Tenet Tax Daily May 21 2014
Rent from letting out of flat with amenities was income from house property in absence of any business activity
ITAT upheld concealment penalty on foreign co. as its liaison office was engaged in commercial activities
Tenet Tax Daily May 20 2014
ITAT deleted concealment penalty as retro-amendment merely transformed a valid expense into disallowable one
Tenet Tax Daily May 19 2014
Period of limitation to seek rectification under sec. 254 to be counted from date of actual receipt of order
Tenet Tax Daily May 17 2014
HC sets aside reassessment order as it was passed by AO in haste without considering objections of assessee
Tenet Tax Daily May 16 2014
Participation in assessment proceedings ratified jurisdictional issue; block assessment held valid
Tenet Tax Daily May 15 2014
Sum received by Warner Bros. for distribution of films in India isn’t ‘royalty’; ITAT follows previous decision
Tenet Tax Daily May 14 2014
Sudden payment of commission to an employee for his routine work wasn’t justifiable; HC confirms disallowance
Tenet Tax Daily May 13 2014
Assessee can’t either seek withdrawal of appeal or file revision petition when appeal was pending before CIT(A)
Tenet Tax Daily May 12 2014
Case remanded to AO for deciding fate of sec. 11 relief after considering nature of receipts and objects of trust
Tenet Tax Daily May 10 2014
ITAT remanded case to examine allowability of development exp. to real estate developer in view of AS-7 and IT Act
Tenet Tax Daily May 09 2014
No stay of demand by ITAT beyond 365 days after insertion of third proviso to sec. 254(2A)
Tenet Tax Daily May 08 2014
AO couldn’t presume understatement of income merely on basis of report of DVO; HC quashed reassessment
Tenet Tax Daily May 07 2014
Non-resident couldn’t be penalized with sec. 234B interest if its whole income was subjected to withholding tax
Tenet Tax Daily May 06 2014
Income of NR agent for arranging NR Artists in India not taxable in status of ‘Entertainer’ under India-UK DTAA
Tenet Tax Daily May 05 2014
Sum paid to acquire rights of telecasting from outside India, in absence of its link with PE in India, wasn’t royalty
Tenet Tax Daily May 03 2014
Re-assessment notice was valid as accommodation entries to assessee were confirmed by a CA’s confession
Tenet Tax Daily May 02 2014
Registration denied to trust formed to impart education to children of Christian community only
Tenet Tax Daily May 01 2014