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

Subsequent year assessment magic

ByCA Gopal Nathani

Jan 4, 2023

While noting that in the subsequent year the interest cost was allowed in the proceedings completed under section 143(3) the tribunal in (2022] 100 ITR (Trib) 109 (ITAT[Jai] found little justification for the revenue to hold on with a disallowance in the appeal year given that the assessee had sufficient interest-free funds and that the Revenue had not co-related the interest-bearing funds used for non-interest bearing purposes.