S. 147 : Reassessment – Accommodation entries – Information from Investigation Wing- Reassessment is bad in law [ S.68 ,69, 148 ]

S.147: Reassessment — Accommodation entries- Failure to dispose objection – Failure to apply mind – Reassessment is bad in law [ S.68 , 148 ]

S.147: Reassessment- After the expiry of four years- Assessment cannot be reopened on basis of statement of unrelated party — No opportunity of cross-examination given- Reassessment is bad in law – Loan received by cheque and repaid by cheque- Addition can not be made on the basis of seized document [ S.68, 132(4A), 148, 292C ]

S.147: Reassessment- After the expiry of four years- No failure to disclose material facts – Change of opinion – Reassessment quashed [ S. 143 (3), 148 ]

S. 144C : Reference to dispute resolution panel -Draft assessment order — Limitation period – Where assessee files objections before Dispute Resolution Panel within prescribed time Assessing Officer bound to wait for directions of Dispute Resolution Panel -Final order without waiting for directions of panel — Assessment order without jurisdiction [ S.143 (3) ]

S.143(3): Assessment — Limited scrutiny — After approval from Principal Commissioner converted in to full scrutiny -Violation of instruction of Board – Addition of loan – Produced loan confirmation Held to be not sustainable [ S. 68 . 142 (1) ]

S. 92C : Transfer pricing – Arm’s length price – Transactional Net Margin Method —Matter remanded to transfer pricing officer to consider fresh search of comparables. [ S.92C(3) ]

S. 92C : Transfer pricing – Arm’s length price – Comparables — Company Having Less Than 75 Per Cent. of its revenue from Information Technology Services to be excluded – Company engaged in provision of routine software development services

S. 92C : Transfer pricing – Arm’s length price – Net Margin Method —Companies having different functional profile — Companies for which segmental details not available are to be excluded – Profit margin at entity level could not be taken -Working capital adjustment to be given effect -Communication charges should be excluded both from export turnover and total turnover [ S.10A ]

S. 92C : Transfer pricing – Arm’s length price Comparables — Company having huge brand value and extraordinary events of to be excluded.-Computation of working capital level and consequent adjustment on account of working capital remanded to Transfer Pricing Officer for fresh consideration- Gains arising from fluctuation of foreign exchange having nexus with international transactions — to be treated as operating income and taken into consideration.