S. 14A : Disallowance of expenditure-Exempt income-Only to the extent of expenses incurred in relation to exempt income [R.8D]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance not to exceed exempt income. [R. 8D]

S. 14A : Sufficient interest free funds available-investment are presumed to be out of interest free funds-only those investments to be considered which yield exempt income for the purpose of calculation. [R. 8D(2)(ii)]

S. 12A : Registration-Trust-Exemption cannot be denied merely because certificate could not be produced as the same was destroyed during folds of 1978-Matter remanded. [S. 11, 12A, 12AA and 143(3)]

S. 11 : Property held for charitable purposes-Income from business or business held in trust-Main object is for establishing, maintaining and running a hospital for philanthropic purposes and not for the purpose of profit-Entitle exemption. [S. 2(15)]

S. 10A : Free trade zone-Export turnover-Telecommunication expenses and foreign currency expenditure not to be excluded from export turnover.

S. 4 : Charge of income-tax-Carban credit-Capital or revenue-sale of certified emission reduction credit, which the assessee earned on the clean development mechanism in its wind energy operations, was a capital receipt and not taxable.

S. 254(2)): Appellate Tribunal – Rectification of mistake apparent from the record-Duties – High Court directed the Appellate Tribunal to upload the daily order sheets and revised cause list on its website – System in this regard be put in place by the ITAT , if not already there as expeditiously as possible , preferable within three months [ S. 253 , 254(1), 255 , , ITAT Rules ,1963 19, 20Art . 226 ]

S. 56 : Income from other sources – DCF Method – Receipt of consideration for issue of shares in excess of their market value – Valuation of shares- Following the prescribed method – Addition based on estimate is held to be not justified – Deletion of addition is held to be justified [ S.56 (2)(viib ) , 68, R 11UA (2)(b) ]

S. 271(1)(c) : Penalty-Concealment-Notice-Not mentioning the specific charge for concealment of income or furnishing inaccurate particulars of income-Deletion of penalty is held to be justified.