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

Personal User

ByCA Gopal Nathani

Sep 4, 2020

The Ahmedabad Bench of the Tribunal in the case of DCIT v. Gujarat Filaments Ltd. (108TAX287) held that the assessing officer is not competent to make a disallowance out of telephone /vehicle expenses incurred by the directors in as much as in the case of a limited company which is an artificial juridical person there could be no personal user. The Bench followed the view in their earlier decision in the case of Banco Products ( India ) Ltd. v. DCIT (63ITD370).

However when it comes to travel expenses the assessee is expected to demonstrate with material to suggest that such expenses are not incurred for personal purpose vide 52ITR (Trib) 274.