S. 32 : Depreciation-Use of vehicle-Neither log book maintained nor any income earned during the year-Disallowance is justified-Legal expenses-No business carried on-Not allowable as deduction. [S. 37(1), 38(2)]

S. 32 : Depreciation-Demerger-Acquisition of fixed asset-Denial of depreciation is not justified. [S. 2(19AA), 43(1)]

S. 32 : Depreciation-Assets installed and kept ready-Depreciation allowable-Assets need not be used for whole year.

S. 32 : Depreciation-Goodwill-Amalgamation of companies-Depreciation on goodwill acquired to be allowed. [S. 32(1)(ii), 43(1), 43(6)]

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

S. 14A : Disallowance of expenditure-Exempt income-Exempt income not received during year-No disallowance can be made. [R. 8D]

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]