S. 139 : Return of income-Revised return-Original return filed within time-Revised return considered as original return by Centralised processing centre-Denial of loss due to belated filing of return unjustified-No warrant for award of costs under Faceless Regime. [S.139(1) 139(4), 143(1)]

S. 115JB : Company-Book profit-Marked-to-market foreign exchange loss incurred on outstanding forward contracts-Unascertained liability and booked artificially-Provision made is reversed in next year-Liable to be added back. [S.37(1)]

S. 115JB : Company-Book profit-Reimbursement of minimum alternative tax liability by customer-Income offered to tax more than minimum alternative tax liability-Method of accounting is accepted in subsequent year-Addition is not justified.[S. 145]

S. 115JB : Company-Book profit-Subsidy-Capital in nature-Not chargeable to tax and not in the nature of income-Cannot form part of book profit.[S. 4]

S. 115JB : Company-Book profit-Business of maintenance and distribution of electricity-Bound to maintain accounts according to Electricity Act —Provision of S.115JB is not applicable-Additional ground admitted.[S. 254(1)]

S. 115BAA: Tax on income of certain domestic companies-Determination of tax in certain cases-Rate of tax-Form 10-IC-CBDT circular is binding on Revenue-Binding on Revenue-Matter Restored to Commissioner (Appeals) for decision afresh in light of Circular. [S.143(1)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Advertisement, marketing and promotion expenses-Adjustment is not valid-Reimbursement of expenses-Adjustment is up held-Royalty-Transfer Pricing adjustment in respect of third party royalty sustainable as the basis is not furnished.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparables-Companies with turnover in excess of Rs. 200 Crores to be excluded-Delayed realisation of receivables from associated enterprise-Matter Remanded.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparable-Duty drawback part of operating profit-Not to be excluded-Export incentive of only current year to be reckoned-Functional difference and involvement in research and development distinguishing factors-Related party transactions-Transfer Pricing adjustment to be restricted to transactions with Associated Enterprises —Organisation for Economic Co-Operation and development guidelines to be followed to ensure broad comparison among comparables-Working capital adjustment to be allowed.[S.92]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparble-Functionally Dissimilar is to be excluded-High or low turnover not a criterion for acceptance or rejection of company when company functionally similar-Company having substantial rental income with relevant expenditure being unascertained is to be excluded-Company following calendar year as accounting year is to be included as its figures for assessee’s financial year could be extrapolated-Company engaged in diverse activities including engineering services, web development and hosting, and business analysis not comparable to software development service provider-Company providing high-end integrated services and having substantial goodwill-These factors not examined by Transfer Pricing Officer-Issue restored to file of Transfer Pricing Officer for re-examination–Interest rate to be considered based on foreign currency and not based on prime lending rate-Transfer Pricing Officer considering foreign branch which had shut down-Issue sent back to Transfer Pricing Officer for fresh decision-Computation of profit level indicator-Foreign exchange gains and losses are operating in nature.