S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Adjustment to be confined to international transactions with Associated Enterprises–Comparables-Functional similarity-Government company not to be excluded merely because of Government ownership-Matter remanded-Trading segment-Commission earned on direct sales by Associated Enterprises to third-party customers-Not part of trading activity-Transactional Net Margin Method-Global sales and marketing expenditure-Operating cost.[S.92CA]

S. 80P: Co-operative societies-Deduction-Belated return-Deduction under section 80P cannot be denied merely because the return was filed after the due date. [S.80AC(ii), 139(1), 143(1)]

S. 80G: Donation-Corporate Social Responsibility (CSR) expenditure-Donation to charitable institution-Deduction allowable.-Appeal to Appellate Tribunal-Co-ordinate Bench decision-Binding precedent.[S. 254(1)]

S. 80G: Donation-Deduction-Corporate Social Responsibility expenditure-No bar to deduction if conditions of section 80G are fulfilled.[S. 37(1)]

S. 68 : Cash credits-Capital gains-Penny stock-Short-term capital loss-Addition based only on Investigation Wing and SEBI reports-Tuni Textile Ltd-Blue Circle Ltd-No independent enquiry-Loss allowable.[S. 10(38), 45]

S. 68: Cash credits-Demonetisation-Cash deposits out of recorded cash sales-Books of account not rejected-Addition deleted-Assessment-Protective addition-Cash sales-Substantive addition pending in purchaser’s case-Matter remanded.[S.115BBE, 143(3), 145]

S. 56: Income from other sources-Purchase of immovable property-Amendment effective from 2014-Not applicable retrospectively.[S. 56(2)(vii)(b)(ii)]

S. 56: Income from other sources-Capital gains-Income from other sources-Sale of immovable property-Difference between sale consideration and stamp duty value less than ten per cent.-No addition.[S.50C, 56(2)(x)]

S. 50B : Capital gains-Slump sale-Freehold land-Business impairment adjustment in books-Indexed cost to be computed on actual cost-Addition sustained.[S. 2(24C), 45]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Business expenditure-Education cess-Not allowable as deduction.[S. 37(1)]