Here is Portfolio page of Ak, with all his work

Comparable Co. selected by AO for TP adjustm't rejected becoz. of diff. activity
Dec. 08, 2015
Assessee provided investment, advisory & other ancillary support services to its AEs. To determine ALP of internat'nl transact'ns, it had identified four Co's. as comparables to it. But, TPO had selected a new company & proposed TP addition.In final order, AO made TP additio'ns. DRP confirmed it. On appeal ITAT held, activities of ICSL are akin to job of merchant banker. Therefore, ICSL has to be excluded for TPA for year under consideration.-000325
Amount invested by assessee in bonds, entitled it to benefits u/s 54E, HC.
Nov. 02, 2015
As income had accrued to assessee-company u/h of Long-term capital gain on transfer of asset in respect of its two units, it was taxed by AO. On appeal tribunal upheld it. On appeal HC held, as assessee had made relevant disclosure in return for relevant assessment year when enhanced compensation was received transfer took place. Amount invested by assessee in bonds, which entitled it to certain benefits u/s 54E. Notice u/s 148 quashed.-010549
AO cannot pass order suo motu u/s 154, once same passed by superior authority.
Nov. 03, 2015
Assessee showed property purchsed in urbanized village in income assessment. AO made additions & charged interest. A.O. suo motu passed order u/s 154, where he clarified charging of interest u/s 234B & 234C. On appeal CIT(A) & ITAT disallowed it. On appeal HC while upholding ITAT decision & relying on decision Addl. CIT v.India Tin Industries (P.) Ltd. held that AO cannot pass order suo motu u/s 154, once same passed by superior authority.-000289
Dep. claimed by assessee on tech. know-how & DMF allowed by ITAT.
Dec. 08, 2015
Assessee-co. mfd. & sold active pharma. ingredients & its intermediates. In return it declared loss u/s 115JB. In assessm't. AO noticing assessee's internat'nl transact'n referred it to TPO for determining its ALP. AO in assessment determined loss in book of a/c as shown by assessee. CIT(A) u/s 263 disallowed dep. on technical know-how & DMF. On appeal ITAT set aside CIT( A) decision & restored AO's holding, jurisdict'n u/s 263 not justified.
Definition of "Manufacture" (for Excise purposes) is different for jewellers
Apr. 19, 2016
Generally, for Excise purposes, manufacture means "a process in which original goods are transformed into some other goods which are distinctly known in commercial market". However, this definition is not complete when we think of jewellery manufacturing. In case of jewellery,"branding" of jewellery is considered as manufacturing. So, if a jewellery trader purchases a necklace & puts "his name" on it then he would be called as a manufacturer.
Remember: Excise could be charged on a good, only if it satisfies these 3 points
Apr. 19, 2016
Government can charge excise duty on a good if it satisfies the following 3 conditions:1. The good should have been manufactured.2. The good should be marketable.3. The good should be listed in the first schedule and the second schedule of the Central Excise Tariff Act, 1985
An exporter can claim rebate of duty on both, ie inputs used and goods exported
Apr. 19, 2016
Can an exporter claim excise duty rebate on both the inputs that he uses and the goods that he exports? This burning issue has been silenced by the Supreme Court of India in the case of Spentex Industries Ltd vs Commissioner of Central Excise, Nagpur, where the honorable court has held in favour of the assessee and held that "An EXPORTER can CLAIM REBATE on INPUTS and goods EXPORTED simultaneoulsy.
FDI policy & FEMA permit FDI in townships only through equity investments hel...
Nov. 06, 2015
Plaintiff filed Suit against defendant for recovery of dues under Guarantee executed in his favor due to liability arising under OPCDs. HC held, transaction documents establish that transaction of routing FDI through newly interposed Vinca was colourable device & was structured to enable FMO to secure repayment of its FDI amount, contrary to FDI policy & statutory FEMA Regulations. Thus, bank guarantee issued by Vinca is also unenforceable.
Reduct'n in net profit rate by CIT(A) held justified as per facts of case,ITAT
Dec. 08, 2015
Assessee-company executed work contracts of civil construct'n, labor supply & shares trade. AO rejected books of a/c of assessee on ground of non product'n of complete vouchers & thumb impression of all payers were not in register.Thus, calculated net profit at 8% of gross contract receipt . CIT(A) reduced it to 4%. On appeal HC held, definitely there would be lower profit in case of assessee. Hence, CIT(A) rightly estimated net profit ra...
Assessment proceeding held invalid due to non issuance of notice u/s 143(2).
Sep. 22, 2015
AO initiated assessment proceedings against assessee. As no notice was issued under section 143(2), assessee alleged that assessment proceedings were invalid. On appeal, CIT held in favor of assessee observing that notice issued to assessee was a notice for penalty and was not a notice u/s 143(2) of I.T.Act. Further on appeals to CIT and HC both upheld CIT decision & contention presented by the Assessee holding assessment proceedings to be in...