Tenet Tax Daily June 25 2016
CIT(A) can’t dismiss an appeal merely on ground of non-appearance
Cash paid to commission agent for facilitating transaction with framers won’t attract sec. 40A(3) disallowance
Tenet Tax Daily June 24 2016
Revenue generated from sale of carbon credit is capital receipt not liable to tax: HC
Tenet Tax Daily June 23 2016
Sum received by US Co. for services in connection with prospecting for mineral oils is taxable u/s 44BB
Tenet Tax Daily June 22 2016
Reimbursement of salary of seconded employees to AE couldn’t be treated as ‘FTS’ to attract TDS under sec. 194J
Tenet Tax Daily June 21 2016
No reassessment after 4 years if all material facts were disclosed by assessee during original assessment
Tenet Tax Daily June 20 2016
No concealment penalty could be imposed just because an expenditure was disallowed due to TDS default
Tenet Tax Daily June 18 2016
ITAT removes effect of cost reimbursed from AE as comparable wasn’t getting any reimbursement for its services
Tenet Tax Daily June 17 2016
Exp. incurred to replace various parts of machinery treated as revenue exp. as no new asset brought into existence
Tenet Tax Daily June 16 2016
An income already assessed to tax in hands of agent couldn’t be taxed in hands of its principal
Tenet Tax Daily June 15 2016
Sum received by US co. for providing web hosting service wasn’t royalty, though involving use of scientific equipment
Tenet Tax Daily June 14 2016
FTS paid to NR was taxable in India as payer’s source of income from such services was in India
Tenet Tax Daily June 13 2016
Compensation paid by firm to its retiring partner is treated as goodwill, eligible for depreciation
Tenet Tax Daily June 11 2016
Unabsorbed depreciation is allowed to be carried forward even if return isn’t filed within due date
Tenet Tax Daily June 10 2016
Sum received for rendering composite service of managerial and technical nature can’t be taxed without segregation
Tenet Tax Daily June 09 2016
An agricultural land couldn’t be treated as non-agricultural land just because it was situated near a highway
Tenet Tax Daily June 08 2016
For a new business, previous year starts from the date of setting-up of business and not from 1st April
Tenet Tax Daily June 07 2016
Assessee gets interest on refund arising due to foreign tax credit
Tenet Tax Daily June 06 2016