Tenet Tax Daily August 02 2017
Concealment penalty was justified as confiscated cash was disclosed in return after issuance of scrutiny notice
No. denial of Sec. 35 deduction due to cancellation of research institution approval retrospectively
Tenet Tax Daily August 01 2017
Time take to upgrade rig to make it ready to use should be considered to determine PE status
Tenet Tax Daily July 31 2017
Sale of land to be taxed as capital gain when it was held as investment which subjected to wealth tax
Tenet Tax Daily July 29 2017
SetCom application rejected as assessee claimed to be involved in hedging as broker but failed to substantiate it
Tenet Tax Daily July 28 2017
No interest could be levied if advance tax liability arose due to retrospective amendment
Tenet Tax Daily July 27 2017
TPO rightly determined ALP at Nil if assessee failed to prove that he availed of management services from AE
Tenet Tax Daily July 26 2017
Sec. 54F : Two adjacent flats won’t form two residential units though purchased by separate sale deeds
Tenet Tax Daily July 25 2017
Failure to raise genuine claim in ITR doesn’t allow AO to deny it during assessment
Tenet Tax Daily July 24 2017
ITAT remanded matter to determine nature of payments made by assessee to NR entities
Tenet Tax Daily July 22 2017
Reassessment justified when assessee found to be involved in bogus share purchases: Madras HC
Tenet Tax Daily July 21 2017
No business profits arose on sale of property just because property development objective was given in MOA of Co.
Tenet Tax Daily July 20 2017
Penalty for delay in filing of TDS return couldn’t be levied if there was difficulty in obtaining PANs of deductees
Tenet Tax Daily July 19 2017
Income-tax Act doesn’t have any provision to condone delay in filing rectification application: Bangalore ITAT
Tenet Tax Daily July 18 2017
HC quashed reassessment as it was made without issuing notice under section 143(2)
Tenet Tax Daily July 17 2017
CIT was justified in penalty order if disallowance relating to ‘head office exp.’ was set-aside by ITAT
Tenet Tax Daily July 15 2017
AO couldn’t reject books of account if assessee proved that profits decreased due to increase in cost of materials
Tenet Tax Daily July 14 2017
No reassessment could be made on basis of an issue which was duly answered in favour of assessee by ITAT
Tenet Tax Daily July 13 2017