S. 92C : Transfer pricing-Functionally different company cannot be selected as a comparable for arriving ALP of an international transaction.

S. 92C : Transfer pricing-Arm’s length price-Protective assessment by invoking Brightline method-Concept of ‘protective assessment’, as known to income tax law, had no application to assessee’s case- Merely because a binding judicial precedent from jurisdictional High Court had been challenged by revenue authorities before Supreme Court-Binding nature of a judicial precedent, as long as it hold field i.e. was not overturned, remained unaffected-Addition is deleted.

S. 92C : Transfer pricing-Capital or revenue-Adjustment On account of Advertisement, marketing and promotion (AMP) expenses- Roughly 60% of bills were furnished to AO in original proceedings- Matter remanded to AO for verification.

S. 68 : Cash credits-No return was filed by the lenders-Matter is remanded to prove creditworthiness of lender.

S. 68 : Cash credits–Share application–Non–resident–Having meagre income–Credit worthiness not proved–Addition is held to be justified.

S. 68 : Cash credits-Share capital and premium-issue of share premium is not relevant for cash credits-Identity, genuineness of transaction and creditworthiness of parties established -Deletion of addition is held to be justified.

S. 68 : Cash credits-Share application money–Natural justice violated -Examining such persons in Kolkata at back of assessee would be clear violation of principles of natural justice—Matter remanded. [S. 131]

S. 54F : Capital gains-Investment in a residential house–Property purchased in the name of wife–Loan was sanctioned in the name of wife – Not entitle to exemption. [S. 45]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors were paid in subsequent year- Deletion of addition is held to be justified.

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability -Sundry creditors – Produced details of court cases at Kuwait and correspondences with its overseas buyers/agents its efforts for making recovery to justify that these payments were still due from customers albeit same was produced before tribunal for first time—No justification in confirming additions.