S. 143(2) : Assessment-Notice Issue of notice prior to filing return of income-Order invalid. [S. 147, 148]
S. 143(2) : Assessment-Notice Issue of notice prior to filing return of income-Order invalid. [S. 147, 148]
S. 115JB : Book profits-Computation-Expenses on initial Public Offer-Assessing Officer to consider book profits as per treatment given in finalisation of accounts.
S. 115JAA : Book profit-Deemed income-Tax credit-Surcharge and cess part of Income-Tax available for adjustment against Minimum alternate tax credit. [S. 115JB]
S. 92C : Transfer pricing-Arm’s length price-Comparables-Companies with turnover in excess of Rs. 200 Crores-Not Comparable-Companies functionally different and those with diversified activities without segmental details not comparable–Working capital adjustment to be computed on basis of actuals without an upper limit-Matter Remanded-Reference to Transfer Pricing Officer-Limitation-Extended limitation available to Revenue. [S. 92CA, 144C, 153]
S. 92C : Transfer pricing-Arm’s length price-Comparables-Data could be compared from audited accounts of companies-Working Capital adjustment-Failure to consider correct figures while Computing adjusted margin-Directed to consider correct figure. [S. 92CA, 234B]
S. 92C : Transfer pricing-Arm’s length price-Comparables-Companies having no segmental information or subject to extraordinary event or companies fully involved in related-party transactions-Not comparable. [S. 92CA]
S. 92C : Transfer pricing-Arm’s length price-Arm’s Length Price-Comparables-Functionally distinct with different areas of development and services-Cannot be benchmarked-Directed to exclude two comparables and include one comparable based on appreciation of evidence. [S. 92CA]
S. 69C : Unexplained expenditure-Bogus purchases-Books of account not rejected-Identity of party established and genuineness of transactions proved-Deletion of addition is justified. [S. 145]
S. 68 : Cash credits-Cash deposit in bank-Past withdrawals-Household withdrawals explained-Addition is held to be not valid.
S. 68 : Cash credits-Unsecured loans-Proved identity creditworthiness and genuineness of transactions-Relying on statement of third parties without giving an opportunity of cross examinations, additions cannot be made. [S. 131]