S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income. [R. 8D]

S. 11 : Property held for charitable purposes-Education-Publication of Text books and selling of school text books-Surplus income utilised for education-Entitled to exemption. [S. 2(15), 11(4A), 12]

S. 10A : Free trade zone-Expenditure of telecommunication charges, insurance charges, etc.-Travel expenses incurred in foreign currency-Deductible from both export turnover and total turnover-Loss on account of employee misappropriation-Deduction allowable on enhanced profit.

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Payment made for use of software-Does not give rise to royalty-not table in hands of assessee-DTAA-India-USA. [Art. 12]

S. 281 : Certain transfers to be void -Natural justice – Order passed without giving an opportunity of hearing – Bad in law -Tax recovery Officer has no jurisdiction to examine whether the transfer is void-Order was quashed . [S. 222, Rule 11 of the Second Schedule, Art , 226, Transfer of Property Act , 1882, S.53 ]

S. 271B : Penalty-Failure to get accounts audited-Co-Operative Society-Receipt of Grant-In-Aid from Government of Maharashtra at predetermined rates on which tax deducted at source-Accounts audited under Co-Operative Societies Act-If amount of grant-in-aid excluded, turnover below limit specified-Reasonable cause for not getting accounts audited-Levy of penalty is not valid. [S. 44AB, 273B]

S. 271(1)(c) : Penalty-Concealment-Co-Operative Society-Interest income from Nationalised Banks incorporated in financial statements-Shown as income from other sources-Levy of penalty is not valid. [S. 80P(2)(a)(i)]

S. 271(1)(c) : Penalty-Concealment-Co-Operative Bank Disallowance of claim-Levy of penalty is not valid. [S. 36(1)(viia)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Purchases from Special Economic Zone unit claimed as deemed import-Value added tax input on deemed import as expense in Profit and Loss Account-Order passed by Assessing Officer erroneous-Revision valid. [S. 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Purchases from Special Economic Zone unit claimed as deemed import-Value added tax input on deemed import as expense in Profit and Loss Account-Order passed by Assessing Officer erroneous-Revision valid. [S. 143(3)]