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

Oral advice

ByCA Gopal Nathani

Jun 22, 2024

In the case citation [2005] 275 ITR 491 (Mad) the assessee incurred consultancy expenditure for subscribing to “News Bulletin”/ “Information Bulletin” which covered legal, financial and industrial news and the department point was that it cannot be regarded as a consultancy service, as they are compiled from various information readily available in the newspapers and journals and put it in the form of booklet, viz., “News Bulletin” and “Information Bulletin”, and therefore it would not be considered as a

consultancy service.

At this the Madras High Court held that advice on legal, financial and industrial matters can be taken locally or orally or through news bulletin . All of which is permissible as much as the same is laid out for the purpose of the business.