S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Interest on outstanding receivables from AES-Outstanding dues beyond an agreed credit period are separate international transaction, which requires to be benchmarked separately and cannot be clubbed together with other transactions-Working capital adjustment subsumed accrued interest on trade receivables, and no separate adjustment should be made was not advanced before the TPO or the DRP-, Issue is restored back to the TPO.[R. 10A]

S. 69A : Unexplained money-Income Declaration Scheme, 2016-quoted wrong PAN No.-issue is restored to the AO for necessary verification. [Income Declaration Scheme, 2016]

S. 69 :Unexplained investments-Jewellley-Banl locker-Old jewellery was converted in to bullion-Addition is justified. [S. 132, 153A]

S. 68 : Cash credits-Repayment of loan-Addition is deleted-Loan outstanding-Report of the Inspector is not provided to the assessee-Violation of principle of natural justice-The matter is restored to the AO to provide the report of the Inspector to the assessee for his rebuttal with proper and supporting evidences.[S. 133(6)]

S. 68 : Cash credits-Survey-Disclosure of additional income as business income-Surrendered income cannot be assesses as cash credit and invoking the provision of section 115BBE of the Act. [S. 115BBE, 133A]

S. 56 : Income from other sources-Issue of shares at premium-Merchant banker on the basis of DCF method-No valuation by DCF method at the time of issuance of shares-Valuation report was obtained in the course of assessment proceedings-The AO is justified in determining the fair market value of shares by applying R. 11UA(2) and making addition by invoking section 56(2)(vib) of the Act. [S. 56(2)(vib), R.11UA(2)]

S. 54B : Capital gains-Land used for agricultural purposes-Agricultural land purchased in the name of wife-Not entitle for exemption. [S.45]

S. 48 : Capital gains-Mode of Computation-Cost of acquisition-Fair market value of land as on 1st April, 1981-Sale transaction through open auction in nearby Village Bhatauli, where the Ministry of Defence, Government of India purchased land on 3rd Nov., 1981 would be a better determinant of the fair market value of the land that was sold by the assessee-AO is directed to adopt the said value of the land for the purposes of determining the cost of acquisition and resultant indexed cost of acquisition while computing the capital gains in the hands of the assessee-[S.2(14), 45, 55(2)(b)]

S. 45 : Capital gains-Cost of acquisition-Slump sale-Adjustment of business impairment loss on land purchased as part of slump sale of business-Indexed cost of acquisition has to be calculated from the actual cost of land acquired by the assessee-Fixed assets schedule pprepared for Comoanies Act has no relevance, no depreciation can be allowed on free hold land-In the absence of proper details, the additions made by the AO are sustained. [S. 32, 48, 50B]