S. 92C : Transfer pricing – Arm’s length price – Working capital adjustment is to be allowed on actual without making adjustment to average working capital component of comparables . [ S.10A, 92CA ]
S. 92C : Transfer pricing – Arm’s length price – Working capital adjustment is to be allowed on actual without making adjustment to average working capital component of comparables . [ S.10A, 92CA ]
S. 90: Double taxation relief – Credit for foreign taxes on income eligible for deduction u/s 10A/10AA – Allowed as per the treaties-DTAA- India -USA [ S. 10A, 10AA, 90(1)(a)(ii), 91 ]
S. 90: Double taxation relief – Most Favourable Nation clause – Applied automatically – No separate notification.- Not assessabke as fees for technical services – DTAA -India – Sweden [ S.9(1)(vii), Art , 12 (4)(a) ]
S. 80P: Deductions – Income of co-operative societies (Credit Societies) – interest earned on short term deposits eligible for deduction .[ S. 80P (2) (d)]
S. 80P: Co-operative societies – Deposit only from Members – Determination based on Charter documents – Not based on mere admission – Deduction allowable.[ S.80P(2)(a)(i), 269SS, 271D]
S. 68: Unexplained cash credit-Not providing an opportunity to cross examine the witness-violation of principles of natural justice-when all the requisite documents and information is provided by the assesse onus shifts to the Revenue to cross verify the details furnish-otherwise no addition can be made [ S. 132, 147 , 148 ]
S.68 : Cash credit -Share capital- Manipulated accounts by way of bogus/fictitious entries, transactions did not involve actual cash inflow, it was unrealizable for assessee to discharge onus of establishing identity and creditworthiness of parties and genuineness of transaction, addition cannot be made as cash credits – maxim is “Lex non cogitadimpossibilia” – theory of impossibility of performance applied – Addition was deleted .
S. 54F : Capital gains – Investment in a residential house – Joint Ownership cannot come in way of claiming exemption [ S.45 ]
S. 50C : Capital gains – Full value of consideration – Stamp valuation – Addition cannot be made under section 50C on the transfer of leasehold rights in land or building.[ S.45 ]
S. 50C: Capital gains – Full value of consideration – Stamp valuation – Sale Consideration – Third proviso- Retrospective- Difference between the stated consideration vis -a -vis stamp duty valuation is less than 10 % of the stated consideration , section 50C is not applicable . [ S.45 ]