S. 159 : Legal representatives – Return – Condonation of delay – Executor of will is covered within expression “legal representative” and is liable to be assessed in respect of income of deceased – Delay in filing return directed to be condoned. [S. 2(29), 119(2)(b), 139, 159, Code of Civil Procedure, 1908, S. 2(11), Art. 226]

S. 153C : Assessment-Income of any other person-Search-Seized documents relating to cash payments for land purchase pertaining to earlier year-No incriminating material having bearing on income of relevant assessment years-Notice and proceedings held invalid and quashed.[S.132A, 153A, Art. 226]

S. 153 : Assessment-Limitation-Proceedings under s. 144C-Whether time consumed in DRP procedure is to be included within limitation prescribed under S. 153-Divergent judicial views-Issue relating to applicability of twelve-month limitation under S. 153(3) even in DRP cases and determination of maximum permissible period for completion of assessment referred to Larger Bench. [S. 144C, 153(3)]

S. 149 : Reassessment-Time limit for notice-Finding or direction in appeal-S. 150 cannot be invoked to revive time-barred reassessment proceedings-Notice issued beyond limitation invalid. [S. 148, 148A(d), 150, Art. 226]

S. 119: Central Board of Direct Taxes-Circular-Return-Condonation of delay-Belated filing of Form 10-IC-Genuine hardship-Filing of Form 10-IC prior to filing of return not mandatory-Delay is to be condoned where substantial justice warrants relief.[S. 115BAA, 119(2)(b), Art. 226]

S. 92C : Transfer pricing-Arm’s length price-MAP settlement under India-USA DTAA applicable only to transactions covered under MAP-ALP of non-US transactions cannot be determined on basis of MAP framework-ALP to be independently determined under Act and Rules-DTAA-India-USA [S.92CA, R.10B, Art. 27]

S. 56 : Income from other sources-Issue of shares at premium-Valuation of unquoted shares-DCF method-FMV determined on basis of expert valuation report cannot be rejected merely due to general disclaimers-Valuation under DCF method permissible under Rule 11UA-Assessee’s substantiated valuation to be accepted-Order of Tribunal affirmed. [S. 56(2)(viib), R. 11UA]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Short deduction-Disallowance cannot be made for short deduction of tax at source. [S. 194C, 194J]

S. 37(1) : Business expenditure-Bad debt-Advances given in the course of business written off-Genuineness of advances not doubted-Books audited by statutory auditors-Write-off allowable as deduction-Order of Tribunal affirmed. [S. 28(i), 36(1)(vii), 260A]

S. 10B : Export oriented undertakings-Site transfer income-Derived from-Appellate Tribunal-Duties-Tribunal had not given any reasons as to how ‘Site Transfer Income’ constituted income derived from business of undertaking, matter was remanded back to Tribunal for deciding ground of deduction under section 10B qua ‘Site Transfer Income’. [S. 254(1)]