S. 9(1)(i):Income deemed to accrue or arise in India – Business connection -Subsidiary of a foreign company constitutes “business connection” and/ or “fixed Permanent Establishment” and/or “Dependent Agent Permanent Establishment” of assessee in India-Held No , (b) whether any attributes of profits on account of signing, network planning and negotiation of off-shore supply contracts in India could be attributed to such business connection/ permanent establishment -Held No and (c) whether notional interest on delayed consideration of supply of equipment and licensing of software taxable in the hands of assessee as interest from vendor financing- Held No -DTAA- India –Finland –Majoriy view is in favour of the assesee. [ Art .5, 7 ]

Interpretation of taxing statutes – Interpretation of taxing statutes to be construed harmoniously with object of statute.

Interpretation of taxing statutes – Income -tax -General principles -Taxing provisions must be construed strictly so that no person who is otherwise not liable to pay tax , be liable to pay tax .

S. 44BB : Mineral oils – Computation -Consideration received under contract is not fees for technical fees or royalty -Consideration received was held to be taxable as business income – DTAA -India United Arab Emirates- Duration of operation of less than 120 days is not material . [ S. 9(1) (vi), 9(1)(vii) Art. 5(1),12 ]

S. 69 :Unexplained investments – ‘On-money’ – Sale of land -Burden is on the department to show that ‘on-money’ consideration passed to the seller from the purchaser- Opportunity to cross examine the witnesses was not provided to the assessee- Addition was deleted . [ S.131 ]

Chartered Accountants Act, 1949

S. 21: Misconduct – SEBI and Disciplinary Committee of ICAI have found the respondent Chartered Accountant is guilty of several irregularities in public issue of a company – Removal of name from Register of Members of ICAI for a period of one year was held to be valid .

S. 80IB : Industrial undertakings – Splitting up or reconstruction-Printing press- New industrial undertaking of printing press is not the expansion of existing unit, hence entitle to deduction.

S. 37(1) : Business expenditure -Acceptance of deposits prohibited by law- Interest paid on deposits is held to be not allowable as deduction in view of Explanation to S. 37(1) of the Act .[ Kerala Money Lenders Act, 1958,S.4, 17 , RBI Act, 1934 S. 45S ]

S.92C: Transfer pricing Arm’s Length Price -Selection of comparables — Functional dissimilarities and distinction in services provided has to be excluded . [ S.92CA ]

S. 92C : Transfer pricing – Arm’s length price -Unless it is shown that there are important functional dissimilarities or other material facts ,exclusion or inclusion of other comparable would not constitute substantial question of law [ S.260A ]