S. 115JB : Company-Book profit-Subsidy-Capital in nature-Not chargeable to tax and not in the nature of income-Cannot form part of book profit.[S. 4]

S. 115JB : Company-Book profit-Business of maintenance and distribution of electricity-Bound to maintain accounts according to Electricity Act —Provision of S.115JB is not applicable-Additional ground admitted.[S. 254(1)]

S. 115BAA: Tax on income of certain domestic companies-Determination of tax in certain cases-Rate of tax-Form 10-IC-CBDT circular is binding on Revenue-Binding on Revenue-Matter Restored to Commissioner (Appeals) for decision afresh in light of Circular. [S.143(1)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Advertisement, marketing and promotion expenses-Adjustment is not valid-Reimbursement of expenses-Adjustment is up held-Royalty-Transfer Pricing adjustment in respect of third party royalty sustainable as the basis is not furnished.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparables-Companies with turnover in excess of Rs. 200 Crores to be excluded-Delayed realisation of receivables from associated enterprise-Matter Remanded.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparable-Duty drawback part of operating profit-Not to be excluded-Export incentive of only current year to be reckoned-Functional difference and involvement in research and development distinguishing factors-Related party transactions-Transfer Pricing adjustment to be restricted to transactions with Associated Enterprises —Organisation for Economic Co-Operation and development guidelines to be followed to ensure broad comparison among comparables-Working capital adjustment to be allowed.[S.92]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparble-Functionally Dissimilar is to be excluded-High or low turnover not a criterion for acceptance or rejection of company when company functionally similar-Company having substantial rental income with relevant expenditure being unascertained is to be excluded-Company following calendar year as accounting year is to be included as its figures for assessee’s financial year could be extrapolated-Company engaged in diverse activities including engineering services, web development and hosting, and business analysis not comparable to software development service provider-Company providing high-end integrated services and having substantial goodwill-These factors not examined by Transfer Pricing Officer-Issue restored to file of Transfer Pricing Officer for re-examination–Interest rate to be considered based on foreign currency and not based on prime lending rate-Transfer Pricing Officer considering foreign branch which had shut down-Issue sent back to Transfer Pricing Officer for fresh decision-Computation of profit level indicator-Foreign exchange gains and losses are operating in nature.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-Comparable uncontrolled price-Royalty-Other method-Royalty payments made for unique intangibles-Directed to substitute working for other method.[R.10AB]

S. 90 :Double taxation relief-Non-Resident-Salary —Long term international assignment-Salary earned in Singapore offered to tax in Singapore and taxes paid-Salary taxable in country where employment exercised-Income not taxable in India-DTAA-India-Singapore [S. 5(2), 15, art. 15, 25]

S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Not involved in any other activity other than running of port-Irrespective of various income declared by assessee in nature of duty credit entitlement, interest income, reversal of provision, small scarp sales etc., any income generated out of this port would be eligible for deduction.