S. 28(i) : Business loss-Shortage and excess of stocks on physical verification of inventory-Ordinary loss in case of a manufacturer-Allowable as deduction. [S. 37(1)]

S. 23 : Income from house property-Annual value-Higher rent and lower security deposit-Matter remanded to Assessing Officer to determine annual lettable value and after giving an opportunity to assessee. [S. 22]

S.14A : Disallowance of expenditure-Exempt income-Disallowance is to be restricted to exempt income earned and only investments which had actually earned dividend to be considered for disallowance. [R.8D(2)(iii)]

S.14A : Disallowance of expenditure-Exempt income-Suo motu disallowance-Deletion of disallowance is justified.[R.D]

S.14A : Disallowance of expenditure-Exempt income-Voluntary disallowance is exceeding actual exempt income-Disallowance is deleted. [R.8D]

S.14A : Disallowance of expenditure-Exempt income-Sufficient interest free funds-Disallowance is not justified.[R.8D]

S. 12A : Registration-Trust or institution-Running Educational Institution-Denial of registration-Making profits-Matter restored to Commissioner for consideration of assessee’s application for registration de novo on merits-Delay is condoned.[S. 80G, 254(1)]

S. 12A : Registration-Trust or institution-Details by questionnaire communicated through Electronic mode on Department’s Portal-Merely uploading of information about date of hearing on Income-Tax Portal is not effective service of notice-Notice is not served-Matter restored to Commissioner (E) to decide afresh in accordance with law after giving reasonable opportunity of being heard to assessee.[S. 12A(1)(1)(ac)(iii), 12AB, 282(1), R. 127(1)]

S. 11 : Property held for charitable purposes-Running business school-Payment to related party-Assessing Officer had not demonstrated how payment for business support services was not commensurate with market value of services availed of–Salary expenditure to faculty members-Disallowance for failure to file qualifications of teachers not sustainable-Disallowance is not warranted-Payment of commission to Consultants and counsellors is justified-Disallowance of expenses on computers to students is not reasonable. [S.12A 13(2)(c), 13(2)(c),13(2)(g), 13(3)]

S. 11 : Property held for charitable purposes-Corpus donations-Distinct and separate from income derived from property held under trust-Not entitled to exemption.[S. 2(24), 11(1(a), 11(1)(d), 12(1)]