“Section 155(2)”

The Supreme Court holds that the issue of payment of excessive price on purchase of sugarcane by assesses is no longer res integra. The court elaborately dealt with this issue.

The phrase "so far as may be" in a statutory provision indicates that the referred procedures, such as those for conducting searches, are to be generally followed to the extent possible, meaning they are not mandatory in every minute detail but applied practically.

Legal fictions and deeming provisions are created for definite purposes and must be limited strictly to that purpose, not extended beyond their legitimate field or the explicit mandate of the section. This principle requires strict interpretation of such provisions.

M/s E Zest Solutions Ltd. is a good comparable company and should be retained for transfer pricing benchmarking purposes.

Reassessment proceedings are not justified if initiated based on material already on record, as this constitutes a mere change of opinion and not the discovery of fresh tangible material.

Expenditure incurred voluntarily for Corporate Social Responsibility (CSR) purposes is not disallowed if Section 37(1) Explanation 2, which applies to statutory obligations, is not triggered. Additionally, Section 37 is prospective from AY 2015-16, making it inapplicable for AY 2013-14 disallowances.

Where an Assessing Officer rejects an assessee's accounts and estimates income to their detriment, the assessee is entitled to know the basis of the estimation and an opportunity to rebut it.

The Assessing Officer (AO) is not required to refer the valuation to the District Valuation Officer (DVO) if the AO has conducted a detailed inquiry and is satisfied with the cost of construction. Strict adherence to procedural requirements is essential; failure to comply with mandatory conditions renders the assessment based on such non-compliance invalid.