S.142 (2A): Inquiry before assessment-Special audit-Limitation-Power to extend time limit for submitting audit report lies with the assessing officer and not the Commissioner-Appeal of the Revenue is dismissed. [S. 132 142(2C), 153A, 153B, 260A]

S. 132 : Search and seizure-No incriminating material found during the course of search action-Completed assessment cannot be reopened.[S. 153A, 260A]

S. 119 : Central Board of Direct Taxes-Instructions-Extension of time for filing of return-Seeking condonation of delay in filing return of income-Principal CCIT should have taken lenient view in considering difficulties faced by assessee-due to Covid-19.[S.119(2)(a), 139, Art.226]

S. 119: Central Board of Direct Taxes-Instructions-Quasi-judicial authorities-Order should be a speaking order granting a reasonable opportunity of being heard. [S.119(2)(b), Art. 226]

S. 119: Central Board of Direct Taxes-Instructions to subordinate authorities-Application for condonation of delay-Capital gains-Agricultural land-With in specified urban limits-PCIT had gone into the merits of the claim and the merits of the delay condonation application had not been taken-Matter remanded back. [S.10(37), 119(2)(b), Art.226]

S. 115BAA: Tax on income of certain domestic companies-Determination of tax in certain cases-Failure to file Form No 10IC before due date of filing of return-Due to technical error, there being no fault of assessee, it could not be deprived of benefit under section 115BAA particularly when this being first year for availing such benefits-Order of Tribunal is affirmed.[S. 260A]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-ITAT directed the TPO to consider the functions, assets and risks (‘FAR’) of the year under consideration with FAR of the years in Advance Pricing Agreement (‘APA’)-Order of Tribunal is affirmed. [S.92CA, 260A]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Transfer pricing adjustment on basis of transactions where prices charged to Associated Enterprises was less than that charged to unrelated parties-Contrary to legal provisions-Deletion of upward transfer pricing adjustment by the Tribunal is affirmed. [S.92, 260A]

S. 69 : Unexplained investments-Share capital-Addition made based on unproven and untested statements recorded during searches-Onus to prove investments bogus not discharged-Deletion of addition proper.[S. 132, 260A]

S. 68: Cash credits-Share premium-Identity and credit worthiness established-Purchases from unregistered dealers-Gross profit declared-Order of Tribunal is affirmed. [S. 260A]