S. 115BAA : Exercise of option by assessee for concessional taxation regime-Form 10-IC-By virtue of section 3(1)(b) of TLA, time permitted for filing Form 10-IC for availing concessional scheme of taxation under section 115BAA, must be treated as 31-3-2021, even when time permitted for filing of income tax return under section 139(1), in light of third proviso to section 3(1) of TLA and read with subsequent notification, was only up to 15-2-2021-Assessing Officer was directed to accept exercise of option by assessee for concessional taxation regime. [S. 139(1), TLA Act, 2020, S. 3(1)(b)]

S. 92C : Transfer pricing-Arm’s length price-Manufacturer and exporter of gem stones-Methods for determination of-Berry ratio-TPO was not justified in adopting berry ratio as an appropriate PLI-Adjustment made by TPO is deleted. [S. 92CA]

S. 90 : Double taxation relief-Foreign tax credit (FTC)-Filling of statement in Form 67 on or before due date specified for furnishing return of income under section 139(1) is mandatory in nature and not directory-Statement in Form 67 after a delay of two years from due date of furnishing return of income-No valid reason-Justified in disallowing FTC claimed by assessee due to non-filing of Form 67 within time. [S. 139(1), Rule, 128(9), Form 67]

S. 90 : Double taxation relief-Rental income-House properties situated in Australia and UK-Income declared in respective countries-Income not to be assessable in India-DTAA-India-Australia-UK. [S. 90(2), 90(3), Art. 6]

S. 80P : Co-operative societies-Agricultural cooperative society-Section 80A(5) was applicable only when a return of income was filed by an assessee and a deduction under chapter VIA was not claimed in such return and it would not apply to a case where no return of income was filed-Matter remanded-Provision of section 80AC is not applicable to claim under section 80P. [S. 80A(5), 8AC]

S. 69A : Unexplained money-Cash-Demonetization-Cash deposits made in bank accounts-Books of account not rejected-Addition based on surmise and conjectures was deleted. [S. 132, 115BBE, 153A]

S. 69A : Unexplained money-Vouchers-Cash book-Search-Matter was remanded back for reconsideration. [S. 132, 153A]

S. 68 : Cash credits-Share capital-Share premium-Shares allotment-Converted fully convertible debentures (FCDs) into equity shares on same price of FCDs-No credit entry during the year.

S. 68 : Cash credits-Purchases-Shown as trade creditors-Confirmation was filed-Payments were made through banking channels-Addition is not valid.

S. 57 : Income from other sources-Deductions-Interest-Not brought on record any documentary evidence to show that it had incurred interest expenditure as against income assessed under head ‘Income from other sources’-Disallowance of interest expenditure was confirmed. [S. 56]