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

Limitations of making application u/s 264

ByCA Gopal Nathani

Jun 13, 2022

A taxpayer has a right to appeal an order that is prejudicial to him. Alternatively he can make application to Principal CCIT/CIT or CCIT/CIT u/s 264 to seek relief having not preferred an appeal against any such order.

However the power held in section 264 is mere discretionary. Secondly there is no appeal either against any order passed u/264.

It is this scenario that the Calcutta High Court in [2022] 444 ITR 227 (Cal) citing the provisions under Explanation 1 below section 264(7) refused to entertain the writ petition.

The cited explanation says that any order of the Commissioner under section 264 of the Act declining to interfere will be deemed not to be an order prejudicial to the assessee.