S. 154 : Rectification of mistake-Tax on income referred in section 68, or section 69 or section 69B or section 69C or section 69D-Search-Surrender of income-Maximum rate of 60 % tax rate cannot be levied-Rectification order was quashed [S. 115BBE 132]

S. 153A : Assessment-Search-Return filed after date of search-Assessing officer has the jurisdiction to make the assessment whether any incriminating materials were found/seized in the course of search-Failure to explain source of cash deposit in his account and account of minor son-Addition is held to be justified. [S. 68, 132]

S. 144C : Reference to dispute resolution panel-Form no 35A could not be signed by Director-Scanned copy signed by director residing other country-Rejection of Form No 35A was quashed-Directed the DRP to decide the issue on merits. [S. 143(3)]

S. 144C : Reference to dispute resolution panel-Draft Assessment Order-Cannot be assumed to be final assessment. [S. 143(3)]

S. 144C : Reference to dispute resolution panel-Form no 35A not verified properly-Directed DRP to accept the original form and decide on merit. [Form No. 35A No Rule 34(5)]

S. 92C : Transfer pricing-Arm’s length price-Comparable-Computer software developer-RPT of comparable company-Knowledge Process Outsourcing (KPO)-Engineering and consulting services-Manufacturing of software-Functional similarity-working capital adjustment-Matter remanded.

S. 92C : Transfer pricing-Arm’s length price-Fully Compulsorily Convertible Debentures (FCCDs)-Interest adjustment-Interest should be market determined interest rate applicable to currency in which loan has to be repaid i.e. SBI Prime Lending Rate and not LIBOR based interest rate.

S. 80IB: Industrial undertakings-Real estate developer-Sale of opening stock-Estimate of profit to reduce the claim is held to be not justified-Revenue could not use concept of reasonable profit which is subject matter of section 80IA, for purpose of section 80-IB, as object of sections 80IA and 8IB are different. [S. 80IA]

S. 80G : Donation-Hospital and school-Denial of approval is held to be not valid-Remanded to pass a speaking order-Amendment in section 80G is effective from 1-10-2009; thus, approval granted on or after 1-10-2009 would be governed by amended law. [S. 12AA, R. 11AA]

S. 72 : Carry forward and set off of business losses-legitimate claim of set-off of unabsorbed losses cannot be rejected even when assessee omits to claim same in return.[S. 10A, 72(1)(1), 154]