S. 148: Reassessment-Notice Limitation-Time-limit for issuing of notice under s. 148 for asst. yr. 2015-16 under the old provisions was 31st March, 2022-Notice issued on 28th June, 2021-Not covered under TOLA]-Barred by limitation. [S. 144C(13), 147, 149(1)]

S. 147: Reassessment]-Recorded reasons]-No addition was made based on recorded reasons. An issue that was not subject matter; no addition can be made.[S.68, 148]

S.147: Reassessment]-After the expiry of four years-No failure to disclose material facts-The essential conditions precedent to invoke the jurisdiction to reopen the assessment are absent-Consequently, issuance of notice under s. 148 is ab initio void.[S. 143(3), 148]

S.147: Reassessment]-After the expiry of four years-Information from the Addl. Director of IT(I&CI)-Interest income]-Excess loss of inventory in respect of obsolete stock-Reassessment was held to be valid. [S. 115JB, 148]

S. 144C: Reference to dispute resolution panel-Non-resident-Draft assessment order-Validity of assessment]-Eligible assessee]-[S.144C(15)(b), 147, 148]

S. 143(3): Assessment]-Limited scrutiny-Conversion of limited scrutiny into complete scrutiny without prior approval-Cash deposit-AO was obliged to take the specific permission of the Principal CIT before expanding the scope of enquiry to cover the credits in the assessee’s bank account-Failure to do so is a clear violation of the CBDT Instruction No. F. No. 225/402/2018/ITA.II, dt. 28th Nov., 2018-The addition made by him is not sustainable-Cash credit]-Reconciliation was filed]-Addition was deleted. [S.68]

S. 143(3): Assessment-Limited scrutiny-Addition made on other issues-AO exceeded his jurisdiction in disallowing the capital loss and determining the business loss by allowing set-off against capital gain-The order of the AO is set aside.[S. 45, 143(2)]

S. 115JB: Company-Book profit]-Method of accounting-Provision for loss of inventory-Diminution in value of asset-Any reduction in the value of inventory is to be added back to book profit computed in terms of s. 115JB(2)-Addition is affirmed. [S.115JB(2), 145]

S.115BAC: Tax on income of individuals and Hindu undivided family]-Assessment]-Non-filing of Form No.10-IE-Claiming the benefit of option-The denial of exercise of this option in the relevant year for failure to file Form No. 10-IE is not in accordance with law. [S.115BAC(5), Form No-10-IE]

S. 92C: Transfer pricing]-Arm’s length price-Avoidance of tax-International transaction-Advertisement, marketing and sales promotion (AMP) expenses-TP adjustment made on account of AMP expenses incurred by the assessee is not sustainable-Selection of comparables-For benchmarking under the RPM, functional attribute is a primary factor rather than the similarity of the products-Reimbursement of expenses-TPO, as well as the DRP, were not justified in treating the value of the international transaction of reimbursement of expenses to be Nil.[S.92CA]