S. 119: Central Board of Direct Taxes-Circular-Return-Condonation of delay-Belated filing of Form 10-IC-Genuine hardship-Filing of Form 10-IC prior to filing of return not mandatory-Delay is to be condoned where substantial justice warrants relief.[S. 115BAA, 119(2)(b), Art. 226]

S. 92C : Transfer pricing-Arm’s length price-MAP settlement under India-USA DTAA applicable only to transactions covered under MAP-ALP of non-US transactions cannot be determined on basis of MAP framework-ALP to be independently determined under Act and Rules-DTAA-India-USA [S.92CA, R.10B, Art. 27]

S. 56 : Income from other sources-Issue of shares at premium-Valuation of unquoted shares-DCF method-FMV determined on basis of expert valuation report cannot be rejected merely due to general disclaimers-Valuation under DCF method permissible under Rule 11UA-Assessee’s substantiated valuation to be accepted-Order of Tribunal affirmed. [S. 56(2)(viib), R. 11UA]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Short deduction-Disallowance cannot be made for short deduction of tax at source. [S. 194C, 194J]

S. 37(1) : Business expenditure-Bad debt-Advances given in the course of business written off-Genuineness of advances not doubted-Books audited by statutory auditors-Write-off allowable as deduction-Order of Tribunal affirmed. [S. 28(i), 36(1)(vii), 260A]

S. 10B : Export oriented undertakings-Site transfer income-Derived from-Appellate Tribunal-Duties-Tribunal had not given any reasons as to how ‘Site Transfer Income’ constituted income derived from business of undertaking, matter was remanded back to Tribunal for deciding ground of deduction under section 10B qua ‘Site Transfer Income’. [S. 254(1)]

S. 40A(3) : Expenses or payments not deductible – Cash payments exceeding prescribed limits – Cash payment exceeding prescribed limit – Purchase of land – Amount not claimed as expenditure – No disallowance permissible – Addition deleted – Stamp duty value difference is less than 10 % – Amendment made in section 50C(1) of the Act by inserting third proviso by Finance Act, 2018, with effect from April 01, 2018 is curative and retrospective- Disallowance deleted . [S. 40(a)(ia),43CA, 50C ]

S. 56 : Income from other sources – Immovable property received without consideration – Family settlement – Gift deed executed pursuant to family arrangement – Property received from member of HUF – Not taxable as deemed income – Revenue’s appeal dismissed.[ S.2(47), 56(2)(vii)(b) ]

S. 281B: Provisional attachment-Bank account-Reassessment proceedings-Seizure of cash from car-Attachment unsustainable in absence of tangible material and in view of security already furnished before Magistrate Court-Bank account not covered under s. 281B [S 132B, 142A, 226(4); Bharathiya Nagarik Suraksha Samhitha, 2023, S. 497; Code of Civil Procedure, 1908, S. 60(1); GST Act, 2017; Code of Criminal Procedure, 1973, S. 451; Art. 226]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Belated deposit of TDS-Voluntarily deposited TDS along with interest before issuance of show cause notice-Delayed compliance of provision of deducting and depositing TDS would not suffice for grant of prosecution sanction. [S. 279, Art. 226]