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

Erroneous offering of amounts as income

ByCA Gopal Nathani

Sep 30, 2022

Merely because the assessee had erroneously offered a particular sum for taxation, the Revenue cannot take advantage of the ignorance of the assessee and bring to tax a receipt which is outside the ambit of definition of “income” under the Act. While so stating in (2020] 19 ITR (Trib)-OL 299 (ITAT[Mum])the tribunal held that the decision of the hon’ble Supreme Court in the case of Goetze India Ltd. does not apply to Tribunal. In this case the assessee wrongly offered interest on tax-free bonds to tax.