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

Power to reopen

ByCA Gopal Nathani

Oct 17, 2022

The taxpayers shall be reminded of the fact the power to reopen is a very powerful tool and the same is required to be exercised in accordance with law and not otherwise.

In [2022] 447 ITR 357 (Mad) the tax officer exercised such power alleging that the claim made by the assessee in original assessment under section 37 was incorrect and the expenditure was in the nature referred to in section 35D so that the Court held it as a mere change of opinion and beyond his jurisdiction. The Court further declined remand in this case.