S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Adjustments-Purchases/imports-Specified domestic transaction-Purchase transaction of raw materials with AE-Excess purchases booked in relevant year had to be reduced for purpose of arriving at correct profit and only thereafter profitability ratio of assessee was required to be calculated for the purpose of comparison.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Corporate guarantee-Capital financing-ALP adjustment in respect of corporate guarantee provided to AEs should be determined at rate of 0.5 per cent.[S.92B]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-LIBOR-CUP method-Interest-Interbank transactions-TPO cannot reject independent party transactions, which are valid input for application of CUP Method, simply because transactions are entered at a rate higher than LIBOR.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Allotment of shares-Subscription to preference shares-levy of interest on excess share application money refunded, by treating same as loan was not justified-Legal condition precedent in entering transaction in respective Production Sharing Contract market that AE’s affiliates are not allowed to have any mark up on a supply of services to AE, ALP is required to be determined having regard to this condition-Commission on corporate guarantee-Benchmarked commission on corporate guarantee given for its AE by following yield spread approach, based on offer letters issued by banks wherein interest on loan chargeable by banks to AE with assessee’s guarantee and without guarantee as compared in rate differential was divided amongst AE and assessee equally, split of 50:50 in respect of both short-term and long-term guarantee was justified-Business support services-Functionally comparable, same could not have been held incomparable simply on ground of low turnover, unless it was demonstrated that functions, assets and risk were completely different and incomparable.[S.92CA]

S. 90 : Double taxation relief-Banking company-Not made arrangement for declaration of dividend-Non-Discrimination-Income is to be charged at a higher rate of tax in India vis-a-vis domestic company and same could not be treated as discrimination on account of fact that assessee belonged to other Contracting State, i.e. Korea-DTAA-India-Korea. [S. 9(1(i), Art. 24]

S. 90 : Double taxation relief-Salary-Foreign tax credit-Filing of Form No 67 is not mandatory-DTAA-India-Netherlands.[R. 128(9), Form no.67 Art. 24]

S. 80P : Co-operative societies-Return filed after due date-Deduction cannot be denied.[S. 80AC, 139(1), 143(1)(a)(ii), 143(1)(a)(v)]

S. 80IE : Undertakings-North-Eastern states-Belated return-Deduction is not available. [S.80AC, 139(1)]

S. 80IB : Industrial undertakings-Eligible business-No adjustment could be made in respect of expenses relating to other undertaking while computing deduction-Mineral oil, for purpose of claiming deduction under section 80-IB(9) includes natural gas and condensate and therefore profit derived from sale of natural gas and condensate was to be allowed as deduction under section 80IB(9). [S.80IA(5),80IB(9)]

S. 80G : Donation-Approval-Commissioner cannot impose condition while granting approval.[S. 12A, 80G(5)]