S. 32 – Depreciation –UPS and Date drive part of computer system and eligible for higher rate of depreciation

S. 28(i) : Business loss – Mark to market loss in derivative transactions – derivatives held as stock-in-trade – valued on the principle of cost or market value whichever is lower – Held, allowable.

S. 13 : Denial of exemption-Trust or institution-Investment restrictions – Land and interest free loan given to a trust not registered u/s 12AA – Held, objects of the assessee and the recipient trust were same would not make the latter a registered trust u/s 12AA – Denial of exemption is justified . [S. 11, 12AA]

S. 10A : Free trade zone – Sale by the assessee to HO outside India would amount to Export eligible for deduction u/s 10A of the Act.

S. 4 :Charge of income-tax – Discrepancy in AIR data and Form 26AS – Assessee disputed certain transaction reflected in AIR data but claimed credit of TDS – Held, not permissible – Held, AO to verify whether credit of TDS wrongly taken and whether the income does not belong to the assessee. [ Form 26AS]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Third party statement not provided to the assessee, during revisional proceedings, basis which fresh enquired directed – Order is Invalid and remanded to the CIT for providing material and hearing objections.

S. 260A : Appeal – High Court -Notice of motion for disposal of appeal vis-a-vis pendency of appeal in the first round – Directions sought –To decide the second round of appeal basis decisions rendered by various Courts cannot be granted as the second round of proceedings have not yet culminated in a final order of the Tribunal. [ S.254 (1)]

S. 245HA : Settlement Commission – Income-tax Settlement Commission (ITSC) went wrong in rejecting assessee’s settlement petition treating it as having abated under S. 245A(1)(iv) without any finding that the delay was attributable to the assessee [ S.245C, 245D]

S. 246A : Appeal – Commissioner (Appeals) –Filed before wrong authority-Appeal for AY 2015-16 was filed before wrong authority i.e. Ayakar Sevakendra [ASK] instead of CIT(A)] – CIT(A) to entertain the appeal filed (on merits) along with stay applications and pass orders on stay – Demand to be kept in abeyance till CIT(A) passed the relevant orders- Matter remanded.

S. 194H : Deduction at source –Commission or discount to distributors – Arrangement between assessee company and the distributor that of principal to principal basis- Amount receivable from distributor was adjusted / reduced and no commission was paid as such – Regarding MRP – restrictions on distributor (price fixed and expenses to be managed by distributor)- not to decide the relationship of principal and agent – Provisions of S.. 194H were not applicable and proceedings under S.. 201 or S.. 201(1A) are misconceived.[ S.201, 201(IA)]