Tenet Tax Daily July 05 2014
Before initiating reassessment AO must dispose of preliminary objection of assessee by passing speaking order
Limitation period for sec. 154 rectification begins when AO passes original order and not consequential one
Tenet Tax Daily July 04 2014
Failure to maintain books of account would bar assessee to claim min. exemption benefit from undisclosed income
Tenet Tax Daily July 03 2014
Bank couldn’t be held as assessee-in-default for TDS default if customer pays taxes on his interest income
Tenet Tax Daily July 02 2014
Slight delay in service of demand notice and copy of assessment order would not invalidate assessment
Tenet Tax Daily July 01 2014
Brokerage exp. to identify a tenant for under construction building couldn’t be allowed under sec. 37(1)
Tenet Tax Daily June 30 2014
Surplus arising to distributor of books from dealing in shares was capital gain if shares were held as investments
Tenet Tax Daily June 28 2014
Case remanded to decide if letting out of commercial complexes were business income or income from house property
Tenet Tax Daily June 27 2014
HC deletes addition as variation in GP rates of current year and preceding years couldn’t justify additions
Tenet Tax Daily June 26 2014
Sum paid to unrelated party via banking route after deduction of tax at source couldn’t be treated as bogus
Tenet Tax Daily June 25 2014
Reassessment can’t be based only on retro-amendments and interpretation of Apex Court on statutory provisions
Tenet Tax Daily June 24 2014
SC: High Court couldn’t dismiss an appeal with non-speaking order and without addressing question of law
Tenet Tax Daily June 23 2014
HC disallows interest on borrowings as assessee artificially borrowed its owned funds through a circuitous route
Tenet Tax Daily June 21 2014
Govt. notifies ‘1024’ as Cost Inflation Index for Financial Year 2014-15
Tenet Tax Daily June 20 2014
Service-tax not collected from customer but paid to Treasury is an allowable business expenditure
Tenet Tax Daily June 19 2014
TDS Certificate to supersede Form 26AS in case of variation between two; ITAT comes to the rescue of assessee
Tenet Tax Daily June 18 2014
Person whose income is subjected to withholding tax is entitled to claim its refund and not the deductor
Tenet Tax Daily June 17 2014