S. 92C : Transfer pricing-Arm’s length price-Adjustments-Comparable-Tribunal correctly applied the principle and decided on facts-No question of law Stricture-Court directed that the Commissioner of Income-tax and CIT (Judicial) would well to review all appeals filed and with draw the same if it is on facts and settled law. The Court also directed the Counsel of Revenue to serve a copy of this order on the law Secretary (Government of India), Central Board of Direct Taxes, Principal Chief Commissioner of Income tax (Maharashtra) and CIT (Judicial) for necessary action. [S.92CA, 260A]

S. 37(1) : Business expenditure-Expenses in providing free gifts Facilities to Medical Practitioners-Allowable as deduction-Expenses prohibited by law-Oppressive circulars would have prospective application.

S. 263: Commissioner – Revision of orders prejudicial to revenue – Payment to specified persons – Revision proceedings cannot travel beyond the reasons given in show cause notice- 0rder of Tribunal is affirmed [ S. 40A(2)(b ) ]

Interpretation of taxing statutes – Non obstante clause – Additional tax on distributed profits [ S. 2(22)(a), 115-O, Small Industries Development Bank of India Act, 1989, S. 29(2), 50 ]

S. 151 : Reassessment – Sanction for issue of notice -No prior sanction was granted before issue of notice – Notice was quashed [ S. 147, 148 , Art, 226 ]

S. 147 : Reassessment – Bad debts- Audit objection- Provision for standard asset / advances under general loan loss provision excluding provision for NPA and claiming deduction – Order of Tribunal quashing the reassessment was affirmed . [ S. 35D, 36(1)viia), 148, 260A]

S. 147 : Reassessment – Block assessment – Deduction disallowed in the block assessment order – Reassessment notice is bad in law [ S.80HHA, 80I, 80IA, 132, 143(3), 148, 158BA, 158BC , Art, 226 ]

. 147 : Reassessment –With in four years- HUF -Partner – Interest paid to partner -Materials were on face of a document available before Assessing Officer – Reassessment notice was quashed [ S. 148 ,184 Art, 226 ]

S.147: Reassessment – After the expiry of four years – Tax audit report – No new material – Notice was quashed [ S.115JB, 148, Art, 226 ]

S.147: Reassessment – After the expiry of four years – Change of opinion- Minimum alternative tax-No whisper as to was not disclosed – Reassessment notice was quashed [S. 115JB, 148 , Art, 226 ]