S.32: Depreciation — Animation software ,stored in computer for use in films -Entitle to depreciation at 25% and not 60% .

S. 32 : Depreciation – Golf course – Plant – Entitle to depreciation .

S.32 : Depreciation — Transfer —Written down value of block of assets should be reduced by sum received not stamp value — Excess depreciation not allowable.[ S. 2(11) 43(6)(c )(i)(b) ,45, 50C ]

S.28(i): Business loss —Cancellation of purchase orders — Business transactions it is not necessary that all the transactions should be proved by documentary evidence- Loss deductible .

S. 14A : Disallowance of expenditure – Exempt income -Foreign investments- Dividend suffered taxation in India – No disallowance can be made – Investments in Indian companies not yielding exempt Income —Has to be excluded . [ R.8D(iii) ]

S. 14A : Disallowance of expenditure – Exempt income – Not earning any exempt income during relevant period — No disallowance can be made .[ R.8D ]

S. 12AA : Procedure for registration –Trust or institution- Commissioner is directed to decide a fresh on verification of objects and genuineness of activities in accordance with Law in light of documents which assessee is required to submit before him. [ S.2(15) , 11 ]

S. 10A : Free trade zone – Export turnover – Total turnover – Enhanced profits to be considered for deduction- Export proceeds received in India beyond time-limit but within time allowed by Reserve Bank circular to be considered for deduction .[ S .40(a) (ia), 194I ]

S. 9(1)(i): Income deemed to accrue or arise in India – Business connection – Contracts for supply and service of machinery in connection with setting up of plant — Thirty-five per cent. of profit attributed to permanent establishment – Accepting existence of permanent establishment —Liable for interest DTAA- India -Austria [ S.234B , Art .5(2) ]

S. 5 : Scope of total income – Accrual – Membership fees —Mercantile system of accounting -Pertaining to subsequent years —Taxable in year to which it pertains. [ S. 28(i) ,145 ]