ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB)) -- PRINT AND ONLINE EDITION
SUBJECT INDEX TO CASES REPORTED
International transactions --Arm’s length price--Determination--Transactional net margin method--Comparability analysis--Data relating to financial year in which international transaction entered into to be used--Income-tax Rules, 1962, r. 10B(4)-- Sandstone Capital Advisors P. Ltd. v. Assistant CIT (Mumbai) . . . 699
----Arm’s length price--Determination--Plea that adjustment to be considered only with respect to transactions carried out from March 14, 2008, till March 31, 2008, because prior to that company with which assessee had transactions was not associated enterprise of assessee--Transfer Pricing Officer to consider contention and decide it in accordance with law-- Sandstone Capital Advisors P. Ltd. v. Assistant CIT (Mumbai) . . . 699
----Arm’s length price--Determination--Transactional net margin method--Selection of comparables--That about 60 per cent. of income of comparable was from related party transactions material fact--Irrespective of fact that both assessee as well as Transfer Pricing Officer had considered it comparable--Functional similarity between business profile of company and of assessee relevant--Broking companies not comparable to advisory and research services companies--Company whose data for entire financial year not available not to be taken as a comparable--Only one company found proper and suitable for purpose of determination of arm’s length price--Some comparables found acceptable to both parties for 2009-10--Matter remanded to Transfer Pricing Officer to determine arm’s length price after taking into consideration comparables accepted by both parties for that year and any other suitable comparables--Income-tax Act, 1961, s. 92C(1)--Income-tax Rules, 1962, r. 10B(1)(e)-- Sandstone Capital Advisors P. Ltd. v. Assistant CIT (Mumbai) . . . 699
Volume 32 : Part 2 (Issue dated : 9-6-2014)
SUBJECT INDEX TO CASES REPORTED
Accounting --Method of accounting--Assessee taking cost price of obsolete items creating provision for difference between cost price and market value and debiting it to profit and loss account--Same effect as taking net realisable value for valuation of closing stock--Income-tax Act, 1961-- Assistant CIT v. Tupperware India P. Ltd. (Delhi) . . . 186
Business expenditure --Capital or revenue expenditure--Expenses incurred on payment of rent for use of mould for manufacturing products--Mould rental payable by assessee under contractual obligation with contract manufacturer--Expenditure allowed in assessee’s own case in preceding years--Rule of consistency to be followed--Expenditure allowable--Income-tax Act, 1961, s. 37-- Assistant CIT v. Tupperware India P. Ltd. (Delhi) . . . 186
----Deduction only on actual payment--Employees provident fund and employees State insurance contributions--Payment before due date for filing returns--Allowable--Income-tax Act, 1961, s. 43B-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
----Deduction only on actual payment--Excise duty--Allowable if paid within due date for filing of return--Income-tax Act, 1961, s. 43B-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Disallowance--Excessive and unreasonable payments--Condition precedent--Related party--Definition--Assessee not holding 20 per cent. of beneficial interest in party nor vice versa--Disallowance not attracted--Income-tax Act, 1961, s. 40A(2)(b), Expln. (b)-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
----Disallowance--Payments on which tax deductible at source--Truck operator union paying transportation charges to members whose trucks taken on hire--Not liable to deduct tax at source--Expenditure allowable--Income-tax Act, 1961, ss. 40(a)(ia), 194C-- ITO v. Truck Operator Union (Chandigarh) . . . 181
----Interest on borrowed capital--Investment in shares--Own funds available with assessee--No presumption that assessee diverted part of borrowed funds--Income-tax Act, 1961-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Taxes and rates--Liability relating to excise duty and interest--Contract manufacturer to bear all taxes relating to performance of service under agreement--Assessee not liable--Expenditure not allowable--Income-tax Act, 1961, s. 37-- Assistant CIT v. Tupperware India P. Ltd. (Delhi) . . . 186
Business income --Computation--Carry forward and set off of loss--Interest on fixed deposits placed with bank for obtaining letter of credit--Assessable under head “Business income†--Assessee entitled to set off brought forward business loss against such business income-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Refund of excise duty relating to Modvat credits returned from excise duty payments on exports and refunded later--Will not fall under section 28(iiib)--Explanation (baa) to section 80HHC cannot be invoked for excluding 90 per cent. receipts--Income-tax Act, 1961, ss. 28(iiib), 80HHC, Expln. (baa)-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
Capital gains --Long-term capital gains--Exemption--Sale of office premises and investment of proceeds in specified bonds--Assessee entitled to exemption for investment up to Rs. 50 lakhs in each financial year--Sale of property in second half of financial year --Full exemption available separately for investments before March 31 and after that date--Income-tax Act, 1961, s. 54EC-- Lilavati M. Sayani (Mrs.) v. ITO (Mumbai) . . . 174
