S. 12AA : Procedure for registration –Trust or institution-Charitable purpose —Objects of Trust and activities are in furtherance of objects -Newly formed trust – Registration cannot be refused on the ground that no activities were carried on – Remand of matter for fresh disposal of matter – Order of High Court is affirmed . [ S.2 (15) 11(1)(d) 12A, 13 ]

S. 11 : Property held for charitable purposes – Application of income – Commercial principles- Adjustment of excess expenditure of earlier year against income of current year amounts to application of income .[ S .2(15) 11(1) (a) ]

S. 10B: Export oriented undertakings – Interest on delayed payment for goods exported and goods sold Locally — Exemption available only for interest on delayed payment for Exports. [ S.10B(4) ]

S.10(23C: Educational Institution —Trust deed disclosing profit motive — Not entitled to exemption [ S.10(23C)(vi)

S. 9(1)(i): Income deemed to accrue or arise in India – Business connection -Non-Resident —Permanent Establishment — Telecasting Sports Events – Principal to principal basis – Income earned not assessable in India — DTAA -India – Mauritius [ Art .5 ]

S. 2(22)(e):Dividend – Deemed dividend-Money lending formed substantial part of business – Loan not assessable as deemed dividend .

S.2(14)(iii): Capital asset-Agricultural land-Land in Village within Municipality — Village having population less than specified ten thousand — Land was agricultural — Profits from sale of land is exempt [ S .2(14)(iii) (a), 10(1),45 ]