S. 245D : Settlement Commission – Settlement of cases – Jurisdiction- Black Money Act — Undisclosed income of Non-Resident Indians – Change in the Black Money Act only from assessment year 206-17 – Pending reassessment proceedings order of Settlement Commission for assessment years 2004 -05 to 2015-16 is held to be valid – Writ petition of the revenue is dismissed . [S. 148, 153A,245A, 245C,245D(4) , Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015, 2(9) ,3 , 4(3) , Art .226 ]

S.54F : Capital gains- Investment in a residential house -A part of amount deposited in Capital Gains Account Scheme was utilized for construction or purchase of a new asset within specified time of three years- Remaining unutilized amount is chargeable to tax in previous year in which period of three years expired- Entitle to withdraw the amount deposited in the capital gains Account subject to deduction of tax applicable .[ S.45, 54F(4) , Art .226 ]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Method of accounting–Forward contracts-In terms of AS-11, both gains or loss on account of exchange rate fluctuations on reporting date are to be accounted for while computing income chargeable to tax-Revision is held to be valid. [S.145, AS-11]

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Depreciation-Block of assets–Scientific research–Capital expenditure–User of asset is not relevant–Once expenditure is incurred–Deduction is allowable.
Method of accounting–Valuation–Consistency method–Revision is held to be not justified–MAT credit–Revision is held to be valid. [S. 2(11), S.35(1)(iv), 35(2), 50, 145A]

S. 251 : Appeal-Commissioner (Appeals)–Powers–Direction issued by the CIT(A) to initiate reassessment proceedings for assessment year 2011-12 is held to be non-est direction hence invalid.[S. 50C, 147, 148, 149(1)(b), 150(2)]

S. 200A : Processing of statements of tax deducted at source- Clause (c) inserted in section 200A with effect from 1-6-2015, is prospective in nature- Appeal of the assessee is allowed. [S. 234E]

S. 201 : Deduction at source-Failure to deduct or pay–Limitation- Increased limitation of seven years with effect from 1-04 -2014 shall not apply retrospectively–Order is barred by limitation. [S 201(1), 201(IA)].

S. 194IA : Deduction at source-Immoveable property–Purchase through power of attorney holder for Consideration of Rs. 60.12 lakhs-Each co-owners share is less than 50 lakhs–Not liable to deduct tax at source–Addition confirmed by the CIT (A) is deleted. [S. 201(1), 201(IA)]

S. 92C : Transfer pricing–Arm’s length price-Safe Harbour Rules (Position prior to 1-10-2009)-As per CBDT Circular No. 5/2010 dated 3-6-2010, amendment to proviso to section 92C(2) being applicable from assessment year 2009-10 onwards, benefit of +/- 5 per cent variation as sought by assessee was acceptable for assessment year 2004-05.

S. 92B : Transfer pricing–Share purchase agreement–Brand ambassadorship-Since parties to SPA was not an AE of assessee nor JIPL entered into a prior agreement with AE of assessee, Not an international transaction-S. 92 is not an independent charging section to bring in a new head of income or to charge tax on income which is otherwise not chargeable under the Act. No income had accrued to or received by the assessee under section 5, no notional income can be brought to tax under. 92. [S. 92B(2), 92C]