Charitable purpose --Exemption--Computation of income--Funds received towards life membership fees, award funds, funds created for procuring, books, journals and professional materials--Specific funds constituted to fulfil specific objectives and contributions accumulated under separate fund--Capital in nature--To be excluded from computation--Income-tax Act, 1961, s. 12(1)-- Indian Society of Anaesthesiologists v. ITO (Chennai) . . . 152
----Registration of trusts--Denial of registration on ground that assessee not carrying out any charitable activities--Failure by Commissioner to examine whether or not objects genuine and activities of trust charitable--Matter remanded to Commissioner for examination afresh and provide opportunity to assessee--Income-tax Act, 1961, s. 12AA-- Maha Avatar Trust v. ITO (Chennai) . . . 178
Depreciation --Carry forward and set off--Law applicable--Effect of amendment of section 32(2) w. e. f. 1-4-2002--Unabsorbed depreciation of assessment years 1995-96 to 2001-02--Allowable in 2008-09--Income-tax Act, 1961, s. 32(2)-- Smith and Nephew Healthcare P. Ltd. v. Deputy CIT (Mumbai) . . . 208
----Carry forward and set-off--Change of law--Restriction on unabsorbed depreciation from 1989-90 to 1998-99--Amendment in 2002-03 removing restriction--Effect--Unabsorbed depreciation becomes current depreciation and eligible for carry forward and set-off without limitation--Restriction of claim to eight-year period does not take away right of assessee to claim balance of unabsorbed depreciation--Income-tax Act, 1961, s. 32(2)-- KMC Speciality Hospitals India Ltd. v. Assistant CIT (Chennai) . . . 149
Exemption --Export--Computer software--Customised electronic data--Only requirement that data collected should be in electronic form--Assessee collecting data by itself or from clients and exporting it in form of CD or e-mail--Assessee entitled for exemption--Income-tax Act, 1961, s. 10B-- Kiran Kapoor v. ITO (Delhi) . . . 156
----Export--Profits of business of undertaking--Book profits--To be computed in accordance with Chapter VI-D--No provision for exclusion of interest income--Fixed deposits placed with bank for obtaining letters of credit for purchases for purposes of re-export--Interest earned from fixed deposit receipts to be assessed as business income eligible for exemption and in computing book profits--Income-tax Act, 1961, ss. 10AA, 115JB, 263-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Export--Revision--Commissioner--Special economic zone unit--Assessee importing goods from supplier of Dubai and re-exporting them--Income from activity qualifies for deduction--Assessee granted approval and renewal by Development Commissioner--Commissioner not entitled in revision to take view contrary to approval already granted by approval committee appointed under Special Economic Zones Act, 2005 and Special Economic Zones Rules, 2006--Commissioner not justified in characterising activity of assessee as mere financial arbitrage--Income-tax Act, 1961, ss. 10AA, 263-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
Export --Industrial undertaking--Special deduction--Deduction under section 80-IB cannot be deducted from profits of business eligible for deduction under section 80HHC--Income-tax Act, 1961, ss. 80-IB, 80HHC-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Special deduction--Business profits--Conversion charges an independent income and 90 per cent. to be excluded from gross total income--Profits from fluctuation of rates of foreign exchange to be treated as business income and part of total turnover--Insurance moneys on trading assets part of turnover and insurance moneys on fixed assets not part of turnover--Credit balances having direct link with business operations to be considered as income from business--Interest on electricity deposit to be treated as income from other sources--Income-tax Act, 1961, s. 80HHC, Expln. (baa)-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Special deduction--Computation of profits of business--Excise rebate already deducted from purchase and profit enhanced--Provisions of Explanation (baa) to section 80HHC and section 28(iiib) not applicable--Income-tax Act, 1961, ss. 28(iiib), 80HHC, Expln. (baa)-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Special deduction--Determination of profits of business--90 per cent. of net interest assessed under “income from business†to be deducted--Income-tax Act, 1961, s. 80HHC, Expln. (baa)-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Special deduction--Sales tax and excise duty to be excluded from total turnover for purpose of computing deduction--Income-tax Act, 1961, s. 80HHC-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
Income --Disallowance of expenditure incurred in earning income not forming part of total income--Disallowance--Disallowance of interest not warranted when assessee have enough funds in form of reserve funds and net profit--Income-tax Act, 1961, s. 14A-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Disallowance of expenditure relating to income not forming part of total income--Dividend--Proportionate interest attributable to investment in shares to be disallowed--Income-tax Act, 1961, s. 14A-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
