Tenet Tax Daily January 30 2014
If all transactions weren’t disclosed during first reassessment, second reassessment was justified HC
Non-compete fee received under negative covenant is taxable w.e.f. 1-4-2003 only and not retrospectively
Tenet Tax Daily January 29 2014
ITAT deletes concealment penalty on disclosure by assessee about his past income and payment of taxes thereon
Tenet Tax Daily January 28 2014
Foreign exchange fluctuation loss in derivatives to be considered on last date of accounting year and deductible under section 37(1)
Tenet Tax Daily January 27 2014
Bottling of LPG gas into cylinders tantamounts to manufacture for section 80-IB relief
Tenet Tax Daily January 24 2014
Expenditure incurred on tenancy rights during acquisition of running business is revenue expenditure
Tenet Tax Daily January 22 2014
Sec. 40(a)(ia) contemplates actual tax deduction and not mere debit entry in account of payee
Tenet Tax Daily January 20 2014
HC slams revenue for initiating reassessment at instance of audit party without recording his own reasons
Tenet Tax Daily January 16, 2014
Provision for gratuity and leave encashment not a contingent liability but deductible as business expense
Tenet Tax Daily January 11 2014
Passenger Service Fee paid by Jet Airways on behalf of its customers won’t attract TDS under sec. 194-I
Tenet Tax Daily January 09 2014
Granting less than 24 hours to reply to show-cause notice is a flaw in decision making process; assessment quashed
Tenet Tax Daily January 07 2014
No addition under sec. 145 if AO failed to find defects either in books or in accounting method
Tenet Tax Daily December 30 2013
ITAT’s order couldn’t be reviewed due to fresh arguments raised by assessee unless there was apparent mistake
Tenet Tax Daily December 28 2013
AO can’t slap concealment penalty on assessee merely for claiming expenditure on basis of Apex’s Court verdict
Tenet Tax Daily December 26 2013
AO can’t open his office in assessee’s front yard and summon him to give statement for IT proceedings
Tenet Tax Daily December 24 2013
Receipts from letting out of property for commercial activities held taxable as business receipts
Tenet Tax Daily December 20 2013
Sum incurred on floor repairing and replacement of tiles of building deemed as current repairs
Tenet Tax Daily December 19 2013