S. 143(3) : Assessment-Amalgamation of companies-Income taxed merely on basis of details in Form 26AS of erstwhile company-Assessing Officer is directed to adjudicate afresh after examination of details furnished by assessee and details in Form 26AS-Deduction only on actual payment-Gratuity-Allowability of gratuity restored to Assessing Officer for de novo adjudication.[S. 43B]

S. 143(3) : Assessment-Jurisdiction of Authorities-Instruction of Board that non-corporate assessees in Metro cities declaring income up to Rs. 20 Lakhs to be assessed by Income-Tax Officer-Returned income of assessee Less Than Rs. 20 Lakhs-Assessment Completed By Deputy Commissioner without jurisdiction-Instruction No. 1 of 2011, Dated 31-1-2011.

S. 143(2): Assessment-Notice-Mandatory-Failure to issue notice-Assessment is null and void. [S. 143(3), 147, 148]

S. 139 : Return of income-Revised return-Once revised return is filed, Assessing Officer is not entitled to advert to original return of income-Loss-Loss to be allowed-Assessing Officer could not disturb apparent consideration by substituting agreed consideration by fair market value. [S. 2(11)32(i)(ii),43(6), 50, 72(1) 71(2), 74(1) 80, 139(3), 139(5), 143(3)]

S. 132 : Search and Seizure-Statement in the course of search-Retraction-Retraction not to be rejected as afterthought merely because filed after search, retraction is held to be valid-Warrant of authorisation-Not necessary to issue warrant of authorisation in each and every case-Search proceedings continuing for number of days and assessee required to be present throughout-Does not mean that the assessee has kept in illegal detention. [S. 132(4)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Sale of goods to associated enterprises-Comparative-Matter remanded to the Assessing Officer .

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Interest on delayed receivables-To Be Benchmarked Applying State Bank Of India Short-Term Deposit Interest Rate For Year-No Material To Show Grace Period Allowed By Assessee To Associated Enterprise-Assessing Officer Granting 30 Days-Proper. [S. 92B, 92F(v)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Expenses allocated on cost-to-cost basis-Transfer pricing adjustments deleted-Tax effect less than prescribed limit of Rs. 50 Lakhs-Appeal of Revenue is held to be not maintainable . [ S.92CA , 253(1) ]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Corporate guarantee-Standby Letter of credit-Acquisition not taking place and entities not becoming Associated Enterprises-No requirement of benchmarking needed-Transfer Pricing adjustment is deleted-Interest on outstanding receivables from Associated Enterprises-Benchmarked separately-If bills realised beyond granted credit period interest to be imputed on bills . [ S.92B, 234D,244A ]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Corporate guarantee-Transaction to be benchmarked adopting 0.5 Per Cent. [ S.92B]