S. 147 : Reassessment-After the expiry of four years–Depreciation-Granted on Bridge at rate applicable to building instead of rate applicable to plant and machinery-Reassessment valid-Direction of CIT(A) to allow amortization of expenditure incurred during tenure of agreement is justified. [S. 32(1)(ii), 37(1), 143(3), 148]
S. 145 : Method of accounting-Developer-Mercantile system of accounting-Completion project-Deletion of additions on account of estimation of work-in-progress is justified.
S. 139 : Return of income-Return of loss-Non-Resident company-Return of loss filed beyond due date-Not eligible to carry forward losses. [S. 139(1)]
S. 133A : Power of survey-Statement during survey-Addition cannot be made merely on the basis of statement in the course of survey without bringing any corroborative evidence on record-CBDT Instructions F. No. 286/2/2003-It (Inv), Dated 10-3-2003 and F. No. 286/98/2013-It (Inv. Ii), Dated 18-12-2014. [S. 119]
S. 92C : Transfer pricing-Arm’s length price-Purchase of sap licence-Details submitted but authorities failing to consider-Application of benefit test instead of methodology set out in Act and rules not sustainable. [R. 10B]
S. 92C : Transfer pricing-Arm’s length price–Transactional Net Margin Method-Selection of comparables-Tribunal for the earlier year directing exclusion of all companies having annual turnover less than Rs. 5 crores in Information Technology enabled services segment-Order of Transfer Pricing Officer including company having turnover below Rs. 5 Crores from Segment-Not justified. [S. 92CA]
S. 92C : Transfer pricing-Arm’s length price-Rendering business support services-Reimbursement with mark-up-Matter remanded to CIT(A) for adjudication de novo.
S. 92C : Transfer pricing-Arm’s length price-Rendering business support services-Reimbursement with mark-up-Matter remanded to CIT(A) for adjudication de novo.
S. 92B : Transfer pricing-Arm’s Length Price-Provision of corporate guarantee to associated enterprise-International Transaction-Order of CIT(A) is affirmed. [S. 92C]
S. 80P : Co-operative societies-Interest earned on money deposited in Nationalised Bank-Taxable as income from other sources-Interest earned on securities with Reserve Bank of India-Eligible for exemption-Enhanced business profits on account of disallowances-Qualify for exemption-Members includes nominal members and extraordinary members-Eligible for exemption. [S. 56, 80P(2)(a)(i), Maharashtra Co-operative Societies Act, 1960]