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

Search and survey No corroborating evidence no addition

ByCA Gopal Nathani

Mar 10, 2021

Proceedings against a person based on the sworn statement of another person, which was not corroborated by any other evidence is an impermissible action under the law so stated inby Kerala High Court in (2019] 13 ITR-OL 740 (Ker).

This case involved the addition made of “pakadi” as disclosed by another in his sworn statement taken under section 132(4) of the Income-tax Act in search action.

In this case the statement was confronted to the assessee, but he denied the same so that the Court found no valid reason to even remand.