Tenet Tax Daily August 14 2015
Discount allowed to distributors on starter packs and recharge coupons for prepaid mobile service qualifies as commission and TDS should be deducted under section 194H
No reassessment by AO on change of opinion that profit from share dealings was taxable as business income
Tenet Tax Daily August 13 2015
AO couldn’t proceed with reassessment without disposing of objections of assessee which went to root of matter
Tenet Tax Daily August 12 2015
AO gets flak from ITAT for reducing grant from cost of fixed assets without considering provisions of sec. 43(1)
Tenet Tax Daily August 11 2015
Failure of AO to furnish acknowledgement of service of notice leads to quashing of assessment
Tenet Tax Daily August 10 2015
Assessee couldn’t escape penalty by stating that he was unaware of provision requiring filing of TDS return
Tenet Tax Daily August 08 2015
Conversion of ‘Gram Dal’ into ‘Besan’ amounts to manufacture for sec. 80-IB relief
Tenet Tax Daily August 07 2015
Cap gain of inherited asset is to be computed by taking CII of the year in which asset is acquired by previous owner
Tenet Tax Daily August 06 2015
Preoperative exp. incurred to expand existing business was revenue exp.
Tenet Tax Daily August 05 2015
No denial of sec. 80-IC relief due to non-maintenance of separate books for manufacturing carried on job work basis
Tenet Tax Daily August 04 2015
Submission of affidavit of gift received from spouse didn’t explain source of investments found in search
Tenet Tax Daily August 03 2015
Cement bags are taxable separately as it is established that sale of cement and bags are separate transaction
Tenet Tax Daily August 01 2015
ITAT rejects ‘bright line test’ for AMP expenditure; follows ratio of High Court in case of ‘Sony Ericsson’
Tenet Tax Daily July 31 2015
Sum paid by Hospital for administration of drug store would attract sec. 194C TDS and not sec. 194H TDS
Tenet Tax Daily July 30 2015
Premium received by society on transfer of plots wasn’t taxable as it was utilized for benefit of its members
Tenet Tax Daily July 29 2015
Survey can be conducted at factory premises to obtain info. with regard to TDS proceedings
Tenet Tax Daily July 28 2015
Tax exemption claim of society was to be allowed after examining whether all its members belonged to Scheduled Tribe
Tenet Tax Daily July 27 2015
Chit fund dividend paid to customers couldn’t be treated as interest; not liable to sec. 194A TDS
Tenet Tax Daily July 25 2015