S. 92BA : Transfer pricing-Specified domestic transactions-Reference to Transfer Pricing Officer after provision omitted-Not valid-Assessing Officer to examine claim of expenditure in terms of Section 40A(2)-Trade credits-Matter remanded. [S. 40A(2), 68]
S. 90 : Double taxation relief-Stay less than 182 days-Salary from foreign employer-Option to choose either DTAA or provisions of Act whichever beneficial-DTAA-India-USA. [S. 5, Art. 16(1)]
S. 80M : Inter corporate dividends-Fifty Per Cent. of average cost of borrowing considered as proportionate to earning of income from dividend out of borrowed funds-Proportionate interest expenditure alone to be disallowed-No disallowance of management expenses.
S. 80IB(10) : Housing projects-One unit in project admeasuring more than 1,500 Sq. Ft.-Entitled to proportionate deduction.
S. 74 : Losses-Capital gains-Set off of brought forward long term capital loss against share premium account in balance sheet pursuant to Corporate debt restructuring-When there was no change in shareholding will not affect the claim of such set off under the Act. [S. 79]
S. 69C : Unexplained expenditure-Additions cannot be made when the Assessee has discharged his onus of providing all the genuine details within his ambit to prove the genuineness of a transaction. [S. 133(6)]
S. 69A : Unexplained money-Search of third party-Noting extracted from computer file-Addition cannot be made on presumptions.
S. 69 : Unexplained investments-Search and seizure-Estimate of unaccounted sales-Merely on the basis of statement of clerk and Assistant General manager without corroborative documentary evidence, addition cannot be made. [S. 69A, 132]
S. 69 : Unexplained investments-Search and seizure-Income of any other person-No satisfaction recorded-Data found in pen drive-Neither furnished the copy of statement nor an opportunity of cross examination-Addition on account of alleged cash loan was deleted. [S. 131, 132(4), 153C]
S. 68 : Cash credits-Shares at premium-Documents filed-Low return of income by the subscribers-Burden discharged-Addition is not valid.