S. 154 : Rectification of mistake-Unutilisation of MODVAT-Order of Assessing Officer and Commissioner (Appeals) got merged with order of Tribunal-Rejection of rectification application is justified [S. 254(1)]
S. 154 : Rectification of mistake-Unutilisation of MODVAT-Order of Assessing Officer and Commissioner (Appeals) got merged with order of Tribunal-Rejection of rectification application is justified [S. 254(1)]
S. 154 : Rectification of mistake-Interest-Compensation on Agricultural land-Failure to claim statutory deduction-Mistake apparent hence amenable for rectification. [S. 57(iv), 143(1)]
S. 145 : Method of accounting-Real estate business-Percentage completion method-Not justified in rejecting the method of accounting followed by the Assessee.
S. 144C : Reference to dispute resolution panel-Draft assessment order with demand notice-Initiating penalty proceeding-Draft assessment order being contrary to provisions of section 144C could not survive in eyes of law. [S. 156, 271(1)(c)]
S. 143(3) : Assessment-Provision for gratuity-Disallowed in the return-Addition is held to be not valid. [S. 37(1)]
S. 143(3) : Assessment-Protective assessment-Excess cash recovered from registered office of assessee-No substantive addition was made in hands of any other person-Addition u/s 69A would not survive. [S. 69A, 132]
S. 143(3) : Assessment-Charge of income-tax-Order passed by National Company Law Tribunal under section 31 of Insolvency and Bankruptcy Code, 2016 has overriding effect over anything inconsistent contained in Income-tax Act and it shall be binding on all respective entities including other stakeholders, which include Central Government, State Government and other local bodies-Matter remanded to the Assessing Officer. [S. 4, Insolvency and Bankruptcy Code, 2016, S 31, 238]
S. 140A : Self assessment-Failure to deposit admitted self-assessment tax-Financial difficulty-Levy of penalty is not valid. [S. 140A(3), 221(1)]
S. 92C : Transfer pricing-Arm’s length price-Related transactions constituted 96.30 per cent of total turnover for which margin was agreed to be 15.85 percent under MAP resolution-Same rate to be applied for non USA related transactions under EDS segment.
S. 92C : Transfer pricing-Arm’s length price-Resale Price Method (RPM)-Resale of goods imported from its AE to third party customers without any value addition-Resale Price Method (RPM) is Most Appropriate Method (MAM).