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

Separate bills for reimbursement- No TDS Requirement

ByCA Gopal Nathani

Nov 20, 2020

Bombay High Court in 428ITR398 held that unless the amount paid has any income element in it there shall arise no liability to pay any income-tax more than any liability to deduct any tax thereon.

In this case, the payer carried with him separate bills for transportation and clearing and forwarding reimbursements. The Board Circular No 715 is also held to have application only in case of composite bills scenario as per High Court