S. 147 : Reassessment-After the expiry of four years-No failure to truly and fully disclose all material facts Necessary For Assessment-Notice not valid. [S. 143(2), 148]
S. 147 : Reassessment-After the expiry of four years-No failure to truly and fully disclose all material facts Necessary For Assessment-Notice not valid. [S. 143(2), 148]
S. 144C : Reference to dispute resolution panel-Assessment-Limitation-Amalgamation of companies-Draft assessment order passed in name of amalgamated company-Not a curable defect-Order void ab initio. [S. 143(3), 144C(15)(b), 153, 292B]
S. 143(3) : Assessment-Bogus purchases-Addition based on the report of Inspector-Remand report no adverse comment-Deletion of addition is held to be justified-No defects in the books of account-Addition cannot be made.
S. 115JB : Book profit-Provision for diminution in value of investment and provision for non-performing assets-Actual write-Off of sums-Sums not provisions-To be excluded from book profits.
S. 92C : Transfer pricing-Arm’s length price-Selection of comparables-Software Development Service-Companies having huge brand value and engaging in sale of software products, developing mobile enterprise applications and solutions not functionally comparable to be excluded from list of comparables-Interest due on receivable outstanding-Not charging others-Addition cannot be made. [S. 92CA]
S. 92C : Transfer pricing-Arm’s length price-Direct Sales Compensation-Direction to Assessing Officer to adopt average commission rate of 3.93 Per Cent. as appropriate rate for benchmarking-Bad debts written off-Adjustment made towards bad debts written off to be deleted-Royalty-Matter remanded.-Order pronounced much after the expiry of 90 days. [S. 254(1)]
S. 80IA : Industrial undertakings-Wind mills-Initial assessment year-Option to choose year within block of 15 years from commencement of business.
S. 68 : Cash credits-Bogus purchases-Addition of entire amount payable to six sundry creditors is held to be not justified-GP estimate of 16% on unsubstantiated purchases from six creditors was up held. Adoption of Gross Profit Rate Of 16 Per Cent.
S. 68 : Cash credits-Unsecured Loan-Identity, capacity and genuineness established-Addition is held to be not valid-Ad-hoc disallowance without rejecting the books of account is held to be not proper-Reassessment is held to be valid. [S. 133(6), 147, 148]
S. 68 : Cash credits-Share application moneys-Shares issued at premium-Share applicant had enough funds to subscribe to shares-Addition cannot be made merely on the ground share applicant did not appear in response to summons. [S.131]