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

Claims during assessment proceedings r protected from penalty

ByCA Gopal Nathani

Nov 22, 2022

Any claim for the loss made by way of letter during the course of assessment proceeding would not yield to any penalty if not allowed by the AO since held in (2013] 1 ITR (Trib)-OL 680 (ITAT[Del]. Affirming this order the DHC in [2013] 359 ITR 101 (Del) held that the threat of penalty cannot become a gag or haunt an assessee for making a claim which may be erroneous or wrong, when it is made during the course of the assessment proceedings.

Taxpayers may so choose to make bonafide claims during assessment proceedings even when not made earlier in the return of income without having to worry for penalty in the event these are disallowed.