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 production of party implications during assessment

ByCA Gopal Nathani

Aug 27, 2022

Mere non-production of the party during assessment alone cannot be a basis to make disallowance, when all other supporting evidence have been filed to substantiate claim of expenditure such as bills, payment facts and confirmation.

A party did not appear before the AO in response to notice under section 133(6) for cross examination in (2022] 28 ITR (Trib)-OL 347 (ITAT[Chen]) which alone lead to adverse inference and disallowance of expenditure.