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

Capital subsidy/capital receipt and MAT

ByCA Gopal Nathani

Jan 4, 2022

Vide (2021] 92 ITR (Trib) 599 (ITAT[Gau]) a capital subsidy is also held to be exempt from mat.

In this case the assessee received VAT remission under the Industrial Promotion Policy of the State of Assam for carrying out substantial expansion which sum is held not includible in the computation of “book profits” under section 115JB of the Income-tax Act, 1961 being a capital receipt.