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

Unutilised amount under capital gains account scheme

ByCA Gopal Nathani

May 17, 2021

Vide (2020] 15 ITR-OL 198 (Kar) if only a part of the amount deposited in the Capital Gains Account Scheme is utilised for the construction or purchase of a new asset within the specified time, Income-tax is chargeable on the unutilised amount.

This Court has further remarked that the assessee is entitled for withdrawal of the amount deposited under sub-section (4) of section 54F of the said Act subject to deduction of tax applicable.