S. 92C : Transfer pricing-Arm’s length price-Transactional Net Margin Method (TNMM)-Held to be appropriate method-Remanded TPO to apply TNMM method. [S. 92]

S. 68 : Cash credits-Purchases-Credit balance outstanding-Deleted the addition.

S. 56 : Income from other sources-Allotment of shares-Valuation Discounted Cash Flow Method-Assessing Officer cannot change the method of valuation-Matter remanded. [S. 56 (2)(viib)]

S. 44 : Insurance business-Income from shareholders’ accounts to be assessed as insurance business-Actuarial valuation-Norms regarding actuarial valuation not altered-Dividend exempt-Disallowance is not applicable. [S. 10(34), 14A, 37(1), 80G, Insurance Act 1938, 3(4)(f)]

S. 43B : Deductions on actual payment-Employees’ contributions to provident fund and employees’ State Insurance Contribution-Paid before due date of filing return-Entitle to deduction. [S. 139 (1)]

S. 43(6) : Written down value-Depreciation-Block of assets-Assessing Officer to reduce only sale proceeds from written down value of block of assets and allow depreciation on balance of written down value. [S. 2(11), 45, 50]

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Salary paid to Directors-Failure of the Assessing Officer to substantiate-Deletion of addition is held to be valid.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Payment Received as partner of joint venture-Amount paid to joint venture partner diverted by overriding title-Disallowance not sustainable.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission-Non-Resident-Matter remanded for verification. [S. 195]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident –Service rendered outside India-Not liable to deduct tax at source.