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

Department cannot effect change in method of accounting adopted by taxpayer consistently

ByCA Gopal Nathani

Jan 19, 2022

In the case of real estate developer in [2022] 19 ITR-OL 33 (Kar) the AO replaced the computation of profits from completed construction method to percentage completion basis which the Court held impermissible for the following two reasons:

the AO itself has recognized the completed contract method for computation in subsequent assessment years;
the same does not impact the overall revenue of the Department meaning revenue neutral exercise.