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

Limited Protection u/s 292B

ByCA Gopal Nathani

Apr 9, 2021

Vide (2021] 432 ITR 201 (Kar) any clerical or typographical error or omission in the return of income, assessment, notice, summons or other proceedings shall not invalidate the proceedings on the basis of provisions of section 292B.

In this case, the AO initiated penalty under section 221 of the Act in AY 2007-08 but actually levied for AY 2008-09 instead of AY 2007-08 which mistake according to the Court can’t be corrected as 292B of the Act which provides protection against only clerical error or accidental omissions.