Tenet Tax Daily April 01 2019
Delay in depositing tax under IDS, 2016 couldn’t be condoned on account of personal reasons
No additions on account of unexplained purchases if entries in trading account found to be correct
Tenet Tax Daily March 30 2019
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
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
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
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
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
Issue of shares to director to comply with a covenant in loan agreement with bank couldn’t be taxed u/s 56(2)(vii)
Tenet Tax Daily March 11 2019
No denial of exemption just because trust failed to specify purpose of accumulation of funds in Form 10
Tenet Tax Daily March 09 2019
Earnest money forfeited by HSIDC on surrender of industrial plot allotment was capital loss not deductible
Tenet Tax Daily March 08 2019
Relief to persons suffering from HIV/AIDS falls into category of ‘medical relief’ u/s. 2(15)
Tenet Tax Daily March 07 2019
ITAT deleted Pepsico’s AMP adjustment due to absence of agreement with AE to spend on AMP
Tenet Tax Daily March 06 2019