S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparables-Transfer Pricing Officer, including high brand value companies-Functional similarity alone not decisive factor-Exclusion of such comparables in subsequent assessment year-Direction to exclude the two comparables.[S.92CA]
S. 69C : Unexplained expenditure-Cash purchases and receipts for job work on the basis of seized document Estimation of gross profit at 8 per cent.-Question of fact-Order of Tribunal affirmed.[S. 132, 260A]
S. 69C : Unexplained expenditure-Difference in stock-Reconciliation was filed-Order of Tribunal affirmed-No substantial question of law. [S. 260A]
S. 68 : Cash credits-Shares-Failure to prove genuineness of transaction-Order of Tribunal affirmed.[S. 132, 133A, 153C, 260A]
S. 68 : Cash credits-Principle of natural justice-Assessee must be given adequate opportunity to be heard and also to cross-examine witnesses whose statements have been relied on to make additions. [S. 260A]
S. 57 : Income from other sources-Deductions-Expenditure for purposes of earning-Borrowing money and lending it to others-Interest on borrowed money-Allowable as deduction.[S.56, 57(iii)]
S. 56: Income from other sources-Shares at premium-Valuation of shares Discounted cash flow method Determination of fair market value of shares under rule 11UA-Order of Tribunal affirmed.[S. 56(2)(viib), R. 11UA]
S. 40A(3) :Expenses or payments not deductible-Ad-hoc disallowance-Cash payments exceeding prescribed limits-Deletion of disallowance by Commissioner (Appeals) on examination of vouchers confirmed by Tribunal is affirmed [S.145 260A]
S. 40A(2): Expenses or payments not deductible-Excessive or unreasonable-Tribunal was justified in holding that expenses claimed by assessee were not excessive and disallowance of assessee’s claim was unsustainable-Order of Tribunal affirmed-Presumptive tax-Civil construction and Turnkey projects-Provision in applicable-DTAA-India-Italy. [S. 9(1)(i),44BB, 260A Art. 7]
S. 37(1): Business expenditure-Capital or revenue-Expenses on removal of over-burden Assessee treating expenditure up to stage of mine reaching 25 per cent-Capital expenditure-Demand notice-Matter remanded. [S. 35E, 156, Art. 226]