Tenet Tax Daily November 29 2014
TPO should apply same formula to compute operating profit of assessee and its comparables, rules HC
Export commission paid to foreign agent won’t attract TDS if such agent didn’t have PE in India
Tenet Tax Daily November 28 2014
Certificate of incorporation/PAN didn’t prove identity of shareholder-Cos if evidence showed them as paper Cos
Tenet Tax Daily November 27 2014
Penalty upheld as assessee didn’t show reasonable cause for receiving cash deposit in contravention of Sec. 269SS
Tenet Tax Daily November 26 2014
Mere grant of sec. 12A registration won’t be sufficient to allow registration under sec. 80G as well
Tenet Tax Daily November 25 2014
No addition merely on basis of statement recorded during survey if assessee retracted from said statement later on
Tenet Tax Daily November 24 2014
No penalty if value of excess stock found during survey had been surrendered by assessee and accepted by revenue
Tenet Tax Daily November 22 2014
AO couldn’t make addition on estimated basis without rejecting books of account
Tenet Tax Daily November 21 2014
No sec. 192 TDS on sums paid to consultant-doctors even if agreement prohibits them from taking other assignments
Tenet Tax Daily November 20 2014
Compounding fee paid to municipality on deviation from sanctioned plan was in nature of penalty, disallowable
Tenet Tax Daily November 19 2014
Short deduction of tax due to application of wrong provision won’t lead to sec. 40(a)(ia) disallowance
Tenet Tax Daily November 18 2014
Sum paid to NR without deduction of tax won’t invite sec. 40(a)(i) disallowance if such sum was capitalized
Tenet Tax Daily November 17 2014
Interest paid on loan to acquire shares couldn’t treated as its cost of acquisition if interest wasn’t capitalized
Tenet Tax Daily November 14 2014
No sec. 194C TDS on sums paid to contractor for job-work if liability for execution of contract was on assessee
Tenet Tax Daily November 13 2014
CIT(A) had to continue adjudication of TP adjustment not related with MAP proceeding initiated with US authorities
Tenet Tax Daily November 12 2014
Transfer order couldn’t be accepted if it didn’t indicate any reason for transfer of case, rules HC
Tenet Tax Daily November 11 2014
ITAT directs re-adjudication of case as TPO had allowed less then 4 working days to assessee to respond
Tenet Tax Daily November 10 2014
Exp. incurred on abandoned projects is allowable under sec. 37(1)
Tenet Tax Daily November 08 2014