International transactions --Arm’s length price--Determination--Comparable uncontrolled price method--Contract entered into at a negotiated price--Price not shown to be less than market price--Transfer Pricing Officer not entitled to take price as on date of invoice--Income-tax Act, 1961, s. 92CA(3)--Income-tax Rules, 1962, r. 10B(1)(a)-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
Loss --Business loss--Speculation business--Definition--Transactions entered into in regular course of business--Assessee, with view to averting possible losses owing to falling prices, declining to accept supplies--Sauda cancellation charges paid due to cancellation of transactions--Payment by way of damages for breach of contract--Not a speculation transaction--Loss allowable as business loss--Payment made by way of settlement for breach of contract on account of delayed supply against contract--Allowable--Income-tax Act, 1961, ss. 28, 37, 43(5)-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
Penalty --Concealment of income--Cash credits--Explanation of assessee regarding cash credits not established to be not bona fide--Penalty cannot be imposed--Income-tax Act, 1961, ss. 68, 271(1)(c)-- Vikram Bhatia v. ITO (Lucknow) . . . 206
Revision --Commissioner--Business loss--Export--Foreign exchange fluctuation loss--Assessing Officer during assessment proceedings calling for details of exchange fluctuation loss and documents and details filed by assessee in support of claim--Not a case of Assessing Officer accepting claim without application of mind--Revision not justified--Income-tax Act, 1961, ss. 10AA, 263-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Commissioner--Erroneous and prejudicial to Revenue--General principles--Revision not permissible where Assessing Officer adopts one of two possible views--Income-tax Act, 1961, s. 263-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
Valuation of stock --Write off of obsolete stock--Allowances--Assessing Officer to verify claim and take necessary undertaking--Income-tax Act, 1961-- Assistant CIT v. Tupperware India P. Ltd. (Delhi) . . . 186
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 10AA --Exemption--Export--Profits of business of undertaking--Book profits--To be computed in accordance with Chapter VI-D--No provision for exclusion of interest income--Fixed deposits placed with bank for obtaining letters of credit for purchases for purposes of re-export--Interest earned from fixed deposit receipts to be assessed as business income eligible for exemption and in computing book profits-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Exemption--Export--Revision--Commissioner--Special economic zone unit--Assessee importing goods from supplier of Dubai and re-exporting them--Income from activity qualifies for deduction--Assessee granted approval and renewal by Development Commissioner--Commissioner not entitled in revision to take view contrary to approval already granted by approval committee appointed under Special Economic Zones Act, 2005 and Special Economic Zones Rules, 2006--Commissioner not justified in characterising activity of assessee as mere financial arbitrage-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Revision--Commissioner--Business loss--Export--Foreign exchange fluctuation loss--Assessing Officer during assessment proceedings calling for details of exchange fluctuation loss and documents and details filed by assessee in support of claim--Not a case of Assessing Officer accepting claim without application of mind--Revision not justified-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
S. 10B --Exemption--Export--Computer software--Customised electronic data--Only requirement that data collected should be in electronic form--Assessee collecting data by itself or from clients and exporting it in form of CD or e-mail--Assessee entitled for exemption-- Kiran Kapoor v. ITO (Delhi) . . . 156
S. 12(1) --Charitable purpose--Exemption--Computation of income--Funds received towards life membership fees, award funds, funds created for procuring, books, journals and professional materials--Specific funds constituted to fulfil specific objectives and contributions accumulated under separate fund--Capital in nature--To be excluded from computation-- Indian Society of Anaesthesiologists v. ITO (Chennai) . . . 152
S. 12AA --Charitable purpose--Registration of trusts--Denial of registration on ground that assessee not carrying out any charitable activities--Failure by Commissioner to examine whether or not objects genuine and activities of trust charitable--Matter remanded to Commissioner for examination afresh and provide opportunity to assessee-- Maha Avatar Trust v. ITO (Chennai) . . . 178
S. 14A --Income--Disallowance of expenditure incurred in earning income not forming part of total income--Disallowance--Disallowance of interest not warranted when assessee have enough funds in form of reserve funds and net profit-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Income--Disallowance of expenditure relating to income not forming part of total income--Dividend--Proportionate interest attributable to investment in shares to be disallowed-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
