Tenet Tax Daily August 31 2018
No sec. 10(23C) exemption to a profitable venture which was making huge profits year after year
CIT wasn’t required to give hearing opportunity to assessee before giving approval for assessment in search cases
Tenet Tax Daily August 30 2018
Forex fluctuation loss on advance received from Foreign Head Office was allowable as deduction: ITAT
Tenet Tax Daily August 29 2018
Sale of land jointly held with co. not taxable as business profit just because Co. held land as stock-in-trade
Tenet Tax Daily August 28 2018
AO couldn’t make additions due to deposit of money in Swiss Bank if assessee became NR decades ago
Tenet Tax Daily August 27 2018
Interest paid on funds borrowed for installing power plant allowable irrespective of commencement of production
Tenet Tax Daily August 25 2018
No sec. 263 revision if AO made detailed inquiries regarding foreign remittance made by assessee- NRI
Tenet Tax Daily August 22 2018
Validity of notice issued before limitation period couldn’t be upheld merely on ground that it was a SCN
Tenet Tax Daily August 21 2018
Additional grounds raised after completion of hearing to be admitted if no new facts emerged
Tenet Tax Daily August 20 2018
AO was justified in reopening assessment as assessee allegedly received accommodation entries from shell Co.
Tenet Tax Daily August 18 2018
Re-assessment notice to be set-aside if underlying reasons for notice weren’t found correct
Tenet Tax Daily August 17 2018
No perquisites if contribution to society for meeting education of employee’s children never crossed Rs. 1,000 pm
Tenet Tax Daily August 16 2018
No disallowance of loss if it was allowed after considering assessee’s explanation during original assessment
Tenet Tax Daily August 14 2018
Interest paid on loan taken for purchase of land used as stock-in-trade to be allowed as revenue exp.
Tenet Tax Daily August 15 2018
Unexplained gifts once assessed in block assessment, can’t be reassessed in regular assessment
Tenet Tax Daily August 13 2018
Unverified creditors shall not be deemed to exist; will be taxed under sec. 41(1): ITAT
Tenet Tax Daily August 11 2018
Money retained by ONGC to ensure successful completion of contract to be taxed in year of actual receipt
Tenet Tax Daily August 10 2018
Govt. grant received by a co. owned by the Govt. is capital receipt even if it is used for operational exp.
Tenet Tax Daily August 09 2018