S. 92C : Transfer pricing-Arm’s length-Selection of comparable-TPO’s own filters were not proportionate with range of 75 – 85 per cent (freight cost/freight income)-Directed to exclude said comparable from list of comparables.
S. 92C : Transfer pricing-Arm’s length-Selection of comparable-TPO’s own filters were not proportionate with range of 75 – 85 per cent (freight cost/freight income)-Directed to exclude said comparable from list of comparables.
S. 92C : Transfer pricing–Capital asset-Share application money- Investment made in shares or applying for shares cannot be given different colour so as to expand scope of transfer pricing adjustment by recharacterizing it as interest free loan– Adjustment made is held to be not valid. [S. 92B]
S. 69A : Unexplained money-Misappropriation of cash -Director – Authorised agent of company-No addition can be made in the hands of the director.
S. 69A : Unexplained money–Seizer of cash from director- Company had shown to have received cash as share capital- Matter remanded for read judication.
S. 69 : Unexplained investment-Immovable property-Assets were acquired in earlier years–No addition can be made for the relevant year.
S. 69 : Unexplained investments-FDRs found from premises of director–Reflected in the accounts of the company–Addition cannot be made as unexplained investments.
S. 68 : Cash credits-Share application money–Balance sheet, profile, bank statements and PAN details of subscriber companies were provided – Addition cannot be made as cash credits. [S. 133(6)]
S. 56 : Income from other sources–Share premium-Fair market value of shares (FMV)- Discounted Cash Flow (DCF)–Book value- Consistently followed the method valuing the shares at discounted cash flow- Share premium cannot be taxed -Addition is deleted. [S. 56(2)(viib), R.11UA]
S. 54F : Capital gains-Investment in a residential house–Full value of consideration-No requirement that sale proceeds alone is to be utilised for making deposit in capital gains scheme-Only one house property as on date of sale of plots-only net consideration is required to be appropriated towards purchase of new asset. [S. 45, 48, 50C]
S. 54 : Capital gains-Profit on sale of property used for residence– Deposit in Capital gain account scheme-Payment to developer within prescribed time-Possession was not obtained-Consumer Redressal Commission had put stay on developer-Exemption cannot be denied-Amount deposited in capital gain account also cannot be taxed though the amount was not utilised with in specified time limit. [S. 45, 54(2)]