Tenet Tax Daily December 08 2017
No additions if it was assessee’s business decision to share employee cost with sister concerns on cost-to-cost basis
No TDS if sum paid to foreign co. was reimbursement of expenses with no income element: Mumbai ITAT
Tenet Tax Daily December 07 2017
Sec. 36(1)(iii) disallowance was valid if Co. didn’t have sufficient funds to give advances to its sister concern
Tenet Tax Daily December 06 2017
Interconnect usage charges paid by ‘BSNL’ to foreign telecom operators were neither FTS nor Royalty
Tenet Tax Daily December 05 2017
ITAT allowed additional dep. on “visicooler” installed by cold drink manufacturer at distributor’s place
Tenet Tax Daily December 04 2017
Section 153C proceedings couldn’t be invoked in absence of incriminating materials recorded in satisfaction note
Tenet Tax Daily December 02 2017
Profit from sale of shares was taxable as capital gains if purchase was made with intention of investments
Tenet Tax Daily December 01 2017
No stay of demand just because Google intends to appeal in HC against order of ITAT: Bengaluru ITAT
Tenet Tax Daily November 30 2017
Deductor was liable to pay interest on TDS default even if he wasn’t an assessee-in-default as per sec. 201(1)
Tenet Tax Daily November 29 2017
Interest charged at rate more than LIBOR was reasonable if loans were given without any intention to earn income
Tenet Tax Daily November 28 2017
Income from letting out property was to be taxed as business income if letting out was main object of assessee
Tenet Tax Daily November 27 2017
Residential house constructed on commercial land is entitled to section 54F relief
Tenet Tax Daily November 25 2017
Proceedings before AO would be of no avail once SetCom proceeded with settlement application: Delhi HC
Tenet Tax Daily November 24 2017
Dep. couldn’t be denied if business activities were temporary shut down due to stay order of Court
Tenet Tax Daily November 23 2017
Penalty u/s 271AAA justified if assessee failed to pay tax on undisclosed income declared during search
Tenet Tax Daily November 22 2017
No sec. 271AAA penalty if assessee substantiated manner of earning undisclosed income & paid tax thereon
Tenet Tax Daily November 21 2017
No sec. 271AAA penalty if income was declared during scrutiny assessment & not during search: Delhi ITAT
Tenet Tax Daily November 20 2017
Assessment completed without issue of scrutiny notice was void though assessee had participated in proceedings
Tenet Tax Daily November 18 2017