S. 92C : Transfer pricing-When TPO has accepted assessee’s segmental bifurcation to arrive at TP adjustments, no adjustment is warranted in hands of assessee under such head- A Company who is not a persistent loss making concern can be included in final set of comparables–Functionally different companies cannot be good comparable-Foreign exchange fluctuations should be treated as operating income for Transfer pricing purposes.[S. 92CA]
S. 80IB : Industrial undertakings-Ownership of property is not a condition for claiming deduction.
S. 45 : Capital gains–Non refundable entry fee-Right which is not enforceable by law, cannot be regarded as a capital asset- Actionable claim right cannot be assessed as capital gains – In order to attract the provisions of capital gains it is axiomatic that there has to be an income derived by the assessee on transfer of a capital asset. [S. 2(47)]
S. 44AD : Presumptive taxation- gross receipts-Assessee partner in firm receiving remuneration and interest–Interest and salary not business income-Assessee not eligible for presumptive taxation. [S. 28(v), 40(b)]
S. 43B : Deductions on actual payment -Employee’s contribution to provident fund allowable if paid before the due date of filling of return.[ S.139 ]
S. 37(1) : Business expenditure-Deduction for professional fees paid to Individual for professional services was to be allowed only to the extent of services rendered for the benefit of the Assessee and not for other group entities.
S. 36(1)(vii) : Bad debt – Deposits written off for premises taken on lease for business purposes was allowable as a deduction. [S. 36(2)]
S. 36(1)(va) : Any sum received from employees – Delayed payment of employee’s contribution to Provident fund is allowable as a deduction if the same is paid within the due of filing the Return of Income. [S. 139(1)]
S. 14A : Disallowance of expenditure-Exempt income–No disallowance could be made where no exempt income was actually earned by the Assessee during the year. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income–Disallowance cannot be made if there is no tax free income. [R. 8D]