Tenet Tax Daily October 31 2017
Free air travels & hotel stay expenses to doctors for prescribing medicines of pharma-co. aren’t deductible u/s 37
No reassessment merely on information supplied by Investigation Wing if all facts were disclosed at original assessment
Tenet Tax Daily October 30 2017
No concealment penalty if partner had bona fide belief that firm had invested his capital gains in new property
Tenet Tax Daily October 28 2017
Ignorance of compliance provision couldn’t be said to be reasonable cause to delete penalty: ITAT
Tenet Tax Daily October 27 2017
ITAT remanded matter as addition was deleted without giving opportunity to AO to verify evidence filed before CIT
Tenet Tax Daily October 26 2017
No sec. 194C TDS if specified equipments supplied to MTNL were bought from third person
Tenet Tax Daily October 25 2017
Tangible and intangible assets having same rate of depreciation were to be included in same block of assets
Tenet Tax Daily October 24 2017
HC quashed assessment order as assessee-company was amalgated with another co. during pendency of proceedings
Tenet Tax Daily October 23 2017
Mere allotment of PAN won’t make allottee a separate entity for purpose of tax assessment
Tenet Tax Daily October 21 2017
Sumpaid as Shelter fund to protect land from acquisition was to be treated as revenue expenditure: HC
Tenet Tax Daily October 20 2017
Sum paid to NR for grant of software license for specific period couldn’t be held as royalty
Tenet Tax Daily October 19 2017
ITAT allowed port exp. as it was agreed with buyer that port charges were to be borne by assessee
Tenet Tax Daily October 18 2017
ITAT upheld disallowance of interest exp. as assessee had no interest free funds to give interest free loan
Tenet Tax Daily October 17 2017
HC upheld penalty as assessee failed to prove that there was reasonable cause for not deducting TDS
Tenet Tax Daily October 16 2017
‘Reason to believe’ isn’t required to be disclosed in case of search proceedings: SC
Tenet Tax Daily October 14 2017
In absence of evidence, ITAT couldn’t allow 42% deduction from gross receipts towards non-receipt of fee
Tenet Tax Daily October 13 2017
Delhi HC confirmed sec. 68 additions as assessee failed to prove identity and financial strength of creditors
Tenet Tax Daily October 12 2017
Expenditure incurred on issue of Foreign Currency Convertible Bonds was deductible as revenue expenditure
Tenet Tax Daily October 11 2017