S. 147 : Reassessment–With in four years-Depreciation at higher rate-Not examining the issue at the time of original assessment– Reassessment is held to be valid. [S. 32, 143(1)]
S. 147 : Reassessment–With in four years-Depreciation at higher rate-Not examining the issue at the time of original assessment– Reassessment is held to be valid. [S. 32, 143(1)]
S. 147 : Reassessment–With in four years-Search and seizure– Alleged cash loans–Parties denying cash loans-Reassessment is held to be nor valid–Correct legal course could have been action u/s. 153C and not reassessment–Addition is deleted. [S. 132, 153A, 153C, 148]
S. 147 : Reassessment-After the expiry of four years-Survey– Difference of labour charges-No failure to disclose material facts-Reassessment is held to be not permissible. [S. 133A, 148]
S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts–CIT granting two approvals of the same recorded reasons-Reassessment is held to be bad in law–Seized material not containing any incriminating materials–Addition is held to be not justified. [S. 69B, 148, 151]
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)]