TDS

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

ByCA Gopal Nathani

Oct 21, 2024

Year-end Provisions We often encounter situations where with reference to year-end or month-end provisions taxes are deducted only subsequently at the time of crediting the payee or on payment, which practice may invite payment of interest u/s 201(1A) and further also reporting by the tax auditor as tax deductible but not deducted. The Tribunal in (2024] 120 ITR (Trib) 137 (ITAT[Mum]) confirmed the order of the AO to the extent of charging of the interest having noted that the assessee was making a provision but he had only subsequently deducted tax at source on such payment.