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

Scope of section 68

ByCA Gopal Nathani

Feb 21, 2022

No addition u/s 68 etc can be made on the strength of suspicion so that the High Court in reading out the scope of section 68 in [2022] 441 ITR 123 (Guj) held that the reference to books of account in section 68 is meant to regular books of account maintained in the ordinary course of business and not to transactions on loose papers or the cash vouchers made for such loose papers or for that matter their entry in day books that are not forming part of the regular books of account maintained in ordinary course.

This has been a search case where we often counter papers seized all of which may have no bearing to entries in the regular books so that the charged person can escape any addition if such papers are not found accompanied with legally supporting documents.