S. 92C:Transfer pricing – Arm’s length price – Commission – commission paid to Associated Enterprise at rate of 7.84 per cent as against 11 per cent paid to unrelated party was at ALP- Deletion of addition is held to be valid .

S.45: Capital gains- Revaluation of capital asset and crediting to partners current account and treating it as loan from partners – Amounted to violation of clauses (a) and (c) of proviso to S. 47(xiii)Transaction amounted to transfer of a capital asset – liability to pay tax on such capital gain would fall not on assessee-firm but on successor company. [ S. 47 (xiii) (a) , 47 (xiii) (b) , 47A ]

S. 37(1):Business expenditure -Contribution to recognized provident fund -Payment of pension to retired employees which had been duly approved and notified by Central Government under ‘Tuticorin’ Port Trust Employees Regulations, 1979, said payment being in terms pf statutory regulation, would fall within general deductions under S. 37(i) and, same could not be brought under S. 36(1)(iv) and (v) of the Act .[ S 36(1)(iv) 36(1) (v) ]

The Prevention of Money Laundering Act, 2002

S. 50(2): Summons- Summons cannot be quashed in Writ proceedings — [ S. 3, 50(3) , Art . 20 ,226 ]

S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 – Notice issued u/s 271AAA and subsequent corrigendum issued stating that notice was u/s 271AAB – Notice and subsequent levy of penalty is held to be valid .[ S. 132 ,271AAB ]

S. 271(1)(c) : Penalty – Concealment – Quantum became final – Jewellery disclosed in the course of search – Matter remanded to the Tribunal to give an opportunity of reconciling quantum of jewellery [ S.132 , 254(1) ]

S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record – Substantial justice – High Court has the power to condone the delay in filing of miscellaneous petition- Matter remanded to Tribunal to decide on merit. [S.254(1) ,271(1)) ( c ) Art .226 ]

S. 240 : Refund – Appeal – On assessment order is set aside –Refund is not automatic – Amount recovered is directed to be refunded with in four weeks from the date of the order passed by the Tribunal , in the event the appeal is decided in favour of the assessee. [S.253(3) ]

S. 234D : Interest on excess refund – Reduction of refund – Interest on excess refund – Amendment is applicable for regular assessment — Rectification of assessment after 1-6-2003 — Not a regular assessment — Amendment is not applicable . [ S.154 ]

S. 234A : Interest – Default in furnishing return of income – Long term capital gains – Rejection of one’s stand in a legal proceeding cannot be construed as an unavoidable circumstance- Interest cannot be waived . [S. 234B , 234C ]