S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Notional interest on receivables due from AE-Outstanding receivables from AE are an international transaction-LIBOR being the internationally accepted rate of interest for benchmarking, LIBOR plus 200 basis points should be adopted for imputing interest on overdue receivables.[S.92B]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Surcharge on sale of air tickets to AEs-There is no evidence that assessee has charged a surcharge to non-AEs higher than what is chargeable to AEs-The AO is directed to delete the adjustment made to the ALP of the international transaction of sale of air tickets. [S.92CA]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Sale of power by assessee’s eligible units to non-eligible units-Market value-Matter remanded.[S.80IA(8), 92BA]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Inter-unit sale of electricity-the enhancement made by the DRP by resorting to weighted average of purchase price of electricity by BEST @ Rs. 5.11 per unit is not tenable-Accordingly, addition made by the AO/TPO in respect of sale of electricity by the eligible units to non-eligible units is not sustainable.

S.87A: Rebate on Income-tax in case of certain individuals-Tax on short-term capital gains-Computation of income under S. 115BAC-No restriction in S. 111A which reflects the tax rate on short-term capital gains that the rebate under s. 87A would not be eligible for short-term capital gains.[S.111A]

S.87A: Rebate on Income-tax in case of certain individuals-Tax on short-term capital gains-Computation of income under S. 115BAC-Amendment made by the Finance Act, 2025 supports the view that under the unamended provision applicable for asst. yr. 2024–25, rebate under S 87A cannot be denied merely because tax arises under s. 111A-The assessee is eligible for rebate under s. 87A for asst. yr. 2024-25 even though the income includes STCG taxable under s. 111A[S. 111A,112A(6), 115BAC]

S. 80JJA: Bio-degradable waste-Collecting and processing-Belated filing of audit report requirement of furnishing the report of an accountant is mandatory-Procedural aspect The report of the Accountant in Form 10DA was available before the CPC at the time of passing intimation under S. 143(1), even though the same may not be filed on or before the due date of furnishing the same-The assessee is entitled to claim the deduction under S. 80JJAA [S.139(1), 143(1) Form No 10DA R.19AB]

S. 80IC: Special category States-Profits and gains derived from industrial undertaking-Income from sale of scrap-Scrap was a by-product arising directly from the manufacturing process undertaken at the eligible unit-Eligible for deduction-Disallowance under S. 40(a)(ia) would form part of the eligible profits for the purpose of deduction under s. 80-IC, allowable deduction. [S.40(a)(ia)]

S. 80IB: Industrial undertakings-Manufacture or production-Production of paints, varnish and thinners-Casual workers-The undertaking engaging ten or more workers-Entitled to exemption.

S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Claim was not made in the return-Additional ground before CIT(A)-The disputed claim of deduction under S. 80-IA(4) was neither made in the original return nor in any revised return till the conclusion of the assessment proceedings-Claim was made first time before CIT(A)-Additional ground was rejected-Not eligible for deduction.[S. 80A(5),80IA(4), 139(1), 139 (4), 250]