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

Levy of Interest u/s 234A,B & C

ByCA Gopal Nathani

Sep 6, 2020

In an exparte ruling in the case of CIT v. R. Rammalingair (108TAX1) the Kerala High Court held that levy of interest u/s 234A,B& C is automatic and mandatory. In other words the assessing officer is not bound to give an opportunity before levying such interest. The Court further held that the only remedy in such cases is to move a waiver petition to the Chief Commissioner of Income-tax who is empowered by the Board to grant such waiver in specific cases by an order F.No. 400/234/95-IT (B) dated 23.5.96 read with order dated 30.1.97.