S. 147 : Reassessment – Best judgment assessment – Unexplained money -Entire cash deposit cannot be treated as income – Income of the assessee is estimated at 10 per cent of cash credit and other credit . [ S.69A 148 , 249(3) ]

S. 144C : Reference to dispute resolution panel – Assessee did not file ITR – Assessment reopened u/s 147 – Capital gain not declared –limitation – Assessment order barred by limitation as extended time limit u/s 153 not applicable. [ S. 2(14)(iii) , 144C(13), 147 , 148 , 153 (2), 153(4) ]

S. 92B : Transfer pricing – International transaction – Arm’s length price -Avoidance of tax – Transactions between head office (HO) and Project Office (PO) in India- Transactions between a foreign enterprise and its PE in India qualify as international transactions under section 92B, even if both are non-residents subject to ALP adjustment – The matter is directed to be placed before the Division Bench to give effect to the direction – DTAA -India -China. [S.92 Art. 7(2),9 ]

S. 90 :Double taxation relief – Mauritius company – Indian company shares acquired before 01-04-2017- Sale claimed as exempt using Article 13(4) of the DTAA – No capital gains as TRC was given and grandfathering of treaty.- DTAA -India – Mauritius [S.90, Art. 13(4) ]

S. 90: Double Taxability Relief – Foreign Tax Credit (FTC) – Denial due to delayed filing of Form No. 67 – Directed to allow the claim . DTAA -India -Netherlands .[ Form No.67 , Art . 23 ]

S. 90: Double taxation relief – Foreign business income – Tax paid in Nepal – Delay in filing Form No. 67 – Assessee would be entitled to FTC. DTAA -India -Nepal [ Form No 67 ]

S. 90 : Double taxation relief – Foreign tax credit – Form No. 67 not filed within due date of filing return under section 139(1) but filed before processing of return by CPC-Directory and not mandatory – Foreign tax credit cannot be denied . [ S. 139(1) Form No 67 ]

S. 80P: Co-operative societies -Delay in filing of return – The amendment to section 143(1)(a)(v) enabling disallowance of deduction claimed under Chapter VIA was made by Finance Act, 2021, w.e.f. 1-4-2021 – The Assessing Officer is directed to allow the claim. [ S.80AC , 139(1), 143(1)(a)(v) ]

S. 80IB (10) : Housing projects – Assessee cannot be deprived of the benefit if the delays are beyond the control of the assessee- Matter remanded to the Assessing Officer for verification .

S.70: Set off of loss – One source against income from another source – Same head of income – arrangement of affairs within legal framework through legitimate means to reduce its tax liability – no evidence on record to doubt genuineness of transactions – STCL derived by assessee could not be prevented from being set off against LTCG. [ S. 45 ]