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

High value additions

ByCA Gopal Nathani

Jul 8, 2021

High-value Additions made on uncorroborated and untested statements of third parties ought to stay as held by Bombay High Court in [2021] 435 ITR 151 (Bom). Moreover

Considering the financial condition of the petitioner the entire demand was stayed brushing aside the mechanical approach in directing the petitioner to pay 20 percent. of the tax demand or providing installments.

The High Court held that the AO ought to have considered the prima facie case, the balance of convenience, and financial hardship, if any, of the petitioner all of which aspects have been ignored