S. 28(i) : Business loss-loss on account of shifting in securities–Fall in the value of investments allowable as a deduction irrespective of change in classification of investments to comply with RBI guidelines. [S. 37(1)]

S. 28(i) : Business loss-Purchase and sale of securities – loss arising from sale of securities–Allowable as business loss.

S. 28(i) : Business loss-Advance to subsidiary-Subsidiary has gone to liquidation-Loss is allowable as business loss. [S. 2(13), 37(1)]

S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-No disallowance can be made. [R. 8D (2)(ii)]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income earned during the year-No disallowance can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-No disallowance can be made in absence of dividend income. [S.57(iii), R. 8D]

S. 14A : Disallowance of expenditure-Exempt income–For the calculation of average investments only those investments from which exempt income is derived. Assessee did not derive any exempt income matter remitted back to AO. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income – Without recording satisfaction – No disallowances can be made. [R. 8D ]

S. 12AA : Procedure for registration–Trust or institution-Organizing coaching for players, conducting matches at district and State level and organizing camps for players to develop their skill for national and international tournament–Held not to provide any service in nature of trade, commerce or industry-Eligible for registration. [S.2(15)]

S. 12AA : Procedure for registration–Trust or institution-Surplus generated – Registration cannot be denied. [S.2(15)]