S. 92C : transfer pricing–Arm’s length price–Professional fees-TNMM-CUP method–Matter remanded to the TPO.

S. 92B : Transfer pricing–Corporate guarantee-International transaction-Directed to take 1% as arm’s length price. [S. 92C]

S. 70 : Set off of loss–Long term capital loss against long term capital gains-Long term capital loss arising out of sale of shares cannot be set off against long-term capital gain from sale of shares subjected to STT and claimed exempt u/s. 10 (38)-Directed the AO to allow carry forward of long term capital loss as claimed by the assessee.[S. 2(14) 10(38), 45, 74]

S. 69 : Unexplained investments–Income from undisclosed source-Alleged sale of scraps-Addition is held to be not justified.[S. 4, 145]

S. 68 : Cash credits–Capital gains-Share transactions–Assessee has discharged the onus cast upon him-AO is directed to accept the long term capital gain declared by the assessee. [S. 45]

S. 68 : Cash credits-Bogus sales–Purchase and sales accepted as recorded in the books of account–Books of accounts not rejected-Statement of third party was neither provided nor opportunity of cross examination-Addition by applying the GP rate of 8.8% on sales is directed to be deleted. [S. 44AB, 145]

S. 64 : Clubbing of income–Set-off of business loss of the wife in the assessment of husband-Entire amount of loss resulting from the business started by wife with the gifts received from her husband is liable to be clubbed in the hands of the assessee. [S. 64(1) (iv)]

S. 55 : Capital gains-Cost of acquisition–Justified in claiming capital loss by taking as cost of acquisition of shares–On the next working day–AO has wrongly adopted the weighted average price of next day. [S. 45, 55(2)(ac), 115AD]

S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Percentage completion method adopted-Stamp valuation-Free cost to tenant – Addition on the basis of stamp valuation is up held-Difference between the value adopted by the stamp valuation authority and the actual sale consideration was less than 15%,-Addition is held to be justified-Amendment is only with effect from 1-04-2019. [S. 50C]

S. 43(5) : Speculative transaction–Hedge-Export business-Foreign currency derivate contracts are speculative in nature and loss arising out of the same has to be treated as speculative loss-The AO was directed to restrict the actual loss in lieu of actual export after verification of contract notes, etc. and the assessee was also directed to cooperate with the Department by producing all particulars.