S. 115JA : Book profit -Capital gains- Exempt u/s 54EC is not to be included for the purpose of computation of book profit. [S. 45, 54EC]

S. 92C : Transfer pricing–Arm’s length price-Loan to AEs without charging interest–Interest rate could not exceed LIBOR plus 200 basis points–Remanded to TPO for examination.

S. 92 : Transfer pricing-Arm’s length price–Tonnage tax-Provisions of Chapter X (Transfer pricing) would have no application in computing income of assessee chargeable to tax as per Chapter XII-G (Tonnage tax scheme) [S. 115JB, 115VA]

S. 80P : Co-operative societies-Benefit of S. 80P(2)(a)(i) cannot be denied to co-operative credit societies. [S.80P(2)(a)(i), 80P(4)]

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation–Amalgamation–Period of four years from date of amalgamation for achieving fifty-per cent level of production is to be seen at end of four year. [S.72A(3), R.9C]

S. 72 : Carry forward and set off of business losses–Effect of appellate order – loss is allowed to be carried forward and benefit of set off against business income in subsequent assessment years could be allowed to assessee even in absence of such claim in return of income. [S. 254(1)]

S. 68 : Cash credits–Share application-Share premium- Provided name, address and PAN of shareholders, etc.- Addition cannot be made. [S. 56(2)(viib)]

S. 68 : Cash credits–Loans–Allegation that loans received from companies controlled by Praveen Kumar Jain as accommodation entries–Substantial supporting material to prove loan transactions were genuine were produced–Addition is held to be not valid.

S. 56 : Income from other sources-Gift- Property–Purchase of a piece of land as stock-in-trade–Not property–Provision is not applicable- Matter is set aside. [S. 45, 56(2)(vii)(b)(ii)]

S. 56 : Income from other sources–Preference shares-Premium- Valuation is to be made as per Rule 11UA(1)(c)–Matter set aside. [S. 56(2)(vii)(b), R. 11UA(1)(c)]