S. 115JB : Book profit-Forward foreign exchange -Not contingent in nature–Binding obligation on date of contract against the assessee-Deletion of addition by the Tribunal is affirmed– Question which was not raised before the Tribunal cannot be raised first time before Court during the Course of oral arguments. [S. 37 (1), 260A]

S. 92C : Transfer pricing–Arm’s length price–Comparable-Employee cost filter-Company which out sourced its work cannot be accepted as comparable–ITES services–Cannot be excluded merely because it did not make profit relevant assessment year.

S. 80HHC : Export business-Entitle to deduction on gross total income without reducing it by the deduction allowed u/s. 80IB of the Act. [S. 80IA (9), 80IB]

S. 69C : Unexplained expenditure–Bogus purchases– Accommodation entries-Restricting the disallowances at 5% of alleged bogus purchases is held to be justified–Entire purchases cannot be disallowed. [S. 37(1)n, 144]

S. 68 : Cash credits–Loans from a person outside India–Failure to prove creditworthiness of creditor–Certain documents produced first time before High Court–Addition is held to be justified. [S. 260A]

S. 68 : Cash credits-Entries found in the books of account seized from premises–Failure to explain–Addition is held to be valid.

S. 68 : Cash credits–Share capital-Substantial part of share application money was received in earlier assessment years– Balance amount sufficient evidence was produced such as identity and genuineness-Deletion of addition is held to be valid.

S. 40A(2) : Expenses or payments not deductible–Excessive or unreasonable-Sub-contractors-Relatives of partners–20% of disallowance up held by the Tribunal is affirmed. [S. 37(1) ]

S. 37(1) : Business expenditure–Cheque issued–Realised in next assessment year–Cheque is not dishonoured but encashed, payment relates back to date of tendering of cheque and date of payment would be date of delivery of cheque-Allowable as deduction during previous year.

S. 32 : Depreciation-Passive use of the assets-Unabsorbed depreciation-Business was stopped and assets were not in use for period of 24 years-Depreciation is neither allowable nor set off of carried forward of depreciation for previous year. [S. 32 (2), 72]