S. 241 : Refund-Power to withhold in certain cases-Rectification application-Respondents were to be directed to dispose of petitioner’s rectification application within six weeks by way of reasoned order and respondent was also to pay petitioner’s refund within three weeks thereafter. [S. 143(3), 154(8), 244A, Art, 226]

S. 234B : Interest-Advance tax-Waiver of interest-Bonafide belief based on the basis of judgements of Tribunal or High Courts at the time of filing of return-Matter remanded to CBDT to consider if the assessee is able to show existence of any s judgment of Tribunal/High Court though not necessarily of jurisdictional Tribunal/High Court, no interest was to levied upon assessee. [S.80HHC, 119, Art, 226]

S. 225 : Collection and recovery-Stay of demand-Attachment-Once the demand of 20 % of tax in dispute is paid the attachment order passed u/s 226 (3)was unjustified and was set aside. [S. 220, 226 (3), Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Comparable-Functional similarity-Company engaged into software products and medical transcription, could not be accepted as comparable-Company engaged in different verticals and working through outsourcing models, could not be accepted as valid comparable-company having gone through extraordinary events during relevant year, could not be accepted as valid comparable.

S. 145 : Method of accounting-Real estate developer-Percentage completion method-ICAI guidance note of AS-7-Project completion method is accepted-Order of Appellate Tribunal is affirmed.

S. 92C : Transfer pricing-Arm’s length price-No addition can be made even if assessee has Permanent Establishment in India. [S. 9(1)(i)]

S. 69 : Unexplained investments-Under invoicing-Report of Enquiry commission-Purchased ‘royalty paid’ iron ore from open market and exported same at arm’s length price, no addition could be made on ground of under-invoicing of export on basis of some report of Enquiry Commission.

S. 68 : Cash credits-Burden of proof-Relevant evidence produced first time before High Court-Matter remanded the Assessing Officer to consider the evidence and pass appropriate order [S.260A]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Waiver of loan does not amount to cessation of trading liability neither taxable under section 41 (1) nor under section 28(iv) of the Act. [S. 28(iv)]

S. 28(i) : Business income-Real estate development-Letting out mall-Assessable as business income and not income from house property. [S. 22, 23]