Transfer of TFD to ITEL consequent to scheme of amalgamation approved by High Court cannot said to be a sale of undertaking - provisions of section 2(42C) of the Act did not apply-computation provisions fail in the present case -there can be no capital gain that could be brought to tax

Recovery of rent from CSC has merely reduced its overall expenses in relation of handling of cargo by CSC and is not a separate source of income for KLM-the assessee did not derive any income other than the profits from the operation of aircrafts in international traffic and hence, in terms of Article 8, the same is not subject to tax

Applicability of section 195(2) of the Income-tax Act, 1961 with regard to the amounts reimbursed by the assessee to two of its shareholders/ promoters on the various expenses incurred by them in connection with the project of International Airport at Bangalore 

Section 10B-all the brought forward losses and depreciation are first required to be set off against the business profits of the current year before computing any deduction/exemption under the Act.

'Yellow pages' must be held as 'book'-assessee was engaged in the business of publication of books in terms of the provisions of section 80-Q of the Act and consequently, the assessee was entitled to deduction under the aforesaid section 

(a) Where more than one price is determined by the Most Appropriate Method, then Arm’s Length Price shall be taken to be the arithmetical mean of such price;
OR
(b) At the option of the taxpayer, a price which may vary from the arithmetical mean by an amount not exceeding 5% of such arithmetical mean

assessee would be entitled to claim depreciation on the WDV of the membership right of the stock exchange Mumbai.

The requirement of establishing that the debts has become bad is no longer necessary. transaction fee paid cannot be said to be a fee paid in consideration of the stock exchange rendering any technical services to the assessee. The provisions of section 194-J are therefore not attracted.

The payments of reimbursement were made in the process of executing the agreement. The expenditure in question was part and parcel in the process of advice of technical character. As such the payment on account of reimbursement also attracts the provisions of section 195 of the Act

addition of Rs. 1,08,62,537 on account of adjustment in the Arm’s length price under the provisions of section 92CA(3) of the Act for services rendered by the taxpayer to its parent company in USA  is deleted

Special Bench the provisions of section 14A of the Act are applicable with respect of dividend income earned by the assessee engaged in the business of dealing with shares and securities, on the shares held as stock-in-trade when earning of such dividend income is incidental to the trading in shares

Special Bench "What treatment should be given to DEPB licence benefits/receipts by the assessee while computing deductions u/s. 80HHC (3) of the I T Act?"

Special Bench interest on inter corporate deposits is not an interest on loan or advance and therefore would not be includible in the chargeable interest under the Interest Tax Act. interest on interest on delayed payments would not be an interest on loan or advance and therefore would not be includible in the chargeable interest under the Interest Tax Act

The loans availed by the assessee in the present case against the security of lands in question for the purpose of working capital assistance and packing credit, even though were the debts secured on the said lands, could not be considered as the debts which have been incurred in relation to the said lands as envisaged in Section 2(m) and the same, therefore, could not be deducted while computing the net wealth of the assessee.