S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-(i) Insurance claim and foreign exchange fluctuation gain related to raw material consumed by assessee in operation of business is to be added to operating revenue of assessee to arrive at ALP of international transaction. (ii) Adjustment of PLI of comparables should be made at transaction level and not entity level. [S.92CA]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-No further adjustment required of interest on outstanding receivables where working capital adjustment takes the same into account while benchmarking the main international transaction.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Most appropriate method-Acquisition of bundle of sports broadcasting rights-No comparable uncontrolled transaction prices available-Unique intangible asset-“other method” more appropriate. [S.92]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Purchases From AE-Sales By AE To Non-Related Parties-In one Month at price significantly higher than in other months-Difference in prices due to qualitative difference between ingots sold by AE to assessee and those sold to third parties-Substantial evidence to prove quality of products sold-No rationale in making adjustment only for one month-Reversal of adjustment is proper. [S.92CA]

S. 92C : Transfer pricing-Arm’s length price-Selection of comparable-Turnover filter-Turnover of assessee 332 crores-DRP is justified in directing turnover of 200 crores to 2000 crores-Multiple of 10 times turnover could not be adopted. [S.92CA]

S. 92BA : Transfer pricing-Specified domestic transaction-Arm’s length price-Avoidance of tax-International transaction-Business profits-AO failed to demonstrate as to how payments / expenditure was unreasonable / more than FMV-Addition is deleted. [S.9(1))(i), 40A(2)(a), 40A(2)(b), 44BBB,,144C]

S. 90 : Double taxation relief-Non-resident-agreement with group entity in India-assesee supplying material as per agreement-roles of every member of the consortium agreed upon-assessee did not carry out operations in India-Held sums not taxable in India-DTAA-India-Chaina. [S.2(31)]

S. 90 :Double taxation relief-Filing of Form 67 is a procedural/ directory requirement-Non-filing of Form 67 within the prescribed due date would not extinguish the substantive right of claiming credit of foreign tax credit.[S.90A, R. 128,Form No 67]

S. 90 : Double taxation relief-Credit for foreign tax paid-Delay in filing Form No. 67-Directed the Assessing Officer to decide the claim of the foreign tax credit on merits, after accepting the Form No. 67 and other related documents filed by the assessee-DTAA-India-Netherland [S. 90A ,154, Form,67 R. 128(9) Art. 23]

S. 80P : Co-operative societies-Delay in filing of return-Failure to file the return on due date-Not entitle to deduction-Adjustment made while processing return of income is valid-Not entitled to deduction-Liable to pay fee of Rs 5000. [S. 80 (P) (2) (A) (i), 80AC, 139 (1), 139(4), 143 (1) (a) ,234F]