S. 143(2) : Assessment-Notice-non-issuance of notice under section 143(2) is not a procedural irregularity and same cannot be cured under section 292BB-Notice issued to prior to filing of return of income, said notice being invalid, assessment order passed in pursuance of same deserved to be set aside. [S. 143 (3), 292BB]
S. 132 : Search and seizure-Stock in trade-Gold Dore Bars-Directed to be released after proper verification. [Art. 226]
S. 92C : Transfer pricing-Arm’s length price-Adjustment-MAP-ITAT is justified in in directing to adopt 16.63% Arm’s Length margin for transaction relating to non US entities based on MAP concluded with US Tax Authorities.
S. 92C : Transfer pricing-Arm’s length price-Comparable-company having high brand value cannot be selected as comparable.
S. 92C : Transfer pricing-Arm’s length price-Safe Harbour rules-RBI rate to be a bench mark-Second proviso to section 92C(2) which allows +/-5 per cent range to could be applied even in a case where transactions involved were an account of trading in foreign exchange.
S. 92C : Transfer pricing-Arm’s length price-Providing internet based medical health related services, a company rendering high end online software solutions, could not be accepted as comparable.
S. 80IC : Special category States-Substantial expansion-Entitle to deduction.
S. 80IB(10) : Housing projects-Undertaken development and construction of housing project on a piece of land which was different from land on which erstwhile promoters had completed construction of houses-Entitle to deduction.
S. 80IB(10) : Housing projects-Date of completion of construction
-Separate project-Separate approval was granted-Entitle to exemption.
S. 80IB(10) : Housing projects-Completion certificate-Issuance of completion certificate after cut-off date by Local Authority but mentioning date of completion of certificate before cut-off date did not fulfil condition specified in clause (a) of section 80-IB(10) read with Explanation (ii)-Not entitle to deduction. (Order of High Court is stayed)