S. 147 : Reassessment-After the expiry of four years-No new tangible material-AO seeking to correct error in original assessment – Held to be not permissible. [S. 148]
S. 147 : Reassessment-After the expiry of four years-No new tangible material-AO seeking to correct error in original assessment – Held to be not permissible. [S. 148]
S. 143(3) : Assessment-Survey-Difference in stock-Statement recorded during survey not under oath-Retraction of statement with explanation-Addition is held to be not justified. [S. 133A]
S. 92C : Transfer pricing–Arm’s length price–Broad casting-Multi-system operator in distribution of television channels-Adjustment of 10 %-Ad hoc determination of Arm’s length price is unsustainable. [S. 40A (2)(b)]
S. 92C : Transfer pricing–Arm’s length price-Comparable-Information Technology enabled services-Companies which are providing knowledge process outsourcing services, medical transcription services, development of infrastructure, high brand value are held to be not comparable. [S. 92CA]
S. 80P : Co-operative societies-Provision for bad debt-Commission expenses-Deductible. [S.80P(2)]
S. 80P : Co-operative societies-Interest from Nationalised Banks-Not entitled to deduction-Net interest from deposits with Scheduled Bank to be excluded from computation of deduction-Interest from Co-Operative Societies or Co-Operative Banks-Entitled to deduction-Net interest to be allowed as deduction. [S.80P(2)(a)(i), 80P(2)(d)]
S. 80P : Co-operative societies-Certificate issued by Registrar of Co-Operative Societies is not binding on AO–Interest on investments with Co-Operative Banks-AO is to follow law laid down by full bench of Kerala High Court in Mavilayi Service Co-Operative Bank Ltd. v. CIT (2019) 414 ITR 67 (FB) (Ker.)(HC) [S.80P(2)(4)]
S. 80G : Donation-Approval-Approval granted to assessee is still continuing-Order rejecting approval is redundant in law. [S. 80G(5)(vi)]
S. 80G : Donation-Corporate Social Responsibility requirements-Denial of approval is not justified. [S. 12A, 80G(5)(vi)]
S. 69A : Unexplained money–Cash gift from brother–Stamp paper used for the alleged gift was purchased after two years after declaration of gift-Addition is held to be valid-regarding professional receipts–Addition is deleted.