S. 143(3) : Assessment-Provision for gratuity-Disallowed in the return-Addition is held to be not valid. [S. 37(1)]

S. 143(3) : Assessment-Protective assessment-Excess cash recovered from registered office of assessee-No substantive addition was made in hands of any other person-Addition u/s 69A would not survive. [S. 69A, 132]

S. 143(3) : Assessment-Charge of income-tax-Order passed by National Company Law Tribunal under section 31 of Insolvency and Bankruptcy Code, 2016 has overriding effect over anything inconsistent contained in Income-tax Act and it shall be binding on all respective entities including other stakeholders, which include Central Government, State Government and other local bodies-Matter remanded to the Assessing Officer. [S. 4, Insolvency and Bankruptcy Code, 2016, S 31, 238]

S. 140A : Self assessment-Failure to deposit admitted self-assessment tax-Financial difficulty-Levy of penalty is not valid. [S. 140A(3), 221(1)]

S. 92C : Transfer pricing-Arm’s length price-Related transactions constituted 96.30 per cent of total turnover for which margin was agreed to be 15.85 percent under MAP resolution-Same rate to be applied for non USA related transactions under EDS segment.

S. 92C : Transfer pricing-Arm’s length price-Resale Price Method (RPM)-Resale of goods imported from its AE to third party customers without any value addition-Resale Price Method (RPM) is Most Appropriate Method (MAM).

S. 92C : Transfer pricing-Arm’s length price-Comparable-Filter-Filter applied by TPO was to be included in list of comparables regardless of fact that it was low margin earning company.[S. 133(6)]

S. 92C : Transfer pricing-Arm’s length price-CUP method-Applying of ‘QUOTE’ from third party for economic analysis using CUP method was not a justifiable method-Matter remanded.

S. 90 : Double taxation relief-Foreign Tax credit-Salary income-Rule 128(9) of Rules does not provide for disallowance of Foreign Tax Credit in case of delay in filing Form No. 67,-Filing of Form No. 67 is not mandatory but a directory requirement-DTAA-India-Australia. [S. 91, 139(1), 154, 192, R. 128(9), Form no. 67, Art. 24(4)(a)]

S. 80IA : Industrial undertakings-Infrastructure development-loss of one eligible unit is not to be adjusted or set off against profit of another eligible unit-Captive power plant-Market value of power supplied by assessee to steel division should be computed considering rate of power charged by Chhattisgarh State Electricity Board for supply of electricity to industrial consumers.