S. 253 : Appellate Tribunal – Delay of 658 days in filing of appeal – Employee failed to deliver the order of the CIT(A) to the CA for necessary action – Delay caused due to bonafide mistake of employee – Delay condoned – Initiated vide notice dated 23.09.2003 but the respective orders were passed on 28.03.2011 which were beyond a period of one year from the end of the financial year in which the proceedings u/s. 201 of the Act were initiated-orders passed u/s. 201(1)/201(1A) of the Act, were barred by limitation.[S.194C,201(1) ,201(IA)]

S. 249 : Appeal – Commissioner (Appeals) – Form of appeal and limitation – Delay in filing of appeal electronically was to be condoned by CIT(A) where such delay was caused due to technical issues and lack of knowledge regarding e-filing procedure.

S. 145 : Method of Accounting – Rejection of books – AO has to specify defects, non-compliance of accounting standards.

S. 143(3) : Assessment- Overdue interest-Provisions for bad and doubtful debts – Schedule bank – Interest income on NPAs is taxable on receipt basis and not on accrual basis. [S.4,28(i), 36, 37 (1)]

S. 92C : Transfer pricing – Arms’ length price – Profit Split Method can be adopted as most appropriate method in cases involving multiple inter-related international transactions which cannot be evaluated separately.

S. 68: Cash credits – Mere non-production of directors of Creditor Company cannot justify addition when detailed evidences filed.

S. 68 : Cash credits – Bogus purchase – Liability pursuant to purchase and corresponding stock declared in books – No case of under assessment and no bogus liability to make addition[ S.143(3)]

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Disputed valuation adopted by stamp duty authorities before AO – AO is required to refer the matter of valuation to Valuation Officer.[ S.45 ]

S. 37(1) : Business expenditure – Making charges paid to Goldsmiths allowable as the Assessee offered to tax the making charges collected from customers.

S. 36(1)(iii) : Interest on borrowed capital – Disallowance cannot be made as Assessee established that loan advanced at interest lower than interest paid on unsecured loans out of interest free funds.