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

Export Profits Deduction-Treatment of Other Incomes

ByCA Gopal Nathani

Sep 2, 2020

Once again the Bombay High Court in the case of CIT v. S G Jhaveri Consultancy Ltd. (119TAX735) held that business profits in the export profits determination formula do not include receipts by way of brokerage, commission, interest, rent or any other receipt of a similar nature as they generally do not have any nexus with the sale proceeds from export activities. There is therefore enough reading on the wall that other incomes do not qualify for deduction u/s 80HHC and assesses must prepare themselves for payment of taxes. Rather it would be advisable to review such claims and proactively pay tax under protest to save from heavy interest burden.