1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

Budget 2002 – Pay Your Advance Tax Properly

ByCA Gopal Nathani

Sep 2, 2020

Until now the Act authorize an assessing officer to send a demand for payment of advance tax to an existing assessee if he did pay his advance tax. Henceforth such demands would be possible in case of all assesses. In other words the assessing officer will now on raise demands every year based on last assessments and force assesses to pay such demands even before filing of return. To avoid such payments the assessee is required to furnish Form No. 28A for an estimate of income and tax thereon and shall be further required to pay tax in accordance with such estimate.