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

Remission of Trading Liability

ByCA Gopal Nathani

Sep 7, 2020

Following the full bench decision of the Apex Court in the case of CIT v. Bharat Iron & Industries (199ITR67/70TAX353) the Gujarat High Court in the case of Visnagar Taluka Audyogik Sahakari Mandli Ltd. v. CIT (107TAX550) held that at the intermediary stage even if the amount of refund or part of refund is received in consequence of the Court’s order, the provisions of section 41(1) cannot be invoked.