S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Liaison Office-Non-Resident company-Did not finalize and transact a business deal and activities-Liaison Office could not be said to be preparatory or auxiliary in nature, LO did not constitute Permanent Establishment of assessee-MIPL was not performing additional function, in absence of material, it could not be taken as dependent agency PE to assessee, a non-resident company-Delay of 569 days-SLP of Revenue is dismissed on account of delay as well as on merits-DTAA-India-Japan. [art. 5, Art. 136]

S. 4 : Charge of income-tax-Foreign ECB loan for purpose of acquisition of a capital asset-Construction period-Temporarily parked ECB loan in FDRs-Interet income is allowed to be capitalised-Not assessable as income from other sources-SLP of Revenue is dismissed. [S.56]

S. 149 : Reassessment – Time barring – First proviso – Faceless regime – Jurisdiction of AO – Notice held barred by limitation and without jurisdiction. [S. 80IA, 133A, 143(3), 148, 148A(b), 148A(d), 151A, Art .226 ]

S. 149 : Reassessment – Time barring – First proviso – Notice issued beyond six years – Fifth proviso not applicable – Notice quashed. [S. 147 ,148, 148A(b), 148A(d) ]

S. 147 : Reassessment – Long-term capital gains – Addition on issue forming reasons for reopening deleted by CIT(A) – Reassessment held invalid.[S. 68, 69, 10(38), Expl. 3 to S. 147, 148 , 255(4)]

S. 250 : Appeal – Commissioner (Appeals) – Procedure – Second order passed in same appeal – Faceless regime – Cost of Rs .10,000 was imposed on Department.[ ITAT Rules, 1963, R. 32A(2) ]

S. 68 : Cash credits – Long term capital gain – Penny stock – Sale of shares – Turbo Tech Engineering Ltd – Kappac Pharma Ltd – Acquired at Rs 12 and sold at Rs 720 per share – Abnormal price rise – General investigation report – Cash purchase and late dematerialisation – No cogent evidence of genuine transaction – Addition upheld. [S. 10(38), 115BBE, 131, 133(6) ]

S. 56 : Income from other sources – Share premium – Valuation under DCF method – AO cannot substitute or reject valuation done by a prescribed valuer without authority – Projection variations with actuals cannot be a ground to disregard valuation – Deletion of addition justified. [S. 56(2)(viib), 11UA(2)(b) ]

S. 32 : Depreciation – Intangible asset – Non-refundable deposit for rights to operate and manage hospital – Eligible for depreciation – Depreciation allowed in earlier years cannot be denied in subsequent years.[ S. 32(1)((ii) ]