Business – Page 15 – Daily Tax Reporter

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Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
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It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
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No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
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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
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Transactions with dubious entities is reason enough for case reopening vide 421ITR624

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Business
Club expenditure ......Read More

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Exemptions
Profiteering is not permissible in the field of professional/educational courses ......Read More

Business

Tax Free Incomes In Business- Fate of Related Expenditure

Sep 2, 2020 CA Gopal Nathani

In CIT v. Indian Bank Ltd. [1965] 56 ITR 77 (SC), the assessee had income from interest on securities, both…

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