S. 14A : Disallowance of expenditure-Exempt income– Disallowance cannot exceed in excess of actual expenditure. [R. 8D]

S. 14A : Disallowance of expenditure – Exempt income – Investment in tax free bonds – No nexus between interest bearing funds and investment made in tax free bonds- Exemption cannot be denied. [S. 10(15)(iv)]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions–Advancing money for acquiring land and construction of building–Delay in execution of sale deed-Advance of money to employee trust-No violation-Denial of exemption is held to be not valid–Application of income-entitle to depreciation though the cost of asset was allowed as application of income. [S. 11, 12AA, 13(1)(d), 32]

S. 11 : Property held for charitable purposes-Trade association-Surplus from Goa Feast–Feast receipt and interest from bank-Entitle to exemption. [S. 2(15)]

S. 11 : Property held for charitable purposes-Charging huge amounts for sponsorship fees from corporate entities on advertisement and free passes–Organisation for networking of entrepreneurs is not an educational institution-Membership is not open to general public-Contributors and beneficiaries are different–Not entitle to exemption. [S. 2(15)]

S. 10(37) : Capital gains-Agricultural land-With in specified urban limits–Compulsorily acquiring of land for public purpose- Provision meant for removing hardship–Two years prior to acquisition was used for agricultural purposes-Agricultural Officer had certified land to be agricultural land-AO cannot deny the exemption. [S. 2(14)(iii)(a)(b), 45]

S. 9(1)(i) : Income deemed to accrue or arise in India – Business connection – Indian assignment -Resident of USA- Not liable to tax in India – DTAA-India -USA. [Art. 4]

S. 4 : Charge of income-tax–Subsidy-Industrial investment or expansion-Capital receipt-Amendment to S. 2(24) by inserting clause (xviii) by Finance Act, 2015 with effect from 1-4-2016 is prospective in nature- Not liable to be reduced from cost of assets for purpose of depreciation.[S. 2(24)(viii), 32, 43(1)]

S. 2(14) : Capital asset – Tree standing on an agricultural land are transferred along with land as its integral part in one transaction, said land would be regarded as ‘agricultural land’ and not a separate capital asset -Entitle to exemption. [S. 2(14) (iii)(a),10(37), 45]

S.143(3): Assessment-–Jurisdiction- Amalgamation of companies – Notice issued in the name of amalgamating entity after amalgamation is void-The amalgamating entity ceases to exist- Participation in the proceedings by the assessee cannot operate as an estoppel against law. [ S.144C(1),170(2),292BB ]