S. 245D : Settlement Commission-Application for rectification of mistake was pending but no orders had been passed-Settlement Commission was directed to pass an order with in four weeks from the receipt of the order-Writ is held to be premature. [Art. 226]

S. 245D : Settlement Commission-Application-Rejection application only on the ground that short payment of tax is held to be not justified-Interest of justice the matter remanded to Settlement commission to decide on merits. [S.245C, Art, 226]

S. 245 : Refund-Set off of refunds against tax remaining payable-Stay of recovery-As long as stay against recovery order issued by competent Appellate authority, Tribunal or Court is in operation, it would not be open for department to enforce recoveries through aid of section 245-Department cannot straightway be permitted to provisionally attach refund amount for current year on ground that in final assessment, demands are likely to be confirmed in case deposits already made for current year by assessee are sufficient [S. 281B, Art. 226]

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.