S.28(i): Business income- Client code modification-(CCM )- Shifting of profits- Addition as income on the basis of alleged doubtful transaction is held to be not valid – Deletion of addition b the Tribunal is affirmed. [S.69, 143(3)]

S. 14A: Disallowance of expenditure – Exempt income -Disallowance cannot exceed assessee’s exempt income. [R.8D]

S. 14A: Disallowance of expenditure – Exempt income – Disallowance cannot exceed exempt income earned — Tribunal restricting disallowance to extent offered by assessee is held to be proper. [R.8D]

S. 14A : Disallowance of expenditure – Exempt income – In the absence of any exempt income, disallowance is not permissible. [ R.8D]

S. 14A : Disallowance of expenditure – Exempt income – Rule 8D is not applicable to assessments prior to AY. 2008 -09 [R.8D]

S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income declared during the year no disallowance can be made .[ R.8D(2) (ii) ]

S. 14A: Disallowance of expenditure – Exempt income – When there is no exempt income declared during the year no disallowance can be made. [R. 8D (2) (ii) ]

S.11: Exemptions – Trust was not engaged in running the restaurant, bar etc. – Exemption is held to be allowable.

S.2 (14)(a): Capital asset –Advance given to subsidiary – Loss – Held to be allowable as short term capital loss [S. 2(42A) ,2(47)]

S. 271F : Penalty-Return of income-Failure to furnish – Refund return-Penalty is not leviable. [S.139(4), 244A]