S. 92C : Transfer pricing-Arm’s length price-Exclusion of comparables-Order of Tribunal affirmed. [S. 260A]

S. 44 : Insurance business-Life Insurance business-Income to be computed under Rule 2 To First Schedule-Loss from pension fund can be set off and also carried forward. [S. 10(23AAB), 10A, 115B]

S. 43(5) : Speculative transaction-Derivatives-Amendment not retrospective-Entitled to set off of loss incurred in transactions of derivatives against business-As amended by Finance Act, 2005 With Effect From 1-4-2006 [S. 28(1), 43(5)(d), 70, 73]

S. 43(1) : Actual cost-Depreciation-Subsidy-Subsidy received from Government-Proviso and Explanation 10 to Section 43(1) by Finance (No. 2) Act, 1998-Not retrospective in operation-Matter remanded for verification. [S. 32]

S. 32 : Depreciation-Motor Vehicles-Additional depreciation-Charitable Trust-Operating buses to transport students to Schools-Not entitled to additional depreciation. [S. 11, 12A, ITR 1962, Appx. I, Item III-2(ii)]

S. 22 : Income from house property-Lease of immovable property Lease agreement as owner of immovable property and not as owner of a business asset-Income assessable as income from house property.

S. 12AA : Procedure for registration-Trust or institution-Corpus donation of funds to another charitable trust-In One Accounting Year-Registration could not be cancelled. [S. 2(15), 11]

S. 11 : Property held for charitable purposes-Voluntary contributions towards corpus fund used for purchase of land-Allowable as application of income. [S. 11(1)((d)]

S. 4 : Charge of income-tax-Capital or revenue-Compensation received on account of failure of performance guarantee-Matter remanded to Tribunal. [S. 254(1)]

S. 2(1)(a) : Appellant-Declarant-Condonation of delay-Effect of Circular of CBDT dated 4-12-2020-The rejection of the declaration was not justified-The declarations of the assessee shall be accepted and thereafter dealt with as provided under the Act. [Art. 226]