S. 271(1)(c) : Penalty–Concealment–Difference in TDS- Agreed addition- levy of penalty is held to be not valid.

S. 234B : Interest-Advance tax–Interest is to be computed with respect to total income determined in regular assessment as per definition of assessed tax given in S. 234B of the Act- Matter remanded.[S. 140A]

S. 145A : Method of accounting–Valuation–Advance Custom duty paid adjusted against excise duty payable–Allowable as deduction- Directed the AO to recast profit and loss account under inclusive method. [S. 43B]

S. 143(3) : Assessment-Professional income–Year of taxability- Income offered in subsequent year–No loss to revenue–Deletion of addition is held to be justified.[S. 4]

S. 143(3) : Assessment-Alleged excess consumption-Addition is held to be not justified.

S. 143(3) : Assessment-Validity-Draft order wrongly titled as assessment order–Objection was not raised before DRP-Validity of assessment cannot be challenged. [S. 92CA, 144C]

S. 115WB : Fringe benefits–Salary–Contribution to approved super annuation fund–Disallowance is held to be justified. [S. 15]

S. 115JB : Book profit– Not applicable to insurance companies.

S. 92C : Transfer pricing-Arm’s Length Price—royalty for use of brand name— Adjustments held to be not justified.

S. 92C : Transfer pricing-Arm’s Length Price—AMP expenses incurred by MSIL could not be treated and categorized as international transaction- No adjustment can be made. [S. 92B]