S. 14A : Disallowance of expenditure-Exempt income-Only those investments, which have yielded exempt income has to be considered for the purpose of computing average value of investments for computing the disallowance. [R.8D]

S. 12AA : Procedure for registration-Trust or institution-Interest income earned on investment of surplus funds-Assessable as income from other sources and not as business income-Depreciation not allowable. [S. 32, 56]

S. 12AA : Procedure for registration-Trust or institution-Advancement of any other object of general public utility-It is not necessary that object of general public utility should be beneficial to whole mankind-Object beneficial to a section of public is also an object of general public utility-Merely leasing of developed plots to its members on basis of their respective contributions does not make assessee ineligible for registration as a charitable entity per se. [S. 2(15), 11]

S. 12A : Registration-Trust or institution-Assessment order denying the exemption-Commissioner (Exemption) granted exemption from inspection-Rectification application was denied-Entitle to exemption-Directed to rectify the order. [S. 11, 12, 13, 154]

S. 11 : Property held for charitable purposes-Income from letting out of building and cultural hall, etc-Medical relief to poor patients, education to deserving students and relief to the needy sections of the society-Denial of exemption is not justified. [S. 2(15), 12AA]

S. 11 : Property held for charitable purposes-Filing of audit report in Form 10B is procedural requirement can be fulfilled even at a later stage by showing a sufficient cause-Entitled to exemption. [S. 154]

S. 11 : Property held for charitable purposes-Accumulation of income-Amount spent on the objects of the Trust-Excess of expenditure-Carry forward to subsequent years. [S. 11(1)(a)]

S. 11 : Property held for charitable purposes-Corpus donation-amount utilised for acquiring fixed assets-Allowable as deduction. [S. 11(1)(a), 11(1)(d), 11(6)]

S. 10A : Free trade zone-New unit-The execution of work in a new unit when the agreement of any of its client pre-dates the operational date of the new unit, forms no basis for rejection of the deduction u/s 10A of the Act-Matter remanded-If the forward contracts entered into by the assessee are fully backed by the export then the gain or loss on such forward contracts, would be regarded as business income and the same is deductible under the section, for an eligible unit. [S. 43(5)]

S. 10(10D) : Life insurance policy-Keyman insurance policy-Single premium paid-Neither claimed deduction of premium paid nor under section 10(10D)-Offering the receipt to tax after deducting the premium paid-Held to be proper Entire sum received as maturity benefit cannot be taxed. [S. 80C, 194DA]