Tenet Tax Daily September 30 2013
Expenditure disallowed under sec. 14A to be added back for computation of book profit under sec. 115JB
Assessment concluded without hearing assessee is invalid even if assessee did not comply with notice for filing of return
Tenet Tax Daily September 28 2013
Benefit of ± 5 per cent only a tolerance range- not a standard deduction for computing ALP
Tenet Tax Daily September 27 2013
Notional interest cannot be added to rental income without making an enquiry about Annual Letting Value
Tenet Tax Daily September 26 2013
Issue not raised before Tribunal cannot be allowed and permitted to be discussed at High Court
Tenet Tax Daily September 25 2013
Reasons recorder for reassessment should have a nexus with reassessment order passed
Tenet Tax Daily September 24 2013
No Jurisdiction for notice under section 226(3) on an escrow agent who did not hold any amount on account of the assessee
Tenet Tax Daily September 23 2013
Subscription fee for a research product of a foreign company amounted to royalty
Tenet Tax Daily September 21 2013
No disallowance of expenditure in the absence of correct ascertainment of nature of payments to non-resident
Tenet Tax Daily September 20 2013
Expression ‘a residential house’ as appearing in section 54F cannot be interpreted in a manner to suggest that exemption would be restricted to a single residential unit
Tenet Tax Daily September 18 2013
Income from contracting business to be estimated by applying net profit ratio of 8 per cent as a percentage of gross receipts as incorporated in section 44AD
Tenet Tax Daily September 17 2013
Expenditure relatable to business of assessee having given some enduring benefit cannot be regarded as capital expenditure
Tenet Tax Daily September 16 2013
Disentitlement of carry forward of loss – only when original return is not filed within due date; date of revised return not to be considered
Speculative loss – When neither any payment was made nor any delivery was taken in respect of shares, short-term capital loss would be treated as speculation loss
Tenet Tax Daily September 13 2013
Reopening of assessment permissible even if no scrutiny assessment – reason to believe escapement of income must exist
Tenet Tax Daily September 12 2013
Foreign company computing income as per a method unknown to the law of India would be qequired to correct the same in reversionary proceedings
Tenet Tax Daily September 11 2013
Interest received for delay in completion of Buy-back process of shares under open offer to be deemed as capital gain and not interest income
Tenet Tax Daily September 10 2013
Revenue may furnish requisite material to prove service of notice if assessee denies receipt of the same
Tenet Tax Daily September 9 2013