S. 37(1) : Business expenditure-Buy back of shares-Amount over and above face value of shares to departing group of shareholders-Allowable as revenue expenditure. [S. 263]

S. 37(1) : Business expenditure-Buy back of shares-Amount over and above face value of shares to departing group of shareholders-Allowable as revenue expenditure. [S. 263]

S. 35DDA : Amortisation of expenditure-Voluntary retirement scheme-Accrued liability-Allowable as deduction [S. 43(2), 145]

S. 32 : Depreciation-Claim of depreciation as permissible-Deletion of disallowance was proper.

S.14A : Disallowance of expenditure-Exempt income-Only expenses proportionate to earning of exempt income could be disallowed [R. 8D]

S.14A : Disallowance of expenditure-Exempt income-Failure to record satisfaction-Invoking rule 8D is not justified-Disallowance proposed by the assessee is affirmed [R. 8D]

S. 12AA : Procedure for registration-Trust or institution-Educational institution-Failure to file return-Matter was remanded back to file of Commissioner (E) with direction to grant registration under section 12A if objectives and activities of assessee were found to be same-Order of Tribunal affirmed [S. 12A]

S. 12AA : Procedure for registration-Trust or institution-Cancellation of registration is not valid on the ground which was not contained in show cause notice [S. 115BBC]

S. 10B: Export oriented undertakings-Agreement with Central Government-Ministry of Commerce granting hundred percent export oriented unit-Entitle to exemption-Exemption cannot be denied merely on the ground that the assessee has not claimed exemption in return of income. [S. 10A, 139, Industrial (Development & Regulation) Act, 1951 S. 14]

S. 10 (23C): Educational institution-Medical university-Statement of accountant of a promotor/sponsor-Books of account-Refusal of registration and approval under section 80G is held to be not valid. [S. 10(23)(vi), 12AA, 80G (5)(vi)]