S. 36(1)(ii):Bonus or commission-Directors had declared salary and bonus-Entitled to claim deduction in respect of payment of bonus to its directors.

S. 32 : Depreciation-Rate of depreciation-Computer software-Depreciation allowable at 60 Per Cent.

S. 32: Depreciation-Car registered in name of director-Funds utilized of the company-Depreciation is allowable to the company.

S. 17(3) :Salary-Profits in lieu of salary-Ex-gratia compensation-After termination-Not taxable as profits in lieu of salary-Appellate Tribunal-Powers-Departmental representative is not permitted to set up an altogether a new case [S. 15, 254(1)]

S. 14A : Disallowance of expenditure-Exempt income-Sufficient interest bearing funds-Suo moto made disallowance-Addition is deleted. [R.8D(2)(ii), 8D(2)) (iii)]

S. 12A : Registration-Trust or institution-Rejection of applicarion on the ground of wrong code selected for provisional registration-and barred by limitation-Mistakes committed while applying registration could be condoned-Commissioner (E) directed to hear and dispose of request of assessee by allowing it to apply under Form 10A. [S. 12AB, Form 10A, 10AB]

S. 11 : Property held for charitable purposes-Prima facie adjustments-Claim inadvertently made under Section 10(23C)-Failure to file mandatory form-Prima facie adjustment is proper-No action can be taken merely basis of Form 10B is filed in Appellate Proceedings-Direction of Commissioner (Appeals) to avail of remedy under Section 119 to file revised return is proper [S.11, 119, 143(1), 154, Form No 10B]

S. 11 : Property held for charitable purposes-Engaged in upliftment of poor, providing training and skill development of poor in rural areas in backward districts-Entitle to exemption. [S. 2(15)]

S. 11 : Property held for charitable purposes-Denial of exemption-Exemption denied due to personal benefit-Interest-free loans to trustees-Trustees using loans to acquire immovable properties-Expenditure disallowed as capital expense-Remand for fresh consideration for fresh consideration. [S. 12, 13(1)(c)(ii), 250]

S. 10(23FB) : Venture Capital Fund-Exemption-Income from Investment in Venture Capital Undertaking-Shares of entity not listed on a recognized stock exchange which carried on business activity in India-Not covered in the negative list —Dividend income is exempt. [S. 2(31), 10(35), Securities and Exchange Board of India (Venture Capital Fund) Regulation, 1996, regln. 2(n)]