S. 147 : Reassessment-Share capital-Assessing Officer never formed an opinion that there was escapement of income-Reassessment is held to be not valid. [S. 68, 148].
S. 147 : Reassessment-Share capital-Assessing Officer never formed an opinion that there was escapement of income-Reassessment is held to be not valid. [S. 68, 148].
S. 115JB : Book profit–Amalgamation-Revaluation on basis of fair market value (FMV)-Revaluation was mandated by order of High Court approving amalgamation scheme-Difference arising between book value of shares shown in books of amalgamating company and FMV of shares which formed capital reserve of assessee, could not be added while computing book profit. [S. 145]
S. 115JB : Book profit – Share of profit from AOP- Insertion of clause (iic) in Explanation 1 to section 115JB by Finance Act, 2005, w.e.f. 1-4-2016, is retrospective in nature- Share income would not be included while computing total income for purpose of book profit [ S. 67A, 86]
S. 115BBE : Tax on income referred in S 68, 69, 69B, 69C, S69D-Set off of loss-Survey-Surrender of income-Set off of losses was to be allowed-The amendment made to section 115BBE denying the benefit of set off of losses with effect from 1-4-2017 was retrospective in nature. [S. 68 to 69C, 71, 115BBE, 133A]
S. 92C : Transfer pricing-Arm’s length price-Management fee-TPO is not justified in holding that arm’s length value of management fee was nil and accordingly making an upward adjustment.
S. 92C : Transfer pricing-Arm’s length-Selection of comparable-TPO’s own filters were not proportionate with range of 75 – 85 per cent (freight cost/freight income)-Directed to exclude said comparable from list of comparables.
S. 92C : Transfer pricing–Capital asset-Share application money- Investment made in shares or applying for shares cannot be given different colour so as to expand scope of transfer pricing adjustment by recharacterizing it as interest free loan– Adjustment made is held to be not valid. [S. 92B]
S. 69A : Unexplained money-Misappropriation of cash -Director – Authorised agent of company-No addition can be made in the hands of the director.
S. 69A : Unexplained money–Seizer of cash from director- Company had shown to have received cash as share capital- Matter remanded for read judication.
S. 69 : Unexplained investment-Immovable property-Assets were acquired in earlier years–No addition can be made for the relevant year.