S. 32 : Depreciation-Edible oil brand from a company on merger-Book value in the transferor company on date of merger was NIL-Subsequent change in its value had to be ignored-Not entitle to depreciation.[S. 2(19AA), 32(1)(ii)]

S. 32 : Depreciation-Addition in plant and machinery-Additional depreciation-Matter remanded back to the Assessing Officer.[32(1)(iia)]

S. 28(i) : Business income-Income from house property-Business of real estate development-Sale of commercial building let out to tenants earlier-Assessing the capital gains and income from house property as business income by the Assessing Officer is affirmed. [S. 22, 23, 45]

S. 23 : Income from house property-Annual value-Estate developer-Deemed rent-Unsold stock of flat/shop as stock-in-trade in its balance sheet-Deemed rent-Assessable as income from hose property-Notional rent was to be computed by ascertaining municipal rentable value. [S. 22]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Concession in rent on property let out to its trustees-No change on facts-Denial of exemption is not justified.[S.11, 12 , 13(2)(b), 13(3)]

S. 12AB : Procedure for fresh registration-Providing medical facilities to poor. CIT(E) is to directed to grant registration to assessee-trust under section 12AB. [S.12A]

S. 12AA : Procedure for registration-Trust or institution-Denied registration without considering objects and genuineness of activities-Matter remanded to CIT(E) pass de novo order. [S. 253(2)]

S. 11 : Property held for charitable purposes-Religious trust-Purchase gold and silver for preparation of ornaments for idols of God in temple-No violation of provision-Denial of exemption is not valid. [S.11(5)(b), 12A]

S. 11 : Property held for charitable purposes-Registration is granted-Eligible for benefit of section 11 and 12 [S. 12, 12A, 12AA, 148]

S. 11 : Property held for charitable purposes-No registration-Only net income can be taxed and not gross receipts.[S.12A , 12AA, 143(1)]