Tenet Tax Daily August 14 2014
An assessee is entitled to interest on tax refund even if it arises after adjustment of MAT credit
No sec. 69A additions if jewellery found in search was within permissible limit as stipulated by CBDT in its circular
Tenet Tax Daily August 13 2014
Income accrues on completion of services; ITAT accepts Completion Contract Method for revenue recognition
Tenet Tax Daily August 12 2014
Tenet News Flash – Revised India-Malta DTAA
Tenet News Flash – August 11 2014
HC dismissed writ as alternate remedy was available to challenge issue regarding validity of reassessment notice
Tenet Tax Daily August 11 2014
Sum received on termination of agency’s term is a capital receipt as it puts an end to income earning apparatus
Tenet Tax Daily August 09 2014
Gymkhana Club providing sports and other recreational facilities only to its members can’t be treated as charitable trust
Tenet Tax Daily August 08 2014
Cos with huge turnover, abnormal profits or functional differences are excludible from comparables list
Tenet Tax Daily August 07 2014
No withholding tax liability on payment of export commission to NR before withdrawal of Circular No. 786
Tenet Tax Daily August 06 2014
Payment to foreign co. to conduct navigation studies at Indian port doesn’t satisfy ‘make available’ clause; no FTS
Tenet Tax Daily August 04 2014
Expenditure incurred to remove hardship in professional work allowed as revenue expenditure
Tenet Tax Daily August 05 2014
AO’s referral to TPO doesn’t take away his powers of determining nature of exp. under sec. 37(1)
Tenet Tax Daily August 01 2014
Settlement Commission’s order of disallowing a sum upheld by HC as otherwise it could reduce undisclosed income offered by assessee
Tenet Tax Daily July 31 2014
Transfer of ownership rights via agreement to sell held as ‘transfer’, even if possession wasn’t given to purchaser
Tenet Tax Daily July 30 2014
No penalty or prosecution if return was voluntarily filed in good faith prior to detection of concealment
Tenet Tax Daily July 29 2014
HC upheld disallowance of commission as assessee failed to prove nature of services rendered by sub-agents
Tenet Tax Daily July 28 2014
HC dismissed writ as appellant-bank had alternate remedy of filing an appeal on charges of sec. 194A TDS default
Tenet Tax Daily July 26 2014