S. 32 : Depreciation-Higher rate of depreciation-Motor vehicles-Buses were being run on hire-Entitle for higher rate of depreciation.

S. 32 : Depreciation-Stock in trade-Investment-Bank-Valuation of investment portfolio–Depreciation is allowable in respect of investment held as stock in trade. [S. 28(i), 145]

S. 32 : Depreciation–Software licence application-Eligible depreciation at 60 %-Computer-Interpretation-Entry to be interpreted is in a taxing statute-Full effect should be given to all words used therein-It is impermissible to ignore the description, and denote the article under another entry by a process of reasoning.

S. 32 : Depreciation-Valuation of investment portfolio-Stock-in-trade-Depreciation is held to be allowable. [S. 145]

S. 22 : Income from house property-Income from other sources-Business income-Firm obtaining flats on lease-Flats sub-leased with furniture and fittings-Income from sub-lease assessable as income from house property and income from other sources-Res judicata is not applicable to income-Tax proceedings. [S. 2(13), 28(i), 56]

S. 12AA : Procedure for registration–Trust or institution-Prior to 1-4-1997 mere application for registration is sufficient for claim for exemption-S. 12AA, w.e.f. 14-1977 is not retrospective provision. [S. 11, 12A]

S. 12A : Registration–Trust or institution-71% of the receipt were spent in accordance with the object of the Trust-Partial expenditure were spent on religious-Trust is held to be genuine–Entitle for registration–Benefit of S.11 is not available only to the extent of partial expenditure which were spent on religious. [S. 11]

S. 11 : Property held for charitable purposes–Accumulation of income-Form No 10 was filed belatedly–Rejection of claim on technical formalities is held to be not valid-AO is directed to decide the allowability of claim on merits [S. 11(2), 139(9), 143(1), 154]

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services–Wind turbines-Installing and carrying out repair work of wind turbines abroad, payment made for said services was liable to tax in India as fee for technical services-Liable to deduct tax at source-DTAA-India–Sri Lanka [S.90, Art.7, 12]

S. 2(22)(e) : Deemed dividend-loan to share holder–loan in the ordinary course of business-Not assessable as deemed dividend-Deemed dividend is exempt u/s. 115O [S.10(34),115O, Art. 226].