S. 127 : Power to transfer cases-Centralization for coordinated investigation-Transfer of NRI assessee’s case to another city upheld where he had transactions with persons whose cases were already centralized there; plea of breach of natural justice rejected due to lack of prejudice and assessee’s acquiescence. [S. 142(2A), 153A, Art. 226]
S. 115JB : Book profit-Consequential adjustment-Where the primary disallowance under section 14A is deleted, the consequential adjustment to book profit does not arise.[S. 14A]
S. 115BBC : Anonymous donations-Determination of tax in certain cases-Cash donations-Onus is on assessee under section 68 to substantiate genuineness of donors-Failure to discharge onus justifies treating donations as anonymous-Addition was justified. [S. 68, 133(6), 260A]
S. 92C : Transfer pricing-Arm’s length price-Corporate guarantee-Adjustment made without giving reasons is unsustainable-Order of Tribunal affirmed.[S. 260A]
S. 80IB(10) : Housing projects-Belated return of income-Where High Court, in separate proceedings, condoned assessee’s delay in filing return, denial of deduction solely on ground of such delay became untenable; assessment order quashed and matter remanded to AO. [S. 119(2)(b), 139, 254(2), Art. 226]
S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Captive power plant-Valuation of electricity transferred to another unit of assessee to be at rate charged by distribution companies to consumers-Order of Tribunal affirmed. [S. 80A(6), 260A]
S. 80HHC: Export business-Computation of deduction-Turn over-Scrap sale-For purpose of section 80HHC, proceeds of sale of scrap would not form part of total turnover.[S.260A]
S. 69C : Unexplained expenditure-Bogus purchases-Information from Sales Tax Department-Corresponding sales not disputed-Non‑production of suppliers does not justify disallowance of entire purchase amount; only profit element is to be added-Estimate of profit at 12.5% of purchases was affirmed.[S. 148, 260A]
S. 69C : Unexplained expenditure-Unexplained investments-Bogus purchases-Sales not disputed –Estimate at 12.5%-Only profit element embedded in such purchases is taxable, not the entire amount. [S. 69, 147, 148, 260A]
S. 69C: Unexplained expenditure-Search and seizure-Notings in diary and loose papers-Assessee’s failure to explain source of funds and nexus of expenditure with developer’s transactions-Concurrent findings of lower authorities upheld.[S.132, 260A]