S. 92C : Transfer pricing – Arm’s length price – Bundle of Sport Broadcasting Rights – Most Appropriate Method – CUP Method and Other Method – Report of an independent Valuer – Assessee can resile from the Most Appropriate method selected earlier -The Most Appropriate Method is other Method – On the facts the Assessing Officer was justified in making transfer pricing adjustment in the international transaction of acquiring Bundle of Sport Broadcasting Rights on the basis of deficiencies found by him in the valuation report submitted by the assessee- Majority view . [S. 92 , R. 10B, 10C ]

S. 276CC : Offences and prosecutions – Failure to furnish return of income – Return filed late – Directors of the firm held guilty – Sent to rigorous imprisonment for six months . [ S. 139 , 278E CPC , 248( 2 ), 313 ]

S.54F : Capital gains- Investment in a residential house – Co -owner of more than one house – Eligible for deduction- Precedent – When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed . [ S. 45 ,54 ]

S. 271B :Penalty- Failure to get accounts audited -Books of account not maintained – Penalty cannot be levied for not getting the accounts audited .[ S. 44AB, 44AD ]

S. 270A:Penalty for under -reporting and misreporting of income – Addition on the basis of estimation of valuation – Levy of penalty is not valid .[ S. 43CA ]

S. 270A:Penalty for under -reporting and misreporting of income – Addition on the basis of estimation of valuation – Levy of penalty is not valid .[ S. 43CA ]

. 263 : Commissioner – Revision of orders prejudicial to revenue -Mismatch of interest income – Enquiries were made – No discussion in the assessment order – Order is not erroneous – Revision is not valid . [ S. 143(3) , 26AS ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Deposit from members – Revision of order to examine and consider the applicability of section 69A, 115BBE on cash deposits , provisions of section 80P(2) and 269SS of the Act is held to be not justified . [ S. 69A, 80P(2), 115BBE , 143(3), 269SS ]

S. 253 : Appellate Tribunal – Jurisdiction of the Bench – On the basis of Jurisdiction of the Assessing Officer. [ ITAT R, 1963 , R 4 ]

S. 250 : Appeal – Commissioner (Appeals) –Duty bound to adjudicate on available data – Dismissal of appeal is not valid – Matter remanded to the file of CIT(A) to decide on denovo consideration .[ S. 250(6) ]