S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income declared during the year no disallowance can be made .[ R.8D(2) (ii) ]

S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income declared during the year no disallowance can be made .[ R.8D(2) (ii) ]

S. 12A : Registration –Trust or institution- Amount collected by the assessee as donation from the students was within the permissible limit of 15% – Denial of exemption is held to be not valid [ S.11, 12AA(3), 13(1)(d) ]

S. 11 : Property held for charitable purposes – Income applied for the object of the Trust -Promotion of sports, games and providing recreation facilities to the public at large and to the members in particular and therefore receipts on account of compensation from decorator against gymkhana function, miscellaneous income and compensation from caterer (restaurant) cannot be construed as activities in the nature of trade, commerce or business for the purpose of the proviso to S. 2(15) of the Act- Capital expenditure allowed as application of income – Depreciation is allowable [ S.2(15), 12 , 13, 32 ]

S. 11 : Property held for charitable purposes – Carry forward of deficit – Allowed to be set off against income of the subsequent year . [ S. 12,32 , 72 ]

S. 10A : Free trade zone – Deduction to be computed before adjusting business loss or Depreciation [ S. 10B, 70, 71, 72 , 74,80IA(5), 80IA(6) ]