(4), 13(1(b)]