S. 144C : Reference to dispute resolution panel-International Transactions-Transfer Pricing-Limitation-Assessment not completed within 21 months from end of Assessment Year plus extension of 12 months for transfer pricing reference-Assessment is barred by limitation-Order is invalid-Draft Assessment order-Eligible assessee-Order is quashed. [S.92CA, 114(15)(b)(ii), 153]

S.143(3): Assessment-Income from undisclosed sources-Scrap-Methodology in determination of average sale of scrap per day and making addition is against established trade practices-Deletion of addition is affirmed. [S.69]

S. 143(3): Assessment-Income from undisclosed sources-Cash deposits in Account-Land aggregator-Failure to response to notice by the builder-Addition is affirmed.[S.44AD]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Selection of comparables-Companies whose segmental data not available, having functional disparity with assessee, undergoing extraordinary event of amalgamation are to be excluded from list of comparables-Profit level indicator-Service tax refund or service tax written back is operating revenue.[S. 144C(13)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-A Group Concern of foreign company, Business process outsourcing and knowledge process outsourcing-Comparables-Functional dissimilarity and absence of segmental data-Turnover of company more than 14 times to be excluded from list of comparables.-Ad hoc two per cent. for working capital adjustment-Remanded to transfer pricing officer to adopt reasonable percentage on actual basis based on data available on record.[S.92CA]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-A Group Concern of foreign company, Business process outsourcing and knowledge process outsourcing-Comparables-Functional dissimilarity and absence of segmental data-Turnover of company more than 14 times to be excluded from list of comparables.-Ad hoc two per cent. for working capital adjustment-Remanded to transfer pricing officer to adopt reasonable percentage on actual basis based on data available on record.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Commission on standby letter of credit-No cost is incurred-Adjustment is deleted.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Interest on loan given to Associated Enterprise-Interest in terms of safe harbour rules acceptable-Arm’s Length price adjustment is to be made accordingly. [S.92B, 92CA, R. 10TD(2A)(5)]

S. 92B : Transfer pricing-International transaction-Arm’s length price-Avoidance of tax-Interest on trade receivables-Interest rate on similar foreign currency receivables and advances as Libor + 200 Points-Adjustment on account of interest on trade receivables unwarranted-Payment for global and regional management-Restored to Assessing Officer for fresh factual verification.[S.92C]

S. 80P : Co-operative societies-A State-level non-banking Co-Operative credit Society-Did not fall under exception under Section 80P(4)-Nominal and associate members-Members to include nominal and associate members-Entitled to deduction-employees could not be considered attributable to business of assessee-Not entitled to deduction-to be treated as income from other sources-Interest from loans extended to employees of assessee-Interest from investments-Necessary relief to be granted under Section 57 in respect of cost of funds and proportionate administrative and other expenses in accordance with law-Issue restored to Assessing Officer for de novo consideration-Guarantee Commissions-Cannot be considered as Levy or ccess-Issue remanded to Assessing Officer to carry out necessary verification based on agreement entered into by assessee with Government and to analyse if payment of guarantee commission is an admissible deduction-Business Loss-Matter remanded–E-Stamping Income-Income earned from E-stamping cannot be considered for purpose of deduction-Assessing Officer is directed to consider alternate claim of assessee in accordance with Law. [S. 37(1), 43B, 56, 57, 80P(2)(a)(i), 80P(2)(d)(4), Banking Regulation Act, 1949, 5(c), Karnataka Co-Operative Societies Act, 1959, S.2(F)]