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 subsidies are exempt from MAT

ByCA Gopal Nathani

Mar 5, 2022

The Tribunal in [2022] 26 ITR (Trib)-OL 403 (ITAT[Kolk]) held that amounts, which are not taxable in normal computation, could not be included while reckoning the book profits. Capital subsidy received for expansion of business are therefore required to be excluded while computing the book profits under section 115JB in this case.

However this relief may be available till AY 2015-16 vide [2019] 416 ITR 591 (Cal) because of insertion of subsidy as income in the income definition from AY 2016-17.