2020 – Tenet Tax & Legal Private Limited

Corporate Tax

Assets received under scheme of amalgamation and earlier disallowed by Assessing Officer to be re-examined on the basis of Auditor’s Report

Tenet Tax Daily March 18 2020

on March 18, 2020

Corporate Tax

HC fixed onus on assessee to bring relevant documentary evidence to show that liability had not ceased in eye of law so as to attract section 41(1)

Tenet Tax Daily March 17 2020

on March 17, 2020

Corporate Tax

Donor not to be denied deduction if at time of giving donation research institute had a valid approval which was subsequent withdrawn

Tenet Tax Daily March 16 2020

on March 16, 2020

Corporate Tax

Failure on part of employer to deposit full amount of employees contribution towards PF and ESI within prescribed due date – deduction under section 36(1)(va) disallowed

Tenet Tax Daily March 14 2020

on March 16, 2020

Corporate Tax

Banking companies not required to apply the provisions of section 115JB

Tenet Tax Daily March 13 2020

on March 16, 2020

Corporate Tax

Expenses separately claimed again by Partner against income received from partnership firm disallowed

Tenet Tax Daily March 12 2020

on March 12, 2020

Corporate Tax

Compensation paid in respect of land taken on lease pursuant to proceedings under Land Acquisition Act to be allowed as revenue expenditure only after examining lease agreement

Tenet Tax Daily March 11 2020

on March 11, 2020

Corporate Tax

Addition made on estimate basis was to be set aside

Tenet Tax Daily March 10 2020

on March 11, 2020

Corporate Tax

Capital receipt includes income from sale of Carbon Credit Certificates

Tenet Tax Daily March 09 2020

on March 11, 2020

Corporate Tax

Direction given for initiating reassessment proceedings after expiry of period of limitation to be set aside

Tenet Tax Daily March 07 2020

on March 11, 2020

Corporate Tax

Penalty upheld where TDS was not deposited by stating financial crunch as reason for non-deposit

on March 6, 2020

Corporate Tax

Disallowance made without considering submissions of assessee requires matter to be remanded back: ITAT

Tenet Tax Daily March 05 2020

on March 5, 2020

Corporate Tax

Loss incurred by wife in business started through receipt of gifts from assessee husband was liable to be clubbed in hands of assessee

Tenet Tax Daily March 04 2020

on March 4, 2020

Corporate Tax

Non consideration of reasons given by assessee and binding decisions of Courts and Tribunals referred in the context of deduction of tax u/s 194C and not 194J would make the entire proceedings vitiated for breach of natural justice

Tenet Tax Daily March 03 2020

on March 3, 2020

Corporate Tax

Provision made for bad debt in the books allowable as deduction under section 36(1)(vii)

Tenet Tax Daily March 02 2020

on March 2, 2020

Corporate Tax

Reason to believe not to be constituted as ‘change of opinion’ in case original assessment order was silent on the issue for which reopening of the assessment was ordered

Tenet Tax Daily February 29 2020

on March 2, 2020

Corporate Tax

No depreciation allowable in case WDV of asset is NIL or the block of asset ceases to exist on last date of previous year

Tenet Tax Daily February 28 2020

on February 28, 2020

International Tax

Company set-up in Mauritius with the purpose of routing funds for South African based holding Cos not eligible for Indo-Mauritius DTAA benefit

Tenet Tax Daily February 27 2020

on February 27, 2020