S. 144B : Faceless Assessment-Jurisdiction of Assessing Officer-Territorial Jurisdiction- Additional Commissioner of National Faceless Assessment Centre Vested with Jurisdiction to issue notice- Appeal and rectification application filed- Writ is not maintainable. [S.119(2), 120, 124 (2), 143(2) 154, 246A, General Clauses Act, 1897, S. 24, Art. 226]

S. 144 : Best judgment assessment-Estimation of gross receipt-Special Audit Report —Special Audit Report for earlier assessment year cannot be basis to make addition for later assessment year- Matter remanded to Assessing Officer for re computation of income. [S. 37, 142(2A), Art. 226]

S. 143(3): Assessment- Principle of natural justice-Reply of assessee is not considered- Order is set aside. [Art. 226]

S. 132A : Powers- Requisition of books of account- Cash seizure- Reassessment notice- Review petition —Information provided under Right to Information Act incorrect-Review petition dismissed.[147, 148, 148A, Art. 226]

S. 119 : Central Board of Direct Taxes- Circular- Delay in filing return- Condonation of delay- National Company Law Tribunal- Revised books of account- Genuine hardship- Power vested in Authority to be judicially exercised- The assessee could file before the jurisdictional Assessing Officer physical returns of income based on books of account revised under section 130(2) of the 2013 Act, as taken on record by the National Company Law Tribunal for the assessment years 2015-16 to 2020-21 within the time stipulated in this order- SLP of Revenue is dismissed. [S. 119(2)(b). 139(4), Companies Act, 2013, S. 130, Art. 136]

S. 115JB : Company- Book profit-Long-term capital gains-Order of Tribunal allowing the exemption is affirmed. [S. 10(38), 260A]

S. 92CA : Transfer pricing Reference to Transfer Pricing Officer- Arm’s Length price- Avoidance of tax- Comparables- Objections of assessee on account of functional dissimilarities is not considered by Tribunal-Matter remanded to Transfer Pricing Officer.[S.92CA(3), 254(1)]

S. 92CA : Transfer pricing Reference to Transfer Pricing Officer- Arm’s Length price- Avoidance of tax- Net profit margin-That Profit margins required to be compared with profit margins of enterprise and not that of any sub-unit or division of enterprise-Res Judicata- Once accepted in earlier year as initial year- Thee same has to be accepted- Company- Splitting transactions unit wise for determining Arm’s Length Price would not be apposite —Order of Tribunal holding payroll taxes as allowable expenditure is not erroneous- Expression an international transaction is to be construed in plural. [S. 2(31),10A, 92CA(3), 92F(iii) R.10A]

S. 80I : Industrial undertaking- For computing deduction under section 80I, it would be necessary to give effect to, and factor in, deduction allowed under section 33AC and if result of such deduction under section 33AC was that there was no profit from ship-Deduction under section 80I is allowable-Shipping business-Reserves-Reserve created to be primarily used for acquiring new ship- Cannot partake character of profit-Deduction inextricably linked to business of shipping with direct nexus to shipping operations brought out in provision itself-Total income-Income from capital gains and other sources contribute merely in computation of scale of cap on deduction-Profits of ship to be given effect to and factored in for computation of deduction under Sectionm80I- Provision for creating reserve to acquire new ship-Amendment not applicable to relevant assessment years prior to effective date-Proportionate allocation- Court cannot provide own basis and proportions for apportionment in appeal- Interpretation of meaning of word Ship in provision.[S.80I(3), 80I(6),260A]

S. 68 : Cash credits- Cash deposit in the bank-No reasonable explanation- Addition is affirmed. [S.260A]