Tenet Tax Daily January 19 2015
Sum paid for obtaining permanent right to use design engineering services won’t fall within the purview of royalty
Compensation awarded under Motor Vehicle Act and interest accrued thereon in bank weren’t taxable
Tenet Tax Daily January 17 2015
Forex loss couldn’t be considered while computing ALP of purchases if sale/purchase wasn’t at pre-determined rates
Tenet Tax Daily January 16 2015
Share application money paid to AE couldn’t be held as international transaction by deeming it as lending/borrowing
Tenet Tax Daily January 15 2015
HC sets aside ruling of AAR treating damages received by shareholder of ADR on alleged fraud as taxable receipts
Tenet Tax Daily January 14 2015
Income earned by foreign co. was business profit and it wouldn’t be taxable as foreign co. had no PE in India: HC
Tenet Tax Daily January 13 2015
Sum received for five-year maintenance contract of equipments couldn’t be taxed in one assessment year
Tenet Tax Daily January 12 2015
No penalty if TDS default committed by partner on payments to firm due to bona-fide belief of non-deduction of tax
Tenet Tax Daily January 10 2015
Additions upheld for cash credits as identity and creditworthiness of share applicants were doubtful
Tenet Tax Daily January 09 2015
HC deletes penalty for late issuance of TDS certificate as deductor was unaware of frequent amendments in Rule 31
Tenet Tax Daily January 08 2015
Interest paid for acquiring property other than self occupied one would be deductible without any limit
Tenet Tax Daily January 07 2015
Wipro crafting artificial losses from sale of subsidiary shares to set off against taxable cap gains: HC
Tenet Tax Daily January 06 2015
Hiring of machinery for excavation work on monthly basis wasn’t work contract; not liable to sec. 194C TDS
Tenet Tax Daily January 05 2015
Sec. 44BBB: ITAT remands case as assessee didn’t provide agreement from which nature of contract could be determined
Tenet Tax Daily January 03 2015
Sum paid without deduction of tax shall not be disallowed if payee files Form No. 15G/H belatedly
Tenet Tax Daily January 02 2015
Enhanced compensation received on transfer of tenancy rights in a land is liable to capital gains tax
Tenet Tax Daily January 01 2015
Unexplained cash and jewellery seized from partners couldn’t be adjusted against tax liability of the firm
Tenet Tax Daily December 31 2014
Once source of deposit in bank account is explained, subsequent withdrawal thereof need not be explained
Tenet Tax Daily December 30 2014