S. 32 : Depreciation-Purchase of ERP SAP software-Entitle to depreciation at 60 per cent.

S. 32 : Depreciation-Non-compete fee-Intangible asset-Depreciation not allowable-Capital expenditure. [S. 32(1)(ii)]

S. 28(i) : Business loss-Stocks written off-Claim made under sundry balance written off-Allowable as business loss. [S. 37(1)]

S. 28(i) : Business income-Rental income-Memorandum of Association-Main object was to acquire properties such as land and building, leasehold or freehold, and also to earn rental income-Leave and licence-Tax deducted at source-Deduction of tax at source by payer cannot determine taxability in the hands of recipients-Rental income assessable as business income and not as income from house property. [S. 22, 194I]

S. 24 : Income from house property-Deductions-Interest on loan-Loans for purchasing flats-Further loan borrowed for repayment of earlier loans-Allowable as a deduction. [S. 22, 24(b)]

S. 23 : Income from house property-Annual value-Notional rent-Commercial property-Remained vacant during the whole of the previous year-Notional addition cannot be made. [S. 22, 23(1)(c)]

S. 23 : Income from house property-Builder stock in trade-Deemed notional rent in respect of unsold flats held as stock in trade. The addition was deleted. [S. 22, 23(5), 28(1)]

S. 23 : Income from house property-Annual value-Mixed use charges-Not property tax-Not allowable as deduction. [S. 22]

S. 12AB : Procedure for fresh registration-Designated authority was directed to de novo consider the application of assessee trust under section 12A(1)(ac)(i) and grant registration as per law. [S. 12A(1)(ac)(i), Form No 10AAC]

S. 12A : Registration-Trust or institution-Genuineness of the transaction was not doubted-Refusal of registration was not justified. [S. 2(15)]