S. 201 : Deduction at source – Failure to deduct or pay- Interest is automatic — Genuine belief that tax was not deductible at source is not relevant – Extra payment to meet costs constitute perquisites- Extra payment to meet costs in Foreign location is not entitled to exemption- Failure to deduct tax and deposit to Govt interest can be Levied- Unlike S.221 , S. 201(1A) is not hedged in by any requirement such as good faith or wilful default. Therefore, for levying interest, mens rea or wilful conduct is wholly irrelevant.[ S. 15, 10(14) , 17 , 192 , 221 ]

S. 158BC : Block assessment -Undisclosed income — Amount surrendered in the course of survey- Merely on the basis of statement in the course of search or survey addition cannot be made, if the assesseee is able to explain the differences- Actual concealment was less than the amount surrendered -Deletion on the basis of explanation is held to be valid . [ S. 132,133A ]

S.147:Reassessment —Subsequent receipt of tax evasion report from Investigation Wing of Income-Tax Department — Notice After Considering Report —Notice is valid – Error in name of the assessee in notice – Reply by assessee- Human errors and mistakes cannot and should not nullify proceedings which are otherwise valid and no prejudice had been caused- No prejudice to the assessee – Notice cannot be invalidated [ S. 143(1), 148, 292B ]

S.147: Reassessment — Client code modification -Information from investigation wing regarding evasion of tax by assessee —Notice is held to be valid .[ S. 133A,148 ]

S.144C : Reference to dispute resolution panel – Transfer Pricing Officer – Draft assessment order- Reference to TPO – Failure to comply with statutory requirement under S.144C, defects cannot be cured by issuing corrigendum – Order of assessment is held to be void . [S.92CA, 143(3), 292B ]

S. 92C : Transfer pricing – Arm’s length price -Difference between Knowledge process outsourcing and business process outsourcing- The conclusion of the Tribunal was justified and on facts the Tribunal was correct in excluding the comparable companies- Explanation to S. 92B By Finance Act, 2012 — Delay in realisation of trade debt — Transfer pricing provisions is applicable [ S.92B ]

S. 92A : Transfer pricing – Associated enterprises -Supplier of assessee is not manufacturer — Assessee and supplier Partnership is not controlled by individuals — Neither of Firms holding 10 Per Cent. interest in each other- Not associated enterprises .[ S.92C ]

S. 80HH :Newly established industrial undertakings – Back ward areas –Processing of cashew nuts in own factory and Industrial undertaking of sister concerns in backward areas —Entitle to deduction .

S.68:Cash credits — Share capital — Genuineness of investors in shares were not satisfactorily explained — Order of Tribunal is affirmed .[ S.260A ]

S.68 : Cash credits – Interest- Deletion of addition is held to be justified – Provision for forward contract -Question of fact [ S. 37(1) ,260A.]