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

Credit cards equate temporary loans — late payment interest held admissible

ByCA Gopal Nathani

Sep 2, 2021

The Delhi bench of ITAT in [2021] 24 ITR (Trib)-OL 631 (ITAT[Del]) held that interest on late payment of credit card dues has to be allowed where the credit cards are used for business-related expenses.

The bench inferred that the amounts availed of through credit cards are like temporary loans and, therefore, the interest charged by the banks for late payment of credit card dues partook of the character of business expenses admissible u/s 37.