Tenet Tax Daily July 30 2014
Transfer of ownership rights via agreement to sell held as ‘transfer’, even if possession wasn’t given to purchaser
No penalty or prosecution if return was voluntarily filed in good faith prior to detection of concealment
Tenet Tax Daily July 29 2014
HC upheld disallowance of commission as assessee failed to prove nature of services rendered by sub-agents
Tenet Tax Daily July 28 2014
HC dismissed writ as appellant-bank had alternate remedy of filing an appeal on charges of sec. 194A TDS default
Tenet Tax Daily July 26 2014
Employer’s and employee’s contribution to PF and ESI are deductible if paid before due date of filing return
Tenet Tax Daily July 25 2014
Transfer of division in exchange of shares only couldn’t be held as slump sale; rules HC
Tenet Tax Daily July 24 2014
AO to record his satisfaction under sec. 153C even if he has jurisdiction over searched person and other person
Tenet Tax Daily July 23 2014
Revenue couldn’t reject audited books to make ex-parte assessment
Tenet Tax Daily July 22 2014
Brokerage in respect of securities transactions is outside the ambit of sec. 194H TDS
Tenet Tax Daily July 21 2014
ITAT lays down litmus test to determine ‘closely linked’ transactions for TP purposes and for their clubbing
Tenet Tax Daily July 19 2014
Sum paid to NR for providing equipment and software to Indian clients facilitating ‘Forex deal matching’ is royalty
Tenet Tax Daily July 18 2014
Interest earned from inter-corporate loans and foreign currency account are eligible for sec. 10B relief
Tenet Tax Daily July 17 2014
Deduction under section 80-IAB upheld where bare-shell building sold to co-developer, although not a permitted activity, since Board of Approval (BOA) had granted approval for transfer of bare-shell to co-developer in accordance provisions of SEZ Act and SEZ Rules
Tenet Tax Daily July 16 2014
Interest earned from inter-corporate loans and foreign currency account are eligible for sec. 10B relief
Tenet Tax Daily July 17 2014
Deduction under section 80-IAB upheld where bare-shell building sold to co-developer, although not a permitted activity, since Board of Approval (BOA) had granted approval for transfer of bare-shell to co-developer in accordance provisions of SEZ Act and SEZ Rules
Tenet Tax Daily July 16 2014
Interest accrued from investment in ‘Kisan Vikas Patra’ is taxable on accrual basis, rules HC
Tenet Tax Daily July 15 2014
Onus is on assessee to prove reasonable allocation of common expenditure to unit eligible for sec. 80-IB relief
Tenet Tax Daily July 14 2014