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

Additional evidence in prejudice situation qua taxpayer

ByCA Gopal Nathani

Jan 3, 2022

In the tax case report (2021] 91 ITR (Trib) 597 (ITAT[Jai]) the AO issued show-cause notice dated December 24, 2010, in which he asked the assessee voluminous details, after giving only four days’ time and finally on December 29, 2010, he completed the assessment.

Using their powers under rule 29 of the Income-tax (Appellate Tribunal) Rules, 1963 the Tribunal directed admission of additional evidence that could not be submitted due to hurried manner of completion of assessment causing prejudice to the taxpayer.