Tenet Tax Daily November 30 2013
Short-term capital gain computed on long-term depreciable assets can be set off against long-term capital loss
No royalty from sale of software, HC ignores amended Sec. 9 as DTAA more beneficial – Samsung’s case distinguished
Tenet Tax Daily November 29 2013
Section 54 does not require that assessee must earn income from said property
Tenet Tax Daily November 28 2013
Tenet Tax Daily November 26 2013
TP adjustments for not charging cost from AEs deleted as assessee had to settle transactions at cost-plus mark up
Tenet Tax Daily November 25 2013
Assessee to initiate fresh proceedings if it’s not satisfied with consequential order passed after ITAT’s direction
Tenet Tax Daily November 23 2013
HC deletes additions for cash credits on proving identify of share applicants
Tenet Tax Daily November 22 2013
Declaring an income admitted during search and payment of taxes thereon saves assessee from sec. 271AAA penalty
Tenet Tax Daily November 21 2013
Disallowing excess depreciation doesnot justify re-assessment if assessee was subjected to MAT provisions
Tenet Tax Daily November 20 2013
No FTS under Indo-USA DTAA if services rendered don’t clear ‘make available’ benchmark
Tenet Tax Daily November 19 2013
HC upheld disallowance as no nexus existed between expenditure and business purpose
Tenet Tax Daily November 18 2013
If no human intervention is involved, such services cannot be covered under section 9(1)(vii)
Tenet Tax Daily November 15 2013
Sum received by assessee from letting out of office to fulfil financial needs of business is business receipt
Tenet Tax Daily November 14 2013
Business profits arise when a disguised transaction of sale of shares is opted to transfer a business
Tenet Tax Daily November 13 2013
Allahabad HC – Re-assessment quashed as all facts were disclosed in assessment proceedings
Tenet Tax Daily November 12 2013
Full risk bearing Companies not comparable with an entity bearing limited risk – comparables rejected
Tenet Tax Daily November 11 2013
Sum remitted by sub-agents to advertisers out of TDS ambit if sub-agent acted as conduit between advertisers and clients
Tenet Tax Daily November 9 2013
Assessee need not be unemployed when going abroad for a job for determining his residential status
Tenet Tax Daily November 8 2013