S. 245D : Settlement Commission-Application–Cross examination- Relying upon statements of witness without giving an opportunity of cross examination the application of the assessee was rejected by the Settlement Commission-High Court rejected the writ petition. [S. 245C]

S. 245D : Settlement Commission-Settlement of cases–Settlement Commission either reject the application or it could have directed Principal Commissioner or Commissioner to enquire and submit report so as to enable to Commission to take a decision- Settlement Commission could not relegate matter to Assessing Officer to dispose of assessee’s case on merits. [S. 245(2C), 245D(1), 245D(4)]

S. 220 : Collection and recovery-Assessee deemed in default- Wilful evasion of payment of tax- waiver of interest is rejected [ S. 158BC, 220(2A)]

S. 195 : Deduction at source-Non-resident-Deputation-Contract between assessee manpower provider and Kuwait based company-Employee was deputed in Kuwaiti company who was under employment of assessee-assessee was not required to deduct tax at source.[ S.9(1) (vii), 40(a) (ia) ]

S. 195 : Deduction at source-Non-resident-Royalties and fee for technical services-Banking services-Foreign bank-Rendering financial services in order to raise capital abroad through issuance of Global Depository Receipts (‘GDRs’)- Not liable to tax in India as fee for technical services- Not liable to deduct tax at source–Article 12 of OECD Model Convention.[S. 9(1) (i),9(1)(vii)]

S. 194C : Deduction at source–Contractors-Composite sales invoice–Matter remanded. [S. 40(a)(ia), 194C(iv)]

S. 147 : Reassessment-After the expiry of four years-Cash credits – Share capital- Mauritius based company-Supplied certificate of foreign inward remittance of funds, tax residence certificate of foreign company, copy of ledger account showing share application money being credited in bank account and source – Merely on the basis of information from investigation Wing,reassessment is bad in law. [S. 68]

S. 147 : Reassessment-After the expiry of four years-Possession of cash amount- All documents were made available at time of original assessment- Reassessment merely on basis of change of opinion was held to be not justified. The fact that the assessee did not disclose the material is not relevant if the AO was otherwise aware of it[S. 69A, 133A, 148],153A

S. 147 : Reassessment-After the expiry of four years-Interest paid on purchase of securities-expenditure for increase in capital–loss on securities-Excess claim of depreciation-There was no failure on part of assessee to disclose fully and truly all relevant material- Reassessment is bad in law.[S. 32, 36(1), 148]

S. 92C : Transfer pricing–Arm’s length price-Only one comparable-Difference in functionality- Matter remanded.