Tenet Tax Daily October 31 2014
ITAT upheld CIT’s revisional order as AO had erroneously granted higher depreciation on windmills
Rent paid to a depot agent under a composite service agreement would attract 194C and not sec. 194-I TDS
Tenet Tax Daily October 23 2014
No penalty if assessee offers undisclosed income to tax in return filed pursuant to search of another person
Tenet Tax Daily October 22 2014
Deductor couldn’t be treated as an assessee-in-default if deductee was not liable to pay taxes due to losses
Tenet Tax Daily October 21 2014
Time-limit to rectify mistake under sec. 154 could go beyond 6 months but on merits; HC considers CBDT’s circular
Tenet Tax Daily October 20 2014
Market research exp. incurred by trader was in nature of revenue exp., says ITAT
Tenet Tax Daily October 18 2014
Concealment penalty imposed for claiming interest paid under Income-tax Act as business expenditure
Tenet Tax Daily October 17 2014
No penalty for setting off unabsorbed depreciation and losses against capital gains on wrong advice on counsel
Tenet Tax Daily October 16 2014
Exp. on repair and renovation of rented premises used for the purpose of business is revenue in nature
Tenet Tax Daily October 15 2014
ITAT allows sec. 54 relief for two flats as their layout plan indicated that both were used as a single unit
Tenet Tax Daily October 14 2014
Co. incurring abnormal losses due to winding-up of relation with key clients are excludible from comparable lists
Tenet Tax Daily October 13 2014
Section 251 empowers CIT (Appeals) to remit case back to Assessing Officer instead of deciding it
Tenet Tax Daily October 11 2014
Sums paid to DTH operators for placement of channels in a particular frequency couldn’t be deemed as royalty
Tenet Tax Daily October 10 2014
Income from offshore supply of cables couldn’t be attributed to PE of NR in India, says ITAT
Tenet Tax Daily October 09 2014
High Court interprets words ‘substantially’; lays down 50% threshold for indirect transfer of capital assets
Tenet Tax Daily October 08 2014
Sum paid for importing service manuals which contained instructions for usage of equipment wasn’t royalty
Tenet Tax Daily October 07 2014
Group Cos negotiating/securing contracts on behalf of foreign Co. would be deemed as service PE in India
Tenet Tax Daily October 06 2014