Tenet Tax Daily June 29 2018
Payment to contractor engaged in collection of data which doesn’t mandate technical skills requires sec. 194C TDS
Sum paid to Foreign Co. towards supervision & installation of pipes and fittings couldn’t be held as FTS
Tenet Tax Daily June 28 2018
Subsidy given by State Govt. on account of power consumption by new/expanded units was capital receipt
Tenet Tax Daily June 27 2018
ITAT allowed provision for warranty services created in accordance with inputs received from technical team
Tenet Tax Daily June 26 2018
Sec. 80-IB relief not available if ITR wasn’t filed within the due date prescribed u/s 139(1): Calcutta HC
Tenet Tax Daily June 25 2018
Exp. incurred to improve quality of existing products was allowable as revenue exp.: Gujarat HC
Tenet Tax Daily June 22 2018
ITAT remanded matter as revenue sharing though christened as royalty yet wasn’t royalty
Tenet Tax Daily June 23 2018
No sec. 69C additions if sum towards purchase of paintings was paid through proper banking channel
Tenet Tax Daily June 21 2018
Provision for doubtful debt couldn’t be added while computing book profit for MAT calculation: ITAT
Tenet Tax Daily June 20 2018
ITAT rejected revisional application as all grounds related to order passed by CIT had been properly dealt with
Tenet Tax Daily June 19 2018
CIT(A) couldn’t enhance assessment by changing head of income without giving SCN to assessee
Tenet Tax Daily June 18 2018
Sec. 271AAB penalty was applicable if assessee admitted undisclosed income & specified its earning manner: HC
Tenet Tax Daily June 16 2018
No sec. 158BFA interest if ITR was filed belatedly due to delay in obtaining copies of seized material from dept.
Tenet Tax Daily June 15 2018
Printer being part of computer system eligible for 60% depreciation: Madras HC
Tenet Tax Daily June 14 2018
Commission paid to foreign agents on export of goods not taxable in absence of any business connection in India
Tenet Tax Daily June 13 2018
No additions on excess jewellery found during search if there was custom to gift jewellery in family
Tenet Tax Daily June 12 2018
Provisions for standard assets of banks aren’t provisions for bad and doubtful debts: ITAT
Tenet Tax Daily June 11 2018
Assessee was bound to claim additional dep. irrespective of fact that entire income was exempt u/s 80-IA
Tenet Tax Daily June 09 2018