S. 45 : Capital gains-Joint Development Agreement (JDA)-Mere licence to builder to enter property for purpose of carrying out development- Cannot be regarded as transfer – Capital gain tax is not leviable. [S.2(47)(v), Transfer of Property Act, 1882, S. 53A]

S. 45 : Capital gains-Business income-Redemption of units of mutual fund -No borrowed capital- Only 15 transactions – Shown as investment in books of account-Assessable as capital gains and not as business income. [S. 28(i)]

S. 43B : Deductions on actual payment-Electricity duty-Disallowance cannot be made in respect of liability of State Electricity Board with regard to amount of electricity duty and surcharge collected by it as an agent of State of Kerala. [Electricity Supply Act, 1948]

S. 40A(2) : Expenses or payments not deductible–Excessive or unreasonable – Provisions are not applicable to co-operative society. [S. 40A(2)(b)]

S. 37(1) : Business expenditure-Education expenses of grandson of director who has contributed to functioning of business-Matter is remanded back for disposal afresh.

S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts- Schedule Bank-Kerala State Electricity Board is not entitled to deduction of provision created for bad and doubtful debts though such provision is created based on guidelines issued by RBI. [S.36(1)(vii), 36(2)]

S. 11 : Property held for charitablepurposes– Construction activities- Acting as an agency to generate and propagate innovative housing ideas, production and distribution of innovative building materials, etc is the principal activity – Supervisory charges- Not entitle to exemption. [S. 2(15), 11(4A)]

S. 11 : Property held for charitablepurposes-Promotion of cricket -No violation of any condition of S.13-Expenditure incurred not for the object of Trust- Entire claim of exemption cannot be denied -Exemption can be denied only to the extent of expenditure which was not incurred for object of Trust- Travel expenses of office bearer -No detailed furnished – disallowance is held to be justified – Expenditure on account of purchase of complementary tickets for different international matches for VIPs so as to popularise game of cricket amongst VIPs- Held to be allowable as expenditure-Expenditure towards foreign travel of its office bearers for purpose of attending a meeting- Held to be allowable -Entertainment expenditure for wine, food and gift incurred by a charitable trust, engaged in promotion of cricket, for Government officials and other persons during a meeting is held to be not allowable. [S. 12A, 13]

S. 10(23C) : Educational institution-Hindu religious temple- Renewal of approval–When the approval was granted since 1989 the CIT( E ) is not justified in restricting approval only from AY. 2016-17) – Tribunal has directed the CIT( E ) to grant approval also for the AY. 2015- 16. [S. 10(23C)(v), Tamil Nadu Hindu Religious and Charitable Endowments Act, 1959]

S. 20(23) : Sports association–Pendency of application for notification- AO is directed to consider assessee’s claim of exemption in case a notification is issued by appropriate authority for the relevant assessment year.[S. 12A].