December 2024 – Daily Tax Reporter

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

Today's

Other Sources
Wrong reopening ......Read More

Yesterday's

Business
In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More

Business

In no way the AO has power to question arm’s length pricing in unrelated party transactions

Dec 17, 2024 CA Gopal Nathani

Quoting from 288 ITR 1 (SC)- S. A. Builders Ltd.‘s case the Delhi bench of ITAT in UK INDIA BUSINESS…

Exemptions

House purchase exemption

Dec 10, 2024 CA Gopal Nathani

Reading from Supreme Court decision in 365ITR389 it appears material date of purchase or date of transfer of immovable property…

Business

Provision for doubtful debts is held admissible deduction u/s36(1)(vii)

Dec 2, 2024 CA Gopal Nathani

By a landmark decision of the ITAT rendered in (2024] 120 ITR (Trib) 295 (ITAT[Bang]) it is held that where…

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Month: December 2024

In no way the AO has power to question arm’s length pricing in unrelated party transactions

House purchase exemption

Provision for doubtful debts is held admissible deduction u/s36(1)(vii)