S. 36(1)(iii) :Interest on borrowed capital-Advance paid to director-Matter remanded to ascertain availability of sufficient interest-free funds.

S. 35AD : Deduction in respect of expenditure on specified business-Star rating-Granted four star rating by Ministry of Tourism after close of assessment proceedings-Certificate furnished during the appellate proceedings before Commissioner (Appeals)-Qualified as a specified business and eligible for deduction.

S. 28(1) : Business loss-Speculation loss-High seas sales not speculation loss-Allowable as business loss. [S43(5)]

S.14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income.[R.8D(2)(ii)]

S.14A : Disallowance of expenditure-Exempt income-Profits earned from firm-Recording dissatisfaction-CIT(A) is not justified in disallowing the disallowance-Company-Book profits-Disallowance is not required to be made. [S. 10(2A),10(34), 115JB(2), R.8D]

S. 12AB: Procedure for fresh registration-Provisions Of Section 13 can be invoked only at time of assessment while considering eligibility for exemption and not at time of grant of registration-Order of CIT(E) is set aside and matter remanded for de novo consideration.[S. 11, 12, 12A, 13(3)]

S. 12A : Registration-Trust or institution-Donations to charitable institutions-Purchase of land and financial assistance to improve healthcare education and services and to uplift standard of living of Tribals-Order of rejection is set aside-Matter remanded to the CIT(E) to decide a fresh in accordance with law. [S. 12A(1)(ac)(ii), 80G(5)]

S. 12A : Registration-Trust or institution-Assessment proceedings-Pendency of application for registration-Registration is granted-Denial of exemption on ground registration granted was prospective and not applicable for Assessment year in question is not proper-Only the profit can be taxed and not the entire receipt if benefit of section 11 is to be denied-Adjustment under section 143(1) is bad in law. [S.11, 12A(2), 12AA, 143(1)]

S. 11 : Property held for charitable purposes-Accumulation of income-Application of income-Non-corpus fund shown at figure higher than investment shown-Matter remanded for fresh adjudication. [S. 2(15), 11(2),11(5), 13(1)(d)]

S. 11 : Property held for charitable purposes-Filing of audit report-Form No 10B was filed before passing of the intimation-Denial of exemption is not valid-Fee for late filing-Filed return within prescribed time-limit-Late fee is not leviable. [S.139(1),143(1),234F, Form No 10B]