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

No GTI No MAT

ByCA Gopal Nathani

Aug 29, 2022

The Tribunal in [2022] 98 ITR (Trib) 235 (ITAT[Kolk]) held that the provisions of section 115JB are not applicable when the gross total income and total income of the assessee are nil and no taxes are payable. Yet further for the reason that the assessee was not a dividend paying company it managed to escape 115 JB provisions in this case. In this case the gross total income was in negative post current/ addl depreciation set off so that the negative amount represented unabsorbed depreciation. Consequently there was no deduction claimed to arrive at total income which is again reported at nil.