Corporate Tax – Page 100 – Tenet Tax & Legal Private Limited

Corporate Tax

Assessment concluded without hearing assessee is invalid even if assessee did not comply with notice for filing of return

Tenet Tax Daily September 28 2013

on September 28, 2013

Benefit of ± 5 per cent only a tolerance range- not a standard deduction for computing ALP

Tenet Tax Daily September 27 2013

on September 27, 2013

Corporate Tax

Notional interest cannot be added to rental income without making an enquiry about Annual Letting Value

Tenet Tax Daily September 26 2013

on September 26, 2013

Corporate Tax

Issue not raised before Tribunal cannot be allowed and permitted to be discussed at High Court

Tenet Tax Daily September 25 2013

on September 25, 2013

Corporate Tax

Reasons recorder for reassessment should have a nexus with reassessment order passed

Tenet Tax Daily September 24 2013

on September 25, 2013September 25, 2013

Corporate Tax

No Jurisdiction for notice under section 226(3) on an escrow agent who did not hold any amount on account of the assessee

Tenet Tax Daily September 23 2013

on September 23, 2013

Subscription fee for a research product of a foreign company amounted to royalty

Tenet Tax Daily September 21 2013

on September 21, 2013

No disallowance of expenditure in the absence of correct ascertainment of nature of payments to non-resident

Tenet Tax Daily September 20 2013

on September 21, 2013

Corporate Tax

Expression ‘a residential house’ as appearing in section 54F cannot be interpreted in a manner to suggest that exemption would be restricted to a single residential unit

Tenet Tax Daily September 18 2013

on September 18, 2013

Corporate Tax

Income from contracting business to be estimated by applying net profit ratio of 8 per cent as a percentage of gross receipts as incorporated in section 44AD

Tenet Tax Daily September 17 2013

on September 17, 2013

Corporate Tax

Expenditure relatable to business of assessee having given some enduring benefit cannot be regarded as capital expenditure

Tenet Tax Daily September 16 2013

on September 16, 2013

Corporate Tax

Disentitlement of carry forward of loss – only when original return is not filed within due date; date of revised return not to be considered

on September 14, 2013

Corporate Tax

Speculative loss – When neither any payment was made nor any delivery was taken in respect of shares, short-term capital loss would be treated as speculation loss

Tenet Tax Daily September 13 2013

on September 13, 2013

Corporate Tax

Reopening of assessment permissible even if no scrutiny assessment – reason to believe escapement of income must exist

Tenet Tax Daily September 12 2013

on September 12, 2013

Foreign company computing income as per a method unknown to the law of India would be qequired to correct the same in reversionary proceedings

Tenet Tax Daily September 11 2013

on September 11, 2013

Interest received for delay in completion of Buy-back process of shares under open offer to be deemed as capital gain and not interest income

Tenet Tax Daily September 10 2013

on September 10, 2013

Corporate Tax

Revenue may furnish requisite material to prove service of notice if assessee denies receipt of the same

Tenet Tax Daily September 9 2013

on September 9, 2013

Application for advance ruling rejected as question already reported in the tax return filed by the tax payer

Tenet Tax Daily September 7 2013

on September 7, 2013