S. 37(1) : Business expenditure-Capital or revenue-Redemption of debentures- Allowable as revenue expenditure -SLP of revenue dismissed. [Art. 136]

S. 37(1) : Business expenditure -Securities held as stock in trade -Broken period interest-SLP of revenue dismissed.[Art. 136]

S. 14A : Disallowance of expenditure-Exempt income-where no exempt income is received or receivable during relevant previous year-SLP of revenue dismissed on account of failure to explain 597 days of delay. [Art. 136]

S. 12AA : Procedure for registration -Trust or institution- While deciding application for registration the Commissioner cannot comment on genuineness of activities of trsut-Required to restrict to object of trust-SLP of revenue dismissed.[S.12A, Art. 136]

S. 11 : Property held for charitable purposes-Dominant object was not only preservation of environment, but also one of general public utility- liquid and solid industrial waste generated by polluting industries in Common Effluent Treatment Plant and Total Suspended Disposal Facility and did anciliary activities for purpose of curbing pollution- Entitled to exemption-Monetary limits- SLP dismissed due to low tax effects. [S. 2(15), 268A, Art, 136]

S. 11 : Property held for charitable purposes-Activities charitable in nature -Entitle for exemption- SLP of revenue dismissed. [S. 2(15),12AA, Art. 136]

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Payment to Non-Resident telecommunication operators for provision of bandwidth and inter-connectivity usage-Not royalty-Not liable to deduct tax at source-Expansion of definition of royalty inserted later-Assessee cannot be expected to foresee future amendment at time of payment in earlier assessment years-Jurisdiction-No jurisdiction to tax income arising from extra-territorial source-Double Taxation Avoidance Agreement-Sovereign document between two countries-Applicable in Proceedings under Section 201 of the Act-DTAA-India-Belgium-SLP of revenue dismissed. [S. 195,201, Art, 136]

S. 2(47) : Transfer-Suit for declaration of ownership and possession of immovable property-General Power of Attorney-Sale deed executed by GPA holder after death of principal-GPA was general in nature and not coupled with interest-Agreement to sell does not convey title or ownership-Transfer of immovable property can be only by registered conveyance-Contemporaneous GPA and agreement to sell in favour of same person not sufficient to infer interest in property-In absence of registration of documents under section 17(1)(b) of Registration Act, GPA holder had no valid right, title or interest to execute sale deed-Sale deed executed by GPA holder after death of principal held invalid-Subsequent registered conveyances by legal heirs upheld. [Transfer of Property Act, 1882, S, 54, 55, Registration Act, 1908, S. 17(1)(b), 49, Indian Contract Act, 1872, S. 201, 202]

S. 56 : Income from other sources – Immovable property – Stamp duty valuation – Reference to DVO – Safe harbour tolerance band – Once DVO value substitutes stamp duty value, tolerance limit of 10% applies also with reference to DVO valuation – Amendment held curative/beneficial – Addition deleted when difference between consideration and DVO value was only 6.09% . [S. 50C, 55A, 56(2)(x) , 143(3)]

S. 68 : Cash credits – Gift from spouse – Mere filing of gift deed, PAN and ITR acknowledgment of donor not sufficient – In absence of bank statements, clear trail of funds, source of donor and correlation of remittance, assessee failed to fully discharge primary onus – Matter restored to Assessing Officer for de novo verification – Appeal allowed for statistical purposes. [S. 56(2)(x), 115BBE, 133(6), 143(3), 250]