Tenet Tax Daily September 24 2018
AO couldn’t disallow part of expense if it was incurred wholly & exclusively for business purpose
ITAT remanded matter back to CIT(A) as he passed ex parte order without considering assessee’s objection
Tenet Tax Daily September 22 2018
DRP has no power to condone assessee’s delay in filing of objection raised on draft assessment order: HC
Tenet Tax Daily September 21 2018
Re-assessment notice sanctioned by authority lower than Additional Commissioner was unsustainable: HC
Tenet Tax Daily September 20 2018
HC reduced pre-despite of tax demand to 7.5% as AO had made additions on dispute issue
Tenet Tax Daily September 19 2018
No additions without seeking additional evidence if evidence submitted by assessee was insufficient
Tenet Tax Daily September 18 2018
ITAT justified admission of fresh evidences as assessee was unaware of assessment proceedings
Tenet Tax Daily September 17 2018
Insurance premiums paid for family members of employee’s deductible if those were paid as per service agreement
Tenet Tax Daily September 15 2018
Residency certificate was sufficient evidence for accepting residential status as per India-Mauritius Tax treaty
Tenet Tax Daily September 14 2018
ITAT remanded matter as assessee failed to produce evidence regarding reimbursement of actual exp.
Tenet Tax Daily September 13 2018
Taxability of ESOP in hands of employee’s arises on date of allotment & not on date of exercise of option
Tenet Tax Daily September 12 2018
Liaison Office couldn’t be treated as PE of foreign Co. if it didn’t finalize & transact a business deal on its own
Tenet Tax Daily September 11 2018
Mere supervision of agricultural land without carrying out cultivation won’t give rise to agricultural income
Tenet Tax Daily September 10 2018
Cash payments exceeding Rs. 20,000 by agents to farmers for purchase of food-grain couldn’t be disallowed
Tenet Tax Daily September 08 2018
No sec. 54F relief if conveyance deed for sale of land was executed after 2 years from purchase of new house
Tenet Tax Daily September 07 2018
Exp. incurred on education of director’s son having no nexus with business couldn’t be allowed: HC
Tenet Tax Daily September 06 2018
ITAT justified categorization of fees for use of trademark as capital exp. as it was having an enduring benefit
Tenet Tax Daily September 05 2018
Only interest income & not entire investment was to taxed if trust had given loans from its surplus funds
Tenet Tax Daily September 04 2018