S. 144B : Faceless Assessment-Natural justice-Opportunity of hearing-High Court set aside assessment for de novo consideration, with a direction to concerned authority to pass assessment order and strictly comply with mandatory provisions prescribed under section 144B, considering all submissions made by assessee and also granting a personal hearing [S. 143(3),144B(7), Art, 226]
S. 144B : Faceless Assessment-Best judgment assessment-Natural justice-Directed to afford due opportunity of hearing before passing final assessment order-Reassessment-Notices were seta side-Directed to consider objections and pass the order giving an opportunity of hearing. [S. 144 147, 148, 156, 270A, Insolvency and Bankruptcy Code, 2016, Art, 226]
S. 144B : Faceless Assessment-Cash credits-Video conferencing-Natural justice-Opportunity of hearing-Matter remanded to Assessing Officer to pass a speaking order on merits. [Art. 226]
S. 143(2) : Assessment-Notice-Transfer from ITO, Ward-3 to ITO, Ward-4-Order passed by ITO, Ward-4 without issuing notice under section 143(2) of the Act-Order is null and void [S.120, 143(3)]
S. 139 : Return of income-Difficulties in uploading Audit report-Revenue was directed to attend the technical glitches in portal at the earliest [Art, 226]
S. 115JB : Book profit-Retention money-Not to be included in computing book profits.
S. 115JB : Book profit-Statutory corporation-Provision is not be applicable to a statutory corporation constituted by notification of State of Kerala. [Electricity Supply Act, 1948, S. 5]
S. 115JB : Book profit-Electricity Company-Company engaged in generation and supply of electricity-Not required to prepare its profit and loss account and balance sheet as per Parts II and III of Schedule VI of Companies Act-Provision of book profit not applicable.
S. 92C : Transfer pricing-Arm’s length price-Foreign comparables-Guidance note by ICAI and transfer pricing guidelines issued by OECD do not prohibit foreign AE to be a tested party-Foreign AE could be selected as a tested party-Where segmental results are available, adjustment can be made only on basis of individual transaction and not on aggregation basis. [S. 92E]
S. 80IA : Industrial undertakings-Infrastructure development-Electricity distribution-Expenditure on network of a new transmission or distribution line-No requirement of capitalization of said expenditure in books of account-Deduction allowable. [S. 800IA(4)(iv)]