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

Donations

ByCA Gopal Nathani

Sep 4, 2020

In referring to the Supreme Court ruling in the case of State of Maharashtra v. Suresh Trading Co. (109STC439) the Bombay High Court in the case of Ramdas Maneklal Gandhi v. Union of India held that the assessee is enitled to rely upon the certificate granted by the prescribed authority to the institution or association to which it had donated a sum of money for claiming deduction, which was valid and subsisting at the time the donation was made. The Court further held that the retrospective withdrawal and/or cancellation of the certificate would have no effect upon the assessee who had acted upon it when it was valid and operative. The Court thus quashed the notice issued u/s 148, being without jurisdiction.