S. 28 --Loss--Business loss--Speculation business--Definition--Transactions entered into in regular course of business--Assessee, with view to averting possible losses owing to falling prices, declining to accept supplies--Sauda cancellation charges paid due to cancellation of transactions--Payment by way of damages for breach of contract--Not a speculation transaction--Loss allowable as business loss--Payment made by way of settlement for breach of contract on account of delayed supply against contract--Allowable-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
S. 28(iiib) --Business income--Refund of excise duty relating to Modvat credits returned from excise duty payments on exports and refunded later--Will not fall under section 28(iiib)--Explanation (baa) to section 80HHC cannot be invoked for excluding 90 per cent. receipts-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Export--Special deduction--Computation of profits of business--Excise rebate already deducted from purchase and profit enhanced--Provisions of Explanation (baa) to section 80HHC and section 28(iiib) not applicable-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
S. 32(2) --Depreciation--Carry forward and set off--Law applicable--Effect of amendment of section 32(2) w. e. f. 1-4-2002--Unabsorbed depreciation of assessment years 1995-96 to 2001-02--Allowable in 2008-09-- Smith and Nephew Healthcare P. Ltd. v. Deputy CIT (Mumbai) . . . 208
----Depreciation--Carry forward and set-off--Change of law--Restriction on unabsorbed depreciation from 1989-90 to 1998-99--Amendment in 2002-03 removing restriction--Effect--Unabsorbed depreciation becomes current depreciation and eligible for carry forward and set-off without limitation--Restriction of claim to eight-year period does not take away right of assessee to claim balance of unabsorbed depreciation-- KMC Speciality Hospitals India Ltd. v. Assistant CIT (Chennai) . . . 149
S. 37 --Business expenditure--Capital or revenue expenditure--Expenses incurred on payment of rent for use of mould for manufacturing products--Mould rental payable by assessee under contractual obligation with contract manufacturer--Expenditure allowed in assessee’s own case in preceding years--Rule of consistency to be followed--Expenditure allowable-- Assistant CIT v. Tupperware India P. Ltd. (Delhi) . . . 186
----Business expenditure--Taxes and rates--Liability relating to excise duty and interest--Contract manufacturer to bear all taxes relating to performance of service under agreement--Assessee not liable--Expenditure not allowable-- Assistant CIT v. Tupperware India P. Ltd. (Delhi) . . . 186
----Loss--Business loss--Speculation business--Definition--Transactions entered into in regular course of business--Assessee, with view to averting possible losses owing to falling prices, declining to accept supplies--Sauda cancellation charges paid due to cancellation of transactions--Payment by way of damages for breach of contract--Not a speculation transaction--Loss allowable as business loss--Payment made by way of settlement for breach of contract on account of delayed supply against contract--Allowable-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
S. 40(a)(ia) --Business expenditure--Disallowance--Payments on which tax deductible at source--Truck operator union paying transportation charges to members whose trucks taken on hire--Not liable to deduct tax at source--Expenditure allowable-- ITO v. Truck Operator Union (Chandigarh) . . . 181
S. 40A(2)(b), Expln. (b) --Business expenditure--Disallowance--Excessive and unreasonable payments--Condition precedent--Related party--Definition--Assessee not holding 20 per cent. of beneficial interest in party nor vice versa--Disallowance not attracted-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
S. 43B --Business expenditure--Deduction only on actual payment--Employees provident fund and employees State insurance contributions--Payment before due date for filing returns--Allowable-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
----Business expenditure--Deduction only on actual payment--Excise duty--Allowable if paid within due date for filing of return-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
S. 43(5) --Loss--Business loss--Speculation business--Definition--Transactions entered into in regular course of business--Assessee, with view to averting possible losses owing to falling prices, declining to accept supplies--Sauda cancellation charges paid due to cancellation of transactions--Payment by way of damages for breach of contract--Not a speculation transaction--Loss allowable as business loss--Payment made by way of settlement for breach of contract on account of delayed supply against contract--Allowable-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
S. 54EC --Capital gains--Long-term capital gains--Exemption--Sale of office premises and investment of proceeds in specified bonds--Assessee entitled to exemption for investment up to Rs. 50 lakhs in each financial year--Sale of property in second half of financial year --Full exemption available separately for investments before March 31 and after that date-- Lilavati M. Sayani (Mrs.) v. ITO (Mumbai) . . . 174
S. 68 --Penalty--Concealment of income--Cash credits--Explanation of assessee regarding cash credits not established to be not bona fide--Penalty cannot be imposed-- Vikram Bhatia v. ITO (Lucknow) . . . 206
