Refund – 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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Opportunity or adequate opportunity —- the unsolved question!! ......Read More

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Refund

TDS mismatch could mean loss of interest

Jun 29, 2022 CA Gopal Nathani

There is a provision in section 244A(2) by which a taxpayer is deprived of interest on refund for any noticeable…

Refund

Reliance blocked from taking benefit of Vivad Se Vishwas scheme

Mar 7, 2022 CA Gopal Nathani

In explaining the avowed object of the Direct Tax Vivad Se Vishwas Act the High Court in [2022] 441 ITR…

Refund

Directors of private limited companies at risk

Feb 7, 2022 CA Gopal Nathani

Budget-wise section 179 @ income-tax is amended to make directors of private companies accountable for payment of taxes in the…

Refund

Waiver of interest for advance tax payment defaults

Dec 27, 2021 CA Gopal Nathani

Often applications for waivers , revisions, S.197 applications etc are rejected by the Commissioner / CC / PrCIT by citing…

Refund

Interest overcharging under 119 A scheme

Dec 4, 2021 CA Gopal Nathani

Income tax Act provide for charge of interest on demands of taxes and penalty as well as it has provisions…

Refund

Court declines to intercept TRO powers under rule 11 of Schedule II in property attachment case

Aug 6, 2021 CA Gopal Nathani

Section 281 deem certain transfers of assets void if they are transacted during the pendency of any proceeding under this…

Refund

How the power to grant stay u/s 220(6) is to be exercised by the AO ?

Aug 3, 2021 CA Gopal Nathani

Reading from one instruction to other and another the High Court in [2021] 18 ITR-OL 120 (Mad) held that clause…

Refund

No WITHHOLDING OF REFUND without prior hearing

Jul 19, 2021 CA Gopal Nathani

The Delhi High Court in [2021] 18 ITR-OL 1 (Del) in their landmark order issued constructive ease of doing business…

Refund

CPC manner of mechanised set off of refunds against pending demand decried

Jul 12, 2021 CA Gopal Nathani

The High Court in [2021] 435 ITR 129 (Bom) reminded the department of the caution to be exercised in the…

Refund

High value additions

Jul 8, 2021 CA Gopal Nathani

High-value Additions made on uncorroborated and untested statements of third parties ought to stay as held by Bombay High Court…

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