S. 80P : Co-operative societies – Credit society – Credit facility to its members – Exemption allowable [ S.80P(2)(a)(i) ] S. 80P : Co-operative societies – Credit society – Credit facility to its members – Exemption allowable [ S.80P(2)(a)(i) ]

S. 49 : Capital gains – Previous owner – Cost of acquisition – Indexation – Inheritance – Indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not year in which assessee became owner of asset- Property outside India – Entitled to exemption under section 54 where investment in purchase of flat outside India was prior to 1-4-2015 entitled to exemption under section 54 where investment in purchase of flat outside India was prior to 1-4-2015 [ S. 2(42A, )45, 48(iii) ,49(1)(iii)(a), 54, 54F ]

S. 43(5) : Speculative transaction – Foreign exchange fluctuation – Forward contract- Not speculative in nature – Allowable as revenue expenditure [ S.37 (1) ]

S.37(1): Business expenditure – Monetary incentive to its members – Allowable as deduction

S.37(1): Business expenditure – Prior period expenditure – Held to be allowable

S. 32 : Depreciation -Computer system- Switches and routers- Part of peripherals of computer system- Entitled to depreciation at rate of 60 per cent

S. 32 : Depreciation -Additional depreciation – Machinery was put to use for less than 180 days – Balance depreciation of 50% is allowable in subsequent year . [ S. 32(1)(iia) ]

S. 28(i) : Business income – Income from house property – letting out building along with other amenities in industrial park- Assessable as income from business [ S. 22 ]

S.14A : Disallowance of expenditure – Exempt income – No disallowance can be made when the assessee had not earned any exempt income [ R.8D ]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions – Survey – Only to extent of income which was violative of section 13(1)(d) and not total denial of exemption. [ S. 11, 12A, 13(1)(d), 133A, Art , 226 ]