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

Non disclosure of reimbursements

ByCA Gopal Nathani

Aug 12, 2022

Non-disclosure of the amount of reimbursement of expenses, non-submission of the details of expenses incurred for verification during the assessment proceedings and non-production of any ledgers, bills and vouchers of expenses incurred on behalf of the principal companies could lead to reopening vide [2022] 446 ITR 163 (All).

Being the case of a C&F agent who routinely have to incur expenses for its clients and because the clients deducted tax at source on reimbursements and those transaction having been further reported in 26AS the case got caught within reopening action for failure to report such reimbursements in the profit and loss statement.

Thus it is important to match the credit side of profit and loss statement with 26 AS in all situations to escape any reopening/ notice.