S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Advertising, marketing and promotion expenditure-Principle of consistency applies-Order of Tribunal is affirmed. [S. 92]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Rejection of comparables based on findings of fact in respect of functional dissimilarities-Interest on receivables-Working capital-Remanding the matter to Assessing Officer-Order of Tribunal is affirmed. [S. 260A]

S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Information must be definite and not vague – Validity of notice can be challenged by filing writ petition .[ S. 147 , 148, 148A(b) 148A(d) , Art. 226 ]

S. 80P : Co-operative societies-Claim for deduction must be made in return filed within time-Return Non est-Not eligible for deduction. [S.80AC, 80A(5), 139(1), 139(4), 142(1)), 148]

S. 80P : Co-operative societies-Banking business-Interest earned from funds utilised for statutory reserves-Entitle to deduction. [S. 80P(2)(a)(i)]

S. 80HHC : Export business-Profits of business-Derived from-Must be derived from export of goods and merchandise-Foreign remittances credited into exchange earners foreign currency account-Gains from foreign currency fluctuations-Not derived from export but independent of export earnings-Cannot be treated as income from business of export eligible for deduction-Interpretation Of Taxing Statutes-Strict construction. [Foreign Exchange Regulation Act, 1973, S.73(3), Notification No. FERA.112/92/RB Dated 12-3-1992(1972) 74 Comp Cas 144 (St)

S. 68 : Cash credits-Advanced by partners of Firm-Unexplained Cash credits cannot be treated as income of firm.[S. 260A]

S. 43A : Rate of exchange-Foreign currency-Capital assets-Amendment with effect from 1-4-2003-Adjustment on account of Foreign Exchange rate fluctuation required to be made to actual cost at end of every year-Not liable to tax. [S. 145]

S. 37(1) : Business expenditure-Year of allowability-Method of accounting-Amortised in the accounts-Upfront loan processing fee expenses-Allowable as deduction. [S. 145]

S. 37(1) : Business expenditure-Accrued or contingent liability-Award of damages with interest-Arbitration made Rule of Court by Single Judge-Pendency of award before Division Bench-Grant of stay by Division Bench does not relieve assessee of liability to pay interest-Entitled to deduction of interest-SLP of Revenue is dismissed. [S. 145, Art. 136]