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

Participating in reassessment proceedings and implications

ByCA Gopal Nathani

Feb 4, 2022

Having participated in the assessment proceedings the taxpayer cannot invoke extra ordinary justification of the Court to challenge any notice vide [2022] 440 ITR 359 (Bom).

In this case the assessee objected to the jurisdiction yet he complied with the notice issued under section 142(1) and only post which it invoked court jurisdiction but did not succeed.

The right course for the taxpayer is to raise an objection and straightaway take steps to approach the court to challenge the jurisdiction on facts in the case on account of either of the following situations:

@ that the notice was—

(a) not served upon him; or

(b) not served upon him in time; or