S. 145 : Method of accounting-Alleged under-invoicing-Export to sister concern-Books of account was audited-Addition was made on unscientific and improper basis-Addition was deleted.

S. 145 : Method of accounting-Amount reflected in form No 26AS-CPC-Burden is on revenue to show that the amount was received by the assessee. [S. 143(3), 194J, Form No. 26AS]

S. 145 : Method of accounting-Change of accounting-Revenue expenditure allowable as deduction-Loan processing fees on term loan, stamp charges, share issue expenses-Allowable as deduction, though shown as prepaid expenses or deferred expenditure in books of account. [S. 37(1)]

S. 144 : Best judgment assessment-Assessment order passed without issue of notice u/s 143(2) of the Act was held to be bad in law. [S. 143(2)]

S. 143(3) : Assessment-Cash credits-Cash deposited in the bank-Accommodation entries-No return was filed-Justified in treating the entire deposit as turnover and estimating the net profit at 5 percent-Reassessment was held to be justified. [S. 68 147, 148]

S. 143(2) : Assessment-Notice-Notice was issued after statutory limit-Order null and void ab initio. [S. 69A, 132]

S. 115JB : Book profit-Debenture redemption reserve (DRR), Amount could not be considered as reserve-To be excluded while computing book profit-Capital gains on transfer of assets and investment should be included while computing book profit. [S. 45, Companies Act, 1956, S. 117C]

S. 92C : Transfer pricing-Arm’s length price-Manufacturing and trading of light commercial air-conditioning systems-Methods-Transactional Net Margin Method (TNMM)-Other method-MAM-Rule of consistency was followed-Directed to other method.

S. 92C : Transfer pricing-Arm’s length price-Comparable-Turnover filter-Having small turnover-Cannot be compared with giant companies having huge turnover-Matter remanded.

S. 70 : Set off of loss-One source against income from another source-Same head of income-Long term capital loss-Non-Resident-ownership of shares was transferred-consideration was paid and transaction was complete-Benefit of long-term capital loss set-off cannot be denied. [S. 45]