Tenet Tax & Legal Private Limited

ITAT remands matter to AO due to non examination of provisions of DTAA while taxing the receipts.

Tenet Tax Daily July 05 2013

on July 5, 2013

Corporate Tax

Delhi High Court (HC) denies to quash settlement order – Authority could verify full and true disclosure by assessee till its final order.

Tenet Tax Daily July 04 2013

on July 4, 2013

Commission paid for soliciting export orders abroad isn’t taxable in India.

Tenet Tax Daily July 03 2013

on July 3, 2013

Where assessee manufacturing sophisticated chemicals, purchased a catalyst used in oxidation process of converting oxylene to pthalic anhydride, it did not amount to payment of royalty and assessee was not required to deduct tax at source while making payment.

Tenet Tax Daily July 02 2013

on July 2, 2013

Reimbursement of purchase price, without margin or profit or value addition, to a sister concern towards payment of purchase price on behalf of assessee is not liable to TDS

Tenet Tax Daily July 01 2013

on July 1, 2013

Ignorance of law by Chartered Accountant of the assessee is not a reasonable cause for failure to file the audit report of international transactions

Tenet Tax Daily June 29 2013

on June 29, 2013

Tax is not required to be deducted from reimbursements of salary costs of the employees of a foreign company deputed to work for the Indian company

Tenet Tax Daily June 27 2013

on June 28, 2013June 28, 2013

Corporate Tax

‘Rule of Consistency’ – If profit on sale of land was taxed as capital gain in a preceding assessment year, same could not be treated to be as business income in the succeding assessment year

Tenet Tax Daily June 28 2013

on June 28, 2013June 28, 2013

Corporate Tax

Once a transaction is genuine and traded at proper valuation, even if it is entered with a motive to avoid tax, it would not become a colorable device

Tenet Tax Daily June 26 2013

on June 26, 2013

International Tax

Merely assisting a non-resident principal would not cause an agent to be considered as PE

Tenet Tax Daily June 13 2013

on June 26, 2013

International Tax

Product similarity is must for applying CUP method, not for TNMM.

Tenet Tax Daily June 25 2013

on June 25, 2013

Corporate Tax

Notice dispatched to assessee under section 143(2) after date fixed for hearing would tantamount to denial of reasonable opportunity of hearing to assessee and, in such case, the order passed by revenue authority was not sustainable as it violated the principles of natural justice

Tenet Tax Daily June 23 2013

on June 24, 2013

Corporate Tax

Future losses accounted as per the Accounting Standard 7 is allowable as business expenditure

Tenet Tax Daily June 24 2013

on June 24, 2013

Accounting

Karnataka High Court rules that a foreign company’s sourcing support activities carried by a LO in India do not create a taxable presence in India

Tenet Tax Daily June 14 2013

on June 22, 2013

International Tax

Inland haulage charges being income from operations of ships, are exempt in India

Tenet Tax Daily June 22 2013

on June 22, 2013

International Tax

Amount received by a German company from software embedded in equipment supplied by it cannot be considered as ‘royalty’

Tenet Tax Daily June 21 2013

on June 21, 2013

International Tax

Payment to third party through a related entity cannot be considered as “reimbursement” of expenses

Tenet Tax Daily April 15, 2013

on June 21, 2013

International Tax

International freight forwarding and logistic services performed by the non resident taxpayer outside India is neither Managerial, nor Technical nor Consultancy in nature and hence not taxable as Fees for Technical Services under the Income-tax Act

Tenet Tax Daily May 15, 2013

on June 20, 2013