Tenet Tax Daily August 24 2017
ITAT wasn’t competent to make addition under different section if it wasn’t subject matter of appeal
Failure to recover sum advanced to share broker for investment was business loss and not bad debt: Delhi HC
Tenet Tax Daily August 23 2017
No disallowance if tax paid by employer on perquisites was grossed up while computing employee’s salary
Tenet Tax Daily August 22 2017
HC slams AO for denying TDS credit to HUF merely because TDS certificats were issued in name & PAN of Karta
Tenet Tax Daily August 18 2017
Non-recovery of tax due of company couldn’t be recovered from director without issuing SCN
Tenet Tax Daily August 21 2017
Business model of co. importing 99% raw material couldn’t be compared with co. having only 29% import content
Tenet Tax Daily August 19 2017
Lease agreement with own family shouldn’t be considered when it is made for tax evasion: Apex Court
Tenet Tax Daily August 17 2017
AO cannot make additions on estimation basis without rejecting books of account: Madras HC
Tenet Tax Daily August 16 2017
No sec. 69C disallowance if payments were made through bank and were duly reflected in books of account
Tenet Tax Daily August 14 2017
HC denied claim of dep. on software as assessee failed to demonstrate genuineness of its purchase
Tenet Tax Daily August 12 2017
Compensation paid to family on death of freelance sea divers in marine accident was business exp.
Tenet Tax Daily August 11 2017
Composite rental income from letting out building together with fixtures was taxable as income from other sources
Tenet Tax Daily August 10 2017
Bombay HC taxes exchange fluctuation after considering principles of AS-11
Tenet Tax Daily August 09 2017
Co. not involved in R&D activity is incomparable with Co. providing R&D services to AE
Tenet Tax Daily August 08 2017
Reassessment was valid if assessee sold property in co-ownership but failed to file ITR to declare capital gains
Tenet Tax Daily August 07 2017
Reassessment by relying on info. received from investigation wing without conducting inquiry was unjustified
Tenet Tax Daily August 05 2017
Firm Controlled by assessee’s brother and his wife couldn’t be held as associate enterprise for TP purposes
Tenet Tax Daily August 04 2017
AO couldn’t treat payer as assessee-in-default without establishing that payee didn’t pay tax on income
Tenet Tax Daily August 03 2017