Tenet Tax Daily February 01 2014
AO doesn’t have power to deny sec. 54F exemption while processing return under sec. 143(1)
Loss from sale of depreciable asset would always be short-term capital gain or loss if block ceases to exist
Tenet Tax Daily January 31 2014
If all transactions weren’t disclosed during first reassessment, second reassessment was justified HC
Tenet Tax Daily January 30 2014
Non-compete fee received under negative covenant is taxable w.e.f. 1-4-2003 only and not retrospectively
Tenet Tax Daily January 29 2014
ITAT deletes concealment penalty on disclosure by assessee about his past income and payment of taxes thereon
Tenet Tax Daily January 28 2014
Foreign exchange fluctuation loss in derivatives to be considered on last date of accounting year and deductible under section 37(1)
Tenet Tax Daily January 27 2014
Assessee, not liable to pay education cess and secondary and higher education cess when tax as per DTAA
Tenet Tax Daily January 25 2014
Bottling of LPG gas into cylinders tantamounts to manufacture for section 80-IB relief
Tenet Tax Daily January 24 2014
TPO ought to have first analysed internal comparable before external one for making TP adjustment
Tenet Tax Daily January 23 2014
Expenditure incurred on tenancy rights during acquisition of running business is revenue expenditure
Tenet Tax Daily January 22 2014
ITAT remands back matter to enquire into an issue directly relevant to TP adjustments and not dealt with by DRP
Tenet Tax Daily January 21 2014
Sec. 40(a)(ia) contemplates actual tax deduction and not mere debit entry in account of payee
Tenet Tax Daily January 20 2014
Services rendered outside India not taxable in India; ITAT ignores retro-amendment to sec. 9
Tenet Tax Daily January 18 2014
Taxability under the Act becomes irrelevant if income earned by NR isn’t taxable in India as per DTAA
Tenet Tax Daily January 17, 2014
HC slams revenue for initiating reassessment at instance of audit party without recording his own reasons
Tenet Tax Daily January 16, 2014
Provision for gratuity and leave encashment not a contingent liability but deductible as business expense
Tenet Tax Daily January 11 2014
No concealment penalty on mere TP adjustment if such issue was of debatable nature
Tenet Tax Daily January 13 2014
Non-confirmation of sums by creditor does not warrant sec. 68 addition if genuineness & identity are proved
Tenet Tax Daily January 14 2014