S. 143(3) : Assessment-Income from undisclosed source-Firm-Deposit of money in partner’s capital account-Explained the source-Addition cannot be made as undisclosed income of the firm-Cash deposited in the bank account of concern was accepted as genuine-Assessee received the payment by banking channels-Addition cannot be made as undisclosed income of the firm. [S. 69]
S. 115JB : Book Profits-Central warehousing Corporation-No Notification exempting from requirements of Schedule VI to Companies Act, 1956-Provision for payment of gratuity, bad and doubtful debts, Payment of wealth-tax, leave encashment and productivity linked incentives-Assessing Officer to verify claim of actuarial valuation and other documentary evidence to substantiate that liabilities were ascertained liabilities [S. 37(1), Companies Act, 1956, S. 211(3), Sch. VI].
S. 115BBE : Tax on specified income-Income from undisclosed income-Setting off any loss-Restrictions applicable prospectively with effect from 1-4-2017. [S. 68, 69, 69A, 69B, 69C]
S. 115BB : Winning from lotteries-Irrespective of the head of the income, the winnings from lotteries shall be taxed at a special rate-The business loss incurred by the assesse after exclusion of prize money earned from the unsold lottery tickets is eligible for set off against such winnings from lotteries. [S. 2(24)(ix), 28(i), 56(2)(ib), 58(4), 71]
S. 92CA : Reference to transfer pricing officer-Time-Limit for to pass order-Sixty days to be computed excluding last date for passing order-Order passed beyond limitation period of 60 days-Order is bad in law-Appellate Tribunal has the power to admit the additional ground raised as to jurisdiction. [S. 92CA(3), 143(3), 153, 254(1)]
S. 92C : Transfer pricing-Arms’ length price-safe harbour rules are optional for an eligible assessee-assessee has not exercised option for the safe harbour rules-entire set of rules from 10TA to 10TG cannot be operationalised. (ITR, 10B(1)€ & 10 TA)
S. 92C : Transfer pricing-Arm’s length price-Transfer Pricing adjustment cannot extend to non-AE transactions and to that extent a proportionate adjustment is warranted.
S. 92C : Transfer pricing-Arm’s length price-Depreciation adjustment can be allowed for computation of operating profit, only if there is variance in the depreciation rates applied with the comparable. [S. 32]
S. 92C : Transfer pricing-Arm’s length price-Depreciation adjustment can be allowed for computation of operating profit, only if there is variance in the depreciation rates applied with the comparable. [S. 32]
S. 92C : Transfer pricing-Arm’s length price-Comparable-Authorities justified in adopting combined accounts approach and confining addition to export segment-Functional similarity-Low turnover-Matter remanded-Draft Assessment order-Assessing Officer bound to follow Dispute Resolution Panel’s Direction. [S. 144C]