Tenet Tax Daily March 30 2019
No additions on account of unexplained purchases if entries in trading account found to be correct
AO couldn’t invoke addition under sec. 41(1) if advance written off was reflected as ‘Fixed Assets’: ITAT
Tenet Tax Daily March 29 2019
Services received by ONGC from Dutch Co. not FTS in absence of transmitting of any technical knowledge
Tenet Tax Daily March 28 2019
HC justified in denial of sec. 54B relief by ITAT relying on spot inquiry report of income-tax inspector
Tenet Tax Daily March 27 2019
Interest on refund allowed from year of tax deduction and not from year of filing of return if PCM method is followed
Tenet Tax Daily March 26 2019
TP method consistently followed by assessee can’t be changed by TPO if there is no change in circumstances
Tenet Tax Daily March 25 2019
No TP adjustment in absence of agreement on incurring AMP expenses for promoting AE’s brand
Tenet Tax Daily March 23 2019
No sec. 13(1)(c) violation if trustee was exclusively working for trust; sec. 11 exemption allowable
Tenet Tax Daily March 22 2019
ITAT directs DRP to follow its latest judgment to decide taxability of supply of software on limited use basis
Tenet Tax Daily March 21 2019
Period of holding of ESOPs shall be counted from date of grant even assessee didn’t have vesting rights
Tenet Tax Daily March 20 2019
Interest earned on FD out of money granted by Govt. for metro project isn’t taxable
Tenet Tax Daily March 19 2019
No escape from penalty even if cash received in excess of Rs. 20,000 was deposited on same day in bank a/c
Tenet Tax Daily March 18 2019
Interest on NPAs is taxable in the year of receipt only
Tenet Tax Daily March 16 2019
TPO can apply TNMM to compute ALP even if comparable Co. isn’t manufacturing exactly the same product
Tenet Tax Daily March 15 2019
Sec. 68 additions justified as assessee failed to justify huge cash gift received from nephew being a salaried person
Tenet Tax Daily March 14 2019
AO was required to access address of assessee mentioned in last ITR; reassessment notice on old address not valid
Tenet Tax Daily March 13 2019
Compensation received for termination of construction of railway siding was capital receipt: ITAT
Tenet Tax Daily March 12 2019