Tenet Tax Daily May 14 2016
No penalty for non-maintenance of TP docs if assessee furnished updated margins of earlier comparables
Reasons to believe for reassessment has to be furnished even when assessment is completed under sec. 143(1)
Tenet Tax Daily May 13 2016
Exp. incurred on renovation of leased premise to be treated as capital expenditure
Tenet Tax Daily May 12 2016
Amendment made to sec. 40(a)(ia) by Finance Act, 2012 should be applicable retrospectively w.e.f 1/4/2005: ITAT
Tenet Tax Daily May 11 2016
Benefit of India-UK DTAA can’t be denied to a UK based partnership firm
Tenet Tax Daily May 10 2016
Rental income from guest houses is taxable under the head business income and not as house property
Tenet Tax Daily May 09 2016
Wheeling charges paid to ‘Power Grid Corporation’ couldn’t be deemed as ‘FTS’; liable to TDS under sec. 194C
Tenet Tax Daily May 07 2016
Carry forward of losses couldn’t be denied if return wasn’t filed in time due to technical snags in dept.’s website
Tenet Tax Daily May 06 2016
For determining service PE actual stay of employees in India is relevant and not entire contract period
Tenet Tax Daily May 05 2016
Processing of return under sec. 143(1) couldn’t be regarded as assessment
Tenet Tax Daily May 04 2016
Cancellation of agreement on non-completion of construction of house won’t effect sec. 54 relief
Tenet Tax Daily May 03 2016
LIC premium paid for directors of Co. under staff welfare scheme is allowable as business expense
Tenet Tax Daily May 02 2016
Purchase of technical data for AE couldn’t be treated as rendering of technical services
Tenet Tax Daily April 30 2016
A land couldn’t be treated as agricultural land just because it was situated beyond 8 km. from municipal limits
Tenet Tax Daily April 29 2016
No action could be taken against foreign parent Co. by issuing notices to its Indian group Co.
Tenet Tax Daily April 28 2016
Credit of TDS won’t be denied to a contractor even if entire work has been sub-contracted to others
Tenet Tax Daily April 27 2016
Sum paid for harvesting of sugarcane from farmers’ fields would attract TDS even if farmer wasn’t a party to contract
Tenet Tax Daily April 26 2016