Tenet Tax Daily September 14 2017
Exp. incurred by assessee engaged in business of setting-up of new hotel was allowable u/s 37(1): ITAT
Order couldn’t be said to be prejudicial if AO had taken one of two possible views, HC quashed sec. 263 revision
Tenet Tax Daily September 13 2017
Appeal against earlier ITAT order could be filed from second order if second order made reference of earlier order
Tenet Tax Daily September 12 2017
Matter remanded to check legitimacy as assessee was engaged in large no. of purchases & sales of agricultural land’s
Tenet Tax Daily September 11 2017
No disallowance could be made merely because amount of liability was yet to be ascertained: HC
Tenet Tax Daily September 09 2017
HC slams AO for initiation of reassessment proceedings before expiry of time to issue scrutiny notice
Tenet Tax Daily September 08 2017
Relief once granted u/s 80-IB couldn’t be rejected in subsequent yrs without withdrawing relief granted in earlier yr
Tenet Tax Daily September 07 2017
Sec. 144C assessment order had to be quashed if AO didn’t furnish draft assessment order to assessee: HC
Tenet Tax Daily September 06 2017
AO cannot make revision to treat loan as deemed dividend if full disclosure was made during scrutiny assessment
Tenet Tax Daily September 05 2017
No prosecution proceedings if assessee failed to deposit TDS in time but submitted in along with interest later on
Tenet Tax Daily September 04 2017
TDS disallowance to be made even if no sum payable at year-end; HC follows Apex court’s decision
Tenet Tax Daily September 02 2017
ITAT couldn’t remand matter back to TPO for afresh determination if details of comparables were available
Tenet Tax Daily September 01 2017
No addition in hand of co. if sum seized from bank locker of co. was admitted by director as his undisclosed income
Tenet Tax Daily August 31 2017
No addition on account of cessation of liability if amount related of sundry creditors was credited to P&L a/c
Tenet Tax Daily August 30 2017
Sec. 263 revision was valid if assessee failed to substantiate source of cash deposit with any evidence
Tenet Tax Daily August 29 2017
No TDS on rental payment made by co. on behalf of directors if recipient had no deduction certificate u/s 197
Tenet Tax Daily August 28 2017
In absence of any positive and substantive material to effect that services had been rendered by employees of branch office of assessee, royalty income earned by assessee on account of technical agreement with another company was not effectively connected with branch office of assessee, and therefore, same was chargeable to tax as ‘royalty’ income as per article 13(1) and (2) of India-Italy DTAA
Tenet Tax Daily August 26 2017
Rental income from letting out factory premises of discontinued business is taxable as income from other source
Tenet Tax Daily August 25 2017