Tenet Tax Daily November 28 2017
Interest charged at rate more than LIBOR was reasonable if loans were given without any intention to earn income
Income from letting out property was to be taxed as business income if letting out was main object of assessee
Tenet Tax Daily November 27 2017
Residential house constructed on commercial land is entitled to section 54F relief
Tenet Tax Daily November 25 2017
Proceedings before AO would be of no avail once SetCom proceeded with settlement application: Delhi HC
Tenet Tax Daily November 24 2017
Dep. couldn’t be denied if business activities were temporary shut down due to stay order of Court
Tenet Tax Daily November 23 2017
Penalty u/s 271AAA justified if assessee failed to pay tax on undisclosed income declared during search
Tenet Tax Daily November 22 2017
No sec. 271AAA penalty if assessee substantiated manner of earning undisclosed income & paid tax thereon
Tenet Tax Daily November 21 2017
No sec. 271AAA penalty if income was declared during scrutiny assessment & not during search: Delhi ITAT
Tenet Tax Daily November 20 2017
Assessment completed without issue of scrutiny notice was void though assessee had participated in proceedings
Tenet Tax Daily November 18 2017
Assessee was entitled to tax credits for both State as well as Federal taxes paid outside India: ITAT
Tenet Tax Daily November 17 2017
No denial of sec. 80G approval once sec. 12AA registration granted to assessee: ITAT
Tenet Tax Daily November 16 2017
No withholding tax on commission paid to foreign agents if services were rendered abroad
Tenet Tax Daily November 15 2017
No penalty if wife offered due tax during assessment on sum received being beneficiary of her deceased husband: HC
Tenet Tax Daily November 13 2017
Firm was eligible to claim exp. if it was disallowed in hands of partner claiming having incurred on behalf of firm
Tenet Tax Daily November 11 2017
Sum paid towards transmission charges for electricity won’t attract TDS provision: HC
Tenet Tax Daily November 10 2017
Exp. debited in P&L a/c showing regular increase was proof that assessee was carrying out business activity
Tenet Tax Daily November 09 2017
Allowability of exp. incurred on R&D facilities being debatable issue was outside purview of sec. 154
Tenet Tax Daily November 08 2017
No sec. 194J TDS on reimbursement of exp. to HRTC for carrying out development work on behalf of assessee
Tenet Tax Daily November 07 2017