S.254(2) : Rectification of mistake apparent on record –Recall of order—Appellate Tribunal remand matter to the Assessing Officer If order of the Tribunal is correct, there is no reason or necessity for recalling such correct order just because Co-ordinate Bench decision was not mentioned or discussed in the order. [ ITAT R. 24 ]
S.244A: Interest on refund – held to be allowable to the Assessee on the self-assessment tax refunded.(244(1)(b))
I
S.148: Reassessment – Notice – Validity – Special audit report was a fresh tangible material – Formed reasonable belief for escaped assessment-Reassessment notice is valid. [ S.37(1) 80G , 147 ]
S.147 : Reassessment-After the expiry of four years- Reopened on the ground that in another assessee where similar claim with the same housing project – No failure on the part of the assessee to disclose truly and fully all relevant facts – reassessment held to be invalid. [80IB(10)]
S.115JB : Book profit – Provisions as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company governed by provisions of Banking Regulation Act, 1949- Companies which are not required to prepare its profit and loss account in accordance with part II & III of Schedule VI of the Companies Act , 1956 – Adjustment cannot be made. [S.115JB(2), Companies Act , 1956 , S 211(2), Banking Regulation Act, 1949]
S.115JB: Book profit – Provision is not applicable when Profit & Loss is prepared in accordance with Insurance Act 1938. [S.44]
S. 92C: Transfer pricing – Arm’s length price — Loan syndication fee received from associated enterprise — Tribunal remitting matter to AO – Not erroneous. [S.254(1),260A]
S.92C: Transfer pricing- International Transactions – Arm’s length price – comparable – Investment advisor or sub – advisor cannot be compared with a merchant banker or investment banker.
S. 80IB(10) : Housing projects- Complied all the conditions- Failure to complete the project attributable to the assesee- Entitle to deduction .
S.80IB (10): Housing projects – Deduction could not be denied on the ground that project was not completed within prescribed time limit.