Tenet Tax Daily August 24 2015
No denial of sec. 54F benefit due to non-completion of construction in all respects within 3 years
TDS default made by relying upon opinion of CA was bona fide mistake; not liable to penalty
Tenet Tax Daily August 22 2015
Assessing Officer has to form an opinion having regard to nature and complexity of accounts of assessee and interest of revenue before issuing order under section 142(2)
Tenet Tax Daily August 19 2015
Non-voice based BPO can’t be compared with voice based BPO for purpose of TP study
Tenet Tax Daily August 18 2015
No physical verification under sec. 194LA to check whether land was agricultural land which didn’t attract TDS
Tenet Tax Daily August 17 2015
Discount allowed to distributors on starter packs and recharge coupons for prepaid mobile service qualifies as commission and TDS should be deducted under section 194H
Tenet Tax Daily August 14 2015
No reassessment by AO on change of opinion that profit from share dealings was taxable as business income
Tenet Tax Daily August 13 2015
AO couldn’t proceed with reassessment without disposing of objections of assessee which went to root of matter
Tenet Tax Daily August 12 2015
AO gets flak from ITAT for reducing grant from cost of fixed assets without considering provisions of sec. 43(1)
Tenet Tax Daily August 11 2015
Failure of AO to furnish acknowledgement of service of notice leads to quashing of assessment
Tenet Tax Daily August 10 2015
Assessee couldn’t escape penalty by stating that he was unaware of provision requiring filing of TDS return
Tenet Tax Daily August 08 2015
Conversion of ‘Gram Dal’ into ‘Besan’ amounts to manufacture for sec. 80-IB relief
Tenet Tax Daily August 07 2015
Cap gain of inherited asset is to be computed by taking CII of the year in which asset is acquired by previous owner
Tenet Tax Daily August 06 2015
Preoperative exp. incurred to expand existing business was revenue exp.
Tenet Tax Daily August 05 2015
No denial of sec. 80-IC relief due to non-maintenance of separate books for manufacturing carried on job work basis
Tenet Tax Daily August 04 2015
Submission of affidavit of gift received from spouse didn’t explain source of investments found in search
Tenet Tax Daily August 03 2015
Cement bags are taxable separately as it is established that sale of cement and bags are separate transaction
Tenet Tax Daily August 01 2015