S. 80-IB --Export--Industrial undertaking--Special deduction--Deduction under section 80-IB cannot be deducted from profits of business eligible for deduction under section 80HHC-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
S. 80HHC --Export--Industrial undertaking--Special deduction--Deduction under section 80-IB cannot be deducted from profits of business eligible for deduction under section 80HHC-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Export--Special deduction--Sales tax and excise duty to be excluded from total turnover for purpose of computing deduction-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
S. 80HHC, Expln. (baa) --Business income--Refund of excise duty relating to Modvat credits returned from excise duty payments on exports and refunded later--Will not fall under section 28(iiib)--Explanation (baa) to section 80HHC cannot be invoked for excluding 90 per cent. receipts-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Export--Special deduction--Business profits--Conversion charges an independent income and 90 per cent. to be excluded from gross total income--Profits from fluctuation of rates of foreign exchange to be treated as business income and part of total turnover--Insurance moneys on trading assets part of turnover and insurance moneys on fixed assets not part of turnover--Credit balances having direct link with business operations to be considered as income from business--Interest on electricity deposit to be treated as income from other sources-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Export--Special deduction--Computation of profits of business--Excise rebate already deducted from purchase and profit enhanced--Provisions of Explanation (baa) to section 80HHC and section 28(iiib) not applicable-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
----Export--Special deduction--Determination of profits of business--90 per cent. of net interest assessed under “income from business†to be deducted-- SMS Pharmaceuticals Ltd. v. Deputy CIT (Hyderabad) . . . 220
S. 92CA(3) --International transactions--Arm’s length price--Determination--Comparable uncontrolled price--Contract entered into at a negotiated price--Price not shown to be less than market price--Transfer Pricing Officer not entitled to take price as on date of invoice-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
S. 115JB --Exemption--Export--Profits of business of undertaking--Book profits--To be computed in accordance with Chapter VI-D--No provision for exclusion of interest income--Fixed deposits placed with bank for obtaining letters of credit for purchases for purposes of re-export--Interest earned from fixed deposit receipts to be assessed as business income eligible for exemption and in computing book profits-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
S. 194C --Business expenditure--Disallowance--Payments on which tax deductible at source--Truck operator union paying transportation charges to members whose trucks taken on hire--Not liable to deduct tax at source--Expenditure allowable-- ITO v. Truck Operator Union (Chandigarh) . . . 181
S. 263 --Exemption--Export--Profits of business of undertaking--Book profits--To be computed in accordance with Chapter VI-D--No provision for exclusion of interest income--Fixed deposits placed with bank for obtaining letters of credit for purchases for purposes of re-export--Interest earned from fixed deposit receipts to be assessed as business income eligible for exemption and in computing book profits-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Exemption--Export--Revision--Commissioner--Special economic zone unit--Assessee importing goods from supplier of Dubai and re-exporting them--Income from activity qualifies for deduction--Assessee granted approval and renewal by Development Commissioner--Commissioner not entitled in revision to take view contrary to approval already granted by approval committee appointed under Special Economic Zones Act, 2005 and Special Economic Zones Rules, 2006--Commissioner not justified in characterising activity of assessee as mere financial arbitrage-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Revision--Commissioner--Business loss--Export--Foreign exchange fluctuation loss--Assessing Officer during assessment proceedings calling for details of exchange fluctuation loss and documents and details filed by assessee in support of claim--Not a case of Assessing Officer accepting claim without application of mind--Revision not justified-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
----Revision--Commissioner--Erroneous and prejudicial to Revenue--General principles--Revision not permissible where Assessing Officer adopts one of two possible views-- Zaveri and Co. P. Ltd. v. CIT (Ahmedabad) . . . 250
S. 271(1)(c) --Penalty--Concealment of income--Cash credits--Explanation of assessee regarding cash credits not established to be not bona fide--Penalty cannot be imposed-- Vikram Bhatia v. ITO (Lucknow) . . . 206
R. 10B(1)(a) --International transactions--Arm’s length price--Determination--Comparable uncontrolled price--Contract entered into at a negotiated price--Price not shown to be less than market price--Transfer Pricing Officer not entitled to take price as on date of invoice-- Ambo Agro Products Ltd. v. Deputy CIT (Kolkata) . . . 276
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