S. 147 : Reassessment–After the expiry of four years-Failure to deduct tax deducted at source- Management consultancy fees- No omission or failure on assessee’s part to disclose all material facts relevant to original assessment proceedings- Notice for reassessment is held to be not valid. [S. 40(a)(ia), 194J, 195]

S. 92C : Transfer pricing–Arm’s length price–Comparables- Functional similarity- Merely because the assessee included an entity in list of comparbles would not bar the assessee from contending other wise before TPO- Order of Tribunal is affirmed. [S. 92B]

S. 80IB(10) : Housing projects-Complied all the conditions- Failure to complete the project attributable to the assesee-Entitle to deduction.

S. 69 : Unexplained investments-Undisclosed income- Immoveable property-Purchase consideration is alleged to be undervalued-Deletion of addition is held to be justified. [S. 158BC]

S. 68 : Cash credits–Share application money-Kolkata parties- Bank accounts in Delhi-Failed to discharge onus of establishing the genuineness of transaction and creditworthiness of investors/creditors-Only disclosed identity of investors, who too remained faceless despite notices to them-Addition is held to be justified. [S. 131, 133(6)]

S. 68 : Cash credits–Share capital-Share premium-Confirmation filed-Companies appeared before AO through a representative and made submissions in support of their investments-Deletion of addition is held to be justified.

S. 48 : Capital gains–Cost of acquisition-Refundable deposit– Relinquishment of rights–If refundable deposit is considered as sale consideration-Refundable deposit is to be considered as cost of acquisition. [S. 45]

S. 40(a)(ia) : Amounts not deductible-Deduction at source– Interest, commission-When exemption u/s.11 is denied the assessee is liable to deduct tax at source – Addition made by the AO is held to be justified. [S. 10(23AA), 11, 12A, 13]

S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts- Schedule bank-Entitle to set off though dis not have any positive profit to set off.

S. 23 : Income from house property-Annual value-Property which is not legally occupiable and not occupied-Could not be made liable to tax on notional rental income for that period. [S. 22]