S. 92C : Transfer pricing – Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Principle of natural justice-Notice and grant of approval by Principal Commissioner quashed and set aside-Matter remanded to Assessing Officer for considering matter afresh after hearing assessee and thereafter to pass speaking order.[S.92CA(1), 92CA(2), 92CA(3), Art. 226]
S. 69A : Unexplained money-Post-demonetisation deposit of old currency notes-Cash book balance insufficient to explain deposit – Failure to explain the source – Addition was affirmed.[S. 260A]
S. 69A : Unexplained money – Denominations – Details not maintained – Nature of source of cash deposit was not explained satisfactorily – SLP of assessee dismissed. [Art. 136]
S. 45 : Capital gains-Accepted cost of acquisition – Difference between intrinsic value of shares and amount paid by assessee cannot be taxed as perquisites – Order of Tribunal deleting the addition is affirmed. [S. 2(24)(iv), 260A]
S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Payments to agents cannot be disallowed – Order of Tribunal set aside. [ITR, 1962 R. 6DD, Indian Contract Act, 1872, S. 182.]
S. 37(1) : Business expenditure-Foreign exchange rates Expenses incurred on account of foreign exchange fluctuation and interest thereon in respect of foreign currency loans-Allowable business expenditure-Order of Tribunal set aside-Travelling expenses-Expenses incurred towards foreign tour of executives accompanied by their spouses-Major portion of claim allowed by Commissioner (Appeals)-Miniscule amount being involved order of Tribunal, affirmed.
S. 37(1) : Business expenditure-Provision for warranty – Deletion of addition by the Tribunal is affirmed.
Constitution of India .
Art. 226: Cyber fraud – Unauthorized electronic banking transactions – Zero liability of customer (RBI Circular) – Bank’s duty of prompt action – Fraudulent siphoning of ₹94,204.80 on downloading app at behest of fraudster impersonating brand customer-care – Customer informed bank within one working day – No proof of customer sharing OTP/MPIN – Failure of Bank to lodge complaint, initiate charge-back or take timely steps – Third-party breach admitted by merchant – Negligence of customer not established – Liability of bank to refund entire amount- RBI Circular dated 06-07-2017, clauses , 7(1) 8, 9&10 ]
Constitution of India .
Art. 226 : Cyber-Fraud Claim – Customer Liability under RBI Circular (RBI Circular dated 06-07-2017 – Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions) – RBI Circular protects customers only in cases of third-party breach or where no negligence is attributable to the account holder; it cannot be used as a “sword” to recast personal transactions as cyber fraud- Writ petition was dismissed . [ Art. 227 ]
Indian Registration Act, 1908
S:17: Documents of which registration is compulsory – Assignment of decree for specific performance –Decree for specific performance does not create or transfer any right, title or interest in immovable property – Assignment of such decree is not an instrument falling under Section 17(1)(e)- Assignment deed was valid even without registration and execution could not be denied on that ground . [S. 17(1)( c) , Code of Civil Procedure, 1908 , Order 21,Rule 16 ]