“Section 16(4)”

The revenue authorities cannot exclude comparable companies from the final list if the Assessing Officer (AO)/Transfer Pricing Officer (TPO) had not rejected them, even if the revenue representative believes they do not pass the comparability test.

The Assessing Officer can admit additional evidence during assessment proceedings if it is necessary to determine the true total income of the assessee.

The Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd. resolves a precedential conflict regarding the deductions primary agricultural credit societies can claim under section 80P(2)(a)(i) of the Income Tax Act, post the introduction of section 80P(4).