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.

S. 92C : Transfer pricing – Arm’s length price – Adjustment not entry level transactions – Net margin method – Not opted for foreign exchange gain or loss is part of operating revenue or loss .

S. 92C : Transfer pricing – Arm’s length price – Comparables —Company which is a giant risk taking company and engaged in development and sale of software products is not Comparable —Foreign exchange fluctuation gain or loss is to be considered for transfer pricing analysis if it is in respect of current year’s turnover .