S. 139 : Return of income-Revised return after amalgamation-Effect of order of Tribunal or Court in respect of business reorganisation-Provisions of section 170A, as inserted by Finance Act, 2022, would not apply for assessment year 2021-22, but for and from assessment year 2022-23.[S. 139(5), 170, 170A, Art. 226]

S. 132 : Search and seizure –Block assessment-Validity of search proceedings-Satisfaction note was not produced before the Court in spite of specific direction given by the Court-All proceedings including the prosecution are quashed-Court also observed that the order does not preclude the Revenue from taking any such proceedings as they may be so advised and to utilise the information or material in such proceedings against the assessee as is permissible in law. [S. 132, 153A, 158BC, 158BFA, 276C, 277, 278B, Art. 226]

S. 127 : Power to transfer cases-From ITO, Udaipur to ITO, Kozhikode-Opportunity of hearing is not given-Order and notice is quashed and set aside. [Art.226]

S. 115BAA : Tax on income of certain domestic companies-Determination of tax in certain cases-Failure to file Form No.10IC electronically-Higher rate of tax-Directed to move an appropriate application before CBDT for granting leave to file Form No. 10IC. [S. 119(2)(b), Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction–PLI vis-a-vis extra-ordinary item-Solar test activity was an extraordinary item and was not part of the regular business of assessee and there was impairment of asset and therefore it had to be excluded for arriving at PLI-No substantial question of law.[S. 260A]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Comparables, functional similarity-Software products and services-Selected company dealt in software product and high-end technical services which fell under umbrella of knowledge Process Outsourcing (KPO) services, said company had to be excluded from array of comparables as assessee was rendering software development services-No substantial question of law.[S. 260A]

S. 80P : Co-operative societies-Primary society engaged in supplying milk to federal society-AO is directed to re-examine the issue in the light of the definition of the Tamil Nadu Co-operative Societies Act, 1983 and to pass a fresh order in the light of the definition contained in that Act, within a period of six months from the date of receipt of a copy of this order by the AO. [S.80P(2)(b)(i), 260A]

S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Market value-Captive power plant-Power supplied to own units-Rate to be adopted at which assessee supplies surplus power to State Electricity Board-Not determined in normal course of Trade and competition but under statutory contract. [S. 80IA ((4) (iv) 80IA(8), Electricity (Supply) Act, 1948, S. 43, 43A 44]

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Amalgamation –Capital gains-Exemption-When the scheme is expired no modification of the Scheme could be sanctioned requiring the Income Tax Department to give further concessions without the Department consenting to grant such an extension; neither the order dt. 26th Feb., 2013 nor the impugned order indicate that the BIFR had examined the transactions, which had led to the capital gains arising in the hands of the company or the context in which additional concessions were sought; impugned order therefore cannot be sustained. [S. 45, 74, Insolvency and Bankruptcy Code, 2016, S. 242, Sick Industrial Companies ( Special Provisions) Act, 1985, S. 17, 18, 19, 25, Art. 226]

S. 45 : Capital gains-Holding period of shares-Date of transfer-Acquisition of the dematerialised shares is to be taken as the date of purchase when the broker issued his contract note and not the date of entry in the demat account-Circular Nos. 704, dated 28-4-1995 and 768, dated 24-6-1998 apply equally to securities held in physical as well as in dematerialised form. [S. 10(38) 45(2A), 260A]