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]

S.80IA: Industrial undertakings – Enterprises engaged in infrastructure development – Captive power plant – Specified domestic transaction – Transfer Pricing -ALP of inter-unit transfer of electricity – For benchmarking transfer of power from captive power plant to assessee’s own manufacturing units, the proper CUP is the tariff at which State Electricity Distribution Company supplies power to industrial consumers and not the lower rate at which it procures power from generators – TPO was not justified in adopting MSEDCL purchase rate and making downward TP adjustment – Relief granted by CIT(A) upheld. [S. 10B, 80A(6) , 80IA(8) ,92BA , 92C , 92F(ii)]

S. 153C: Assessment of income of other person – Addition on basis of loose papers / diaries seized from third party – No reference to assessee by name – Identification only on basis of code “DD”, mobile data, WhatsApp chats and Truecaller – Not permissible – No incriminating material “belonging to” or “relating to” assessee – Jurisdiction u/s 153C not valid – Addition of ₹32.14 crore deleted.[ S. 69, 69A , 69C , 132 , 132(4A), 292C ]

S. 68 : Cash credits – Long-term capital gains – Penny stock – Addition based solely on Investigation Wing report without independent enquiry – Documentary evidences not disproved – Transactions through demat and stock exchange – Addition deleted – Suspicion cannot replace evidence.[ S. 10(38 ), 45 ]

S. 69A: Unexplained money – Cash deposits during demonetisation – Explained source as past withdrawals and share of siblings – Affidavit was filed before the Tribunal reaffirming the submissions made before the Assessing Officer and CIT (A) – Addition deleted as AO failed to rebut evidence and discharge burden- Additional ground admitted . [ S. 115BBE ,254(1) ]