S. 144C : Reference to dispute resolution panel–Remand- Direction by the ITAT to AO/TPO to undertake a fresh exercise of determination of Arm’s length price -Failure to pass draft assessment order would violative of S.144C(1) hence bad in law -Not curable defects. [S. 92C, 153(2A), 254(1), 292B]
S. 139 : Return-Processing of return-Refund-Return filed by assessee had been forwarded to CPC by Assessing Officer-In such circumstances, CPC should take a decision as regards computation in 4 weeks-Not the Assessing Officer. [S. 237]
S. 132 : Search and seizure-Illegal search-Karta of HUF had initiated litigation against alleged illegal search action of department on HUF at relevant time, a member of HUF individually could not restart same litigation long many years after cause of action had arisen. [S. 158BC, Art. 226]
S. 92C : Transfer pricing-Arm’s length price-Adjustment of interest-Foreign subsidiary-Corporate guarantee-Loan to Associated Enterprises- Delay in realizing sale proceeds from Associated Enterprises – Adjustment should be made at average LIBOR rate existing at that time, i.e., at 0.79 per cent, instead of LIBOR +2 per cent. [S. 92B]
S. 69C : Un explained expenditure-Cash payments-Slips found during search-Since there was no material to substantiate assumption that slips denoted amounts outside cash book of assessee, addition was held to be not justified. [S. 132]
S. 69 : Undisclosed investment -Deletion of addition by the Tribunal is held to be appreciation of evidence -No substantial question of law. [S. 260A ]
S. 69 : Unexplained investments–Cash payments-diary seized from sister concern -Since no other evidence was recorded during search nor concerned person against whose name entry in diary appeared was examined, said addition was to be deleted. [S. 132(4)]
S. 68 : Cash credits- Bank details and other particulars were furnished–Merely on the basis of report addition cannot be made -Deletion of addition is held to be justified. [S. 260A]
S. 45 : Capital gains-Business income-Sale of shares-Only 10 scripts-Assessable as capital gains. [S. 28(i)]
S. 40A(3) : Expenses or payments not deductible – Cash payments exceeding prescribed limits-Payment made to notified dealer- District Supply Officer’s order did not mandate any mode of payment either in cash or by cheque, and, moreover, there were banking channels available even when supplies had been effected, impugned disallowance was rightly made by authorities. [S. 260A, R.6DD]