“Section 71(5)”

A return of income filed in response to a notice under Section 153A of the Income-tax Act is to be considered as a return filed under Section 139 of the Act for all other provisions, including the purpose of penalty under Section 271(1)(c).

A difference between the registered value of a property and the assessee's declared value, if within a 10% tolerance limit, does not warrant an addition to income. Decisions rely on this case to argue that minor valuation discrepancies should not lead to additions.

The 'book profit' for the purpose of Section 115JA of the Income Tax Act, 1961, is the net profit as shown in the profit and loss account prepared in accordance with the Companies Act, 1956.

Profits of other businesses cannot be notionally brought forward and set off against profits of an eligible business under Section 80-IA(5) as the Income-Tax Act does not provide for such a mandate.

Capital losses can be carried forward to subsequent assessment years. The decision emphasizes that if a business conducted outside British India resulted in a loss, it could not be set off against profits from a business within British India, based on the interpretation of Section 5 of the Business Profits Tax Act, 1947.

The Assessing Officer must first accept the arm's length price (ALP) declared by the assessee for international transactions with associated enterprises. Rejection of the declared ALP is an exception, requiring specific conditions to be met, such as those prescribed under section 92CA(3).