S. 153D : Assessment – Search – Approval – Exercise was carried out by the joint CIT in a mechanical manner without proper application of mind. Therefore, the impugned assessments are suffering from the incurable defect of improper approval and are annulled.[ S.153A ]
S. 144C : Reference to dispute resolution panel – If draft assessment order has not been passed in accordance with procedure laid down in S. 144C(1) and instead final assessment order has been passed though within limitation time, then such an order cannot be cured after limitation has expired by any subsequent rectification proceedings or corrigendum and in such a situation all subsequent proceedings and final assessment order will get invalidated [ S.92C ]
S. 153A : Assessment – Search or requisition – No incriminating material found during the course of search to doubt the transaction – Additions cannot be made. [ S.132 ]
S. 153 : Assessment – Limitation – AO is required to pass the assessment order within the period of limitation available under S. 153(2A) of the Act. [ S.153(2A) ]
S. 144 : Best judgment assessment – Profit in earlier year less than in instant year – GP higher than earlier years – No addition on difference in stock found as on date of search.
S. 139 : Return-Revised return – Remanded for verification [S. 139(4)]
S. 92C : Transfer pricing – Arms’ length price – Extraordinary event occurred in the case of comparable companies is liable to be excluded. [ S.92CA ]
S. 92C : Transfer pricing – Arms’ length price – Assessee company processed, bottled and sold liquor in India under two segments Bottled in India Scotch (BIIS) and India Made Foreign Liquor (IMFL) – activities of the assessee are two different segments – assessee’s segregation approach for benchmarking these segments justified.
S. 92C : Transfer pricing -Arm’s length price- Matter was remanded .
S. 92C:Transfer pricing – Non-charging or under-charging of interest on excess period of credit allowed to AE for realization of invoices amounts to an international transaction and ALP of such an international transaction is required to be determined .