Tenet Tax Daily July 26 2016
AO couldn’t make reassessment on mere suspicion due to huge cash withdrawal by assessee from bank
Compounding fee paid to RBI isn’t in nature of penalty; eligible for deduction
Tenet Tax Daily July 25 2016
Sum paid to facilitate Call Centers to communicate with USA customers held as ‘royalty’
Tenet Tax Daily July 23 2016
Fee paid by stock broker for marketing services couldn’t be held as FTS under India-UK treaty
Tenet Tax Daily July 22 2016
AO made apparent mistake by treating taxpayer as assessee in default only on basis of admission of taxpayer: ITAT
Tenet Tax Daily July 21 2016
Reassessment rightly made as AO had reasons to believe that taxpayer had made bogus purchases
Tenet Tax Daily July 20 2016
Exp. claimed after survey was disallowed as it was made to offset additional income offered in survey
Tenet Tax Daily July 19 2016
Interest on FD was includible in operating profit as FD was made from advances received from buyers
Tenet Tax Daily July 18 2016
No reassessment after expiry of limitation period merely on basis of opinion expressed by higher forum
Tenet Tax Daily July 16 2016
Stock appreciation rights are taxable when employee is resident at the time of exercise of such rights
Tenet Tax Daily July 15 2016
AO directed to release seized gold as assessee had made timely application and explained source of acquisition
Tenet Tax Daily July 14 2016
Salary earned in USA exempted from tax as employee was held as resident of USA under tie-breaker rule of DTAA
Tenet Tax Daily July 13 2016
Duration of running each project undertaken by a Mauritian Co. to be seen separately for determination of PE in India
Tenet Tax Daily July 12 2016
Exp. incurred on interior designing of leasehold premises is deductible as revenue exp.
Tenet Tax Daily July 11 2016
Loss from derivative is a normal business loss and not a speculation loss
Tenet Tax Daily July 09 2016
AO rightly made reassessment as he had info that group entities of assessee were providing accommodation entries
Tenet Tax Daily July 08 2016
ITAT flaked for confirming addition of an exp. which wasn’t subject matter of appeal
Tenet Tax Daily July 07 2016