S. 145 : Method of accounting-Dealing in a large number of small items-Non-maintenance of stock register could not be basis for rejection of books of account-Applying Gross Profit Rate of year is not correct method of valuation of stock which ideally should be valued at cost or market price.

S. 144C : Reference to dispute resolution panel-In respect of period prior to 1-4-2020 cases in which no variations in returned income or loss were proposed, draft assessment orders were not required to be issued. [S. 92C]

S. 143(3) : Assessment-Survey-Undisclosed income-Accommodation entries-Commission income-Amount not recovered allowable as deduction from the undisclosed income estimated. [S. 28(i) 68, 133A]

S. 143(3) : Assessment-Notice issued without examining the return-Assessment order was quashed. [S. 142(1), 143(2)]

S. 142(2A) : Inquiry before assessment-Special audit-Extension of time given by Commissioner instead the Assessing Officer in getting books of account audited-Assessment completed after due date was void ab initio.

S. 139 : Return of income-Intimation-Demerger-Revised return can be filed even after issue of intimation. [S. 2(19AA), 72(4A), 139(5), 143(1)]

S. 120 : Jurisdiction of income-tax authorities-Power to transfer cases-Commissioner-Lucknow transferred different cases to Central Circle, Lucknow-Jurisdiction of TDS matters was not transferred-Order passed by Assistant Commissioner, Central Circle, Lucknow in case of assessee under section 201 was without jurisdiction. [S. 127, 201]

S. 115JB : Book profit-Disallowance made under section 14A cannot be subject matter of disallowances while determining book profit. [S. 14A, R.8D]

S. 92C : Transfer pricing-Arm’s length price-Notional interest on interest free loan-Rate of LIBOR plus 2 per cent is held to be justified.

S. 92C : Transfer pricing-Arm’s length price-Re sale without any further value addition-Resale Price Method (RPM) is most appropriate method for determining ALP of said international transactions.