S.92C: Transfer pricing- Arm’s length -Comparable – Customer profile of comparable is completely different-Incomparable-company engaged in developing software products, development of software services and also engaged in running a training centre for software professional on online projects, was incomparable -Business model of comparable being of outsourcing its service being different from in-house business model of providing services, said company was not was a comparable- Data of company was for a financial year, that did not correspond to financial year of assessee, it could not be selected as comparable -Huge difference in turnover between tested party and comparable would necessarily require proposed comparable to be excluded from list of comparables.

S. 80P : Co-operative societies -Agricultural enterprise – Tapping of toddy and vending it through licenced shops, eligible to claim deduction, however deduction cannot be claimed without filing a return by co-operative society .[ S. 80A (5), 80P(2)(iii) ]

S. 80IA :Industrial undertakings -Expenses provision written back will not form a part of income since it was written off deposit which was kept in separate account and is not an income eligible .

S. 80IA :Industrial undertakings – Derived – Interest- compensation- miscellaneous income- Interest earned on short term deposits – Entitle deduction in respect of interest on deposits, compensation received on machinery breakdown and miscellaneous income-Interest earned on short-term deposits of money kept apart for purpose of business has to be treated as income earned on business and cannot be treated as income from other sources and is deduction [ S.28((i), 56 ]

S. 80HHC : Export business – Profits and gains of business or profession- Rent -Interest – Ninety per cent of such quantum of receipt of rent or interest will not be deducted under clause (a) of Explanation (baa) to section 80HHC . [ S.28 , 30 to 44AD ]

S. 73 : Losses in speculation business Gross total income of assessee company mainly consisted of income from other source’, and, consequently, loss incurred by assessee in share transaction could not be said to be a speculative loss [ S.56 ]

S. 68 : Cash credits – Share application-In ability to produce share application- Addition cannot be made as cash credits .

S. 55 : Capital gains – Cost of improvement – Cost of acquisition -Tenancy rights- Acquired tenancy rights by inheritance i.e. from his father before 1-4-1981, in view of provisions of section 49(1)(iii), benefit of indexation of cost of acquisition could not be granted while computing capital gain arising from sale of said rights- Cost to be taken as nil, as the assessee has not paid any purchase price for acquisition of the same . [ S. 48 ,49(1)(iii), 55 (2)(b), 55(3) ]

S. 43(5) : Speculative transaction -Damages – Not honouring the commitment to take delivery consequent upon price of palm oil declining- Damages paid cannot be disallowed as speculative loss -Allowable as business loss .[ S.28(i) ]

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability -Liability is not written of in books of account – Addition cannot be made as cessation of liability .