S. 253 : Appellate Tribunal-Appeals-Monetary limits-Low tax effect-Appeal of Revenue is dismissed.[S. 253 (2)]

S. 251 : Appeal-Commissioner (Appeals)-Powers-Commissioner (Appeals) directing Assessing Officer to verify and allow claim-Not tantamount to setting aside or remanding matter to Assessing Officer-No violation-Order is up held-Other issues matter is remanded to the Assessing Officer. [S.54F, 69, 251 (1)(a)]

S. 153A: Assessment-Search-Credit card payments-Unexplained investments-No incriminating material found in search-Deletion of addition by CIT(A) is affirmed-Income of any other person-Presumption as to books of account and articles or things could not be extended to material of different person.[S.69, 132, 132(4A), 153C]

S. 145 : Method of accounting-Rejection-No specific defect in books of account-Rejection is not justified-Re payment of sundry creditors in next year-Addition is not justified.[S. 68, 145(3)]

S. 145 : Method of accounting-Rejection of books-Books not updated as on date of survey and discrepancies between stocks and cash physically found-Rejection is proper-Sale of jewellery-Cash received-Genuineness of transaction not proved-Addition is affirmed-Levy of interest is mandatory. [S.68,133A, 234B, 234C]

S. 145 : Method of accounting-Rejection of books of account-Without identifying any specific lacuna rejection of books of account is unjustified-Cash credits-Survey-Cash sales-Deposited in to bank-No Discrepancies found in stocks and purchases-Addition based solely on statement of third party-Opportunity for cross-examination not granted-Addition is deleted.[S. 68, 133A, 145(3)]

S. 144C : Reference to dispute resolution panel-Assessing Officer passing final assessment order before Transfer Pricing Officer gave effect to directions of Dispute Resolution Panel-Final assessment order rectified on application of assessee after Transfer Pricing Officer gave effect to directions-Rectified final assessment order deemed to be within limitation-Final assessment order is valid. [S. 144C(13), 154]

S. 143(3): Assessment-Accommodation entries-Bogus purchases-Sales accepted-Only profit element embedded in alleged bogus purchases can be added and not value of purchase.[S. 5]

S. 143(3): Assessment-Jurisdiction-Central Board of Direct Taxes, by its Instruction No. 1 of 2011, dated January 31, 2011-Monetary limits-Vest with ITO-Notice under section 143(2) is issued by the Deputy Commissioner is not valid-Assessment is quashed. [S.119,120, 143(2)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Functionally different-Comparable to be excluded-Paying Technical support service fees to Associated Enterprise-Matter remanded–External commercial borrowings-Adopting Arm’s Length interest rate as per Master Circular of Reserve Bank of India-Transfer Pricing Officer adopting rate based on Libor-Adjustment upheld-Interest cost-Interest On Overdue Receivables from Associated Enterprises-Receivables constitute international transactions-Transactional Net Margin Method-Net Margin computed would consider interest cost-Addition is deleted-Expenses reimbursed-Addition upheld in absence of evidence. [S.92CD]