S. 11 : Property held for charitable purposes-Audit report-Filed at the time of assessment-Denial of exemption is not valid-Circular No. 7 of 2018 dated December 20, 2018 ((2020) 420 ITR (St.) 389) issued under section 119 of the Act could not be, therefore said to have taken away the appellate remedy. [S. 11(2),12A, 119(2b),143(1), 260A,Rule 12 (2), Form No 10B]

S. 10B: Export-oriented undertakings-Export of computer software-Transmission of customised electronic data-Entitled to exemption.[S. 260A]

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Distribution fee-Receipt on transfer of non-exclusive global rights for distribution of channel-Finding that assessee did not receive distribution fee in assessment year in question-Order of Tribunal not treating distribution fee as royalty is affirmed. [S. 260A]

S. 9(1)(v) : Income deemed to accrue or arise in India-Interest-Business income-Double taxation avoidance-Business profits-Branch offices are not separate personalities or juridical entities and that one person cannot thus profit from itself-DTAA-India-Japan ((1990) 182 ITR (St) 380).[S. 9(1)(v),28(i),Art. 7 (2), 7(3)]

S.4 : Charge of income-tax-Capital or revenue receipt-Relinquishment of trade mark user right and interest and termination of ice-cream manufacturing facilities under brand name Valuation of goodwill not done by Department at time of surrender-Re-determination of value of goodwill by Tribunal to avoid multiplicity of litigation-Tribunal valuing goodwill at 30 per cent. and balance on account of relinquishment of manufacturing rights Tribunal order based on appreciation of facts in right perspective-No substantial question of law. [S. 260A]

S. 12AA : Procedure for registration –Trust or institution- Finding of Tribunal that surplus funds utilised for the purpose of educational activities of the institution – Application for registration cannot be rejected. [ S.260A ]

S.43CA: Transfer of assets- other than capital assets- Full value of consideration- stock in trade-Agreement value – Stamp valuation – Safe harbour tolerance of 10% applies with reference to valuation determined by DVO – Once DVO valuation substitutes stamp duty valuation, no addition can be made if variation between agreement value and DVO valuation is within prescribed tolerance band – Addition deleted. [S.50C , 143(3)]

S. 68 : Cash credits – Loan received – Identity, creditworthiness and genuineness proved – Assessee also proved source of source – Loan subsequently repaid with interest after deduction of TDS – Addition deleted. [S. 143(3)]

S. 147: Reassessment – After the expiry of four years – Change of opinion – Reassessment based on material already examined in original assessment is invalid – Notice issued in the name of a non-existing amalgamating company is void ab initio and not curable u/s 292B. [S. 143(3), 148, 292B]

S. 12AB : Procedure for fresh registration – –Commissioner has no power to impose contingent or precautionary conditions while granting registration – Conditional registration granted subject to outcome of proposed SLP before Supreme Court is beyond jurisdiction and liable to be vacated – Once jurisdictional High Court decision holds the field, authorities are bound to follow the same. [S. 12AB(4), 12AB(5), 80G, Rule 17A]