S. 145 : Method of accounting-Development of property and construction-Percentage completion method (PCM)-As per clause (5) of Guidance Note issued by ICAI, cost of construction and also saleable project area needed to be taken into account while recognizing revenue under Percentage completion method-Matter remanded. [AS-9]

S. 145 : Method of accounting-Search-No incriminating evidence was found-No addition could be made on account of difference in stock of sugar-Valuation of stock-No addition could be made on account of difference in stock of molasses. [S. 132, 153A]

S. 144B : Faceless Assessment-Personal hearing through video conferencing not granted-Matter was to be remanded to Commissioner for de novo adjudication. [S. 143(3) Rule, 12]

S. 143(3) : Assessment-Limited scrutiny-Newspaper publication-Instructions are binding on revenue-Instructions cannot be ultra vires of section 119-Other expenses-Direct trading expenditure which were wrongly included in other expenses are to be excluded form the limited scrutiny. [S. 37(1), 119]

S. 115JB : Book profit-Disallowance under section 14A could not be added back to book profits. [S. 14A]

S. 115JB : Book profit-Exempt income-Disallowance of expenditure-Disallowance not to be added while computing book profit. [S. 14A,R. 8D].

S. 115BAA : Exercise of option by assessee for concessional taxation regime-Form 10-IC-By virtue of section 3(1)(b) of TLA, time permitted for filing Form 10-IC for availing concessional scheme of taxation under section 115BAA, must be treated as 31-3-2021, even when time permitted for filing of income tax return under section 139(1), in light of third proviso to section 3(1) of TLA and read with subsequent notification, was only up to 15-2-2021-Assessing Officer was directed to accept exercise of option by assessee for concessional taxation regime. [S. 139(1), TLA Act, 2020, S. 3(1)(b)]

S. 92C : Transfer pricing-Arm’s length price-Manufacturer and exporter of gem stones-Methods for determination of-Berry ratio-TPO was not justified in adopting berry ratio as an appropriate PLI-Adjustment made by TPO is deleted. [S. 92CA]

S. 90 : Double taxation relief-Foreign tax credit (FTC)-Filling of statement in Form 67 on or before due date specified for furnishing return of income under section 139(1) is mandatory in nature and not directory-Statement in Form 67 after a delay of two years from due date of furnishing return of income-No valid reason-Justified in disallowing FTC claimed by assessee due to non-filing of Form 67 within time. [S. 139(1), Rule, 128(9), Form 67]

S. 90 : Double taxation relief-Rental income-House properties situated in Australia and UK-Income declared in respective countries-Income not to be assessable in India-DTAA-India-Australia-UK. [S. 90(2), 90(3), Art. 6]