Tenet Tax Daily August 24 2018
Capital gains falling under article 13 of India-Singapore DTAA not taxable though gains wasn’t remitted to Singapore
No FTS if no technical knowledge was made available to enable recipients to use services independently
Tenet Tax Daily August 23 2018
No sec. 263 revision if AO made detailed inquiries regarding foreign remittance made by assessee- NRI
Tenet Tax Daily August 22 2018
Validity of notice issued before limitation period couldn’t be upheld merely on ground that it was a SCN
Tenet Tax Daily August 21 2018
Additional grounds raised after completion of hearing to be admitted if no new facts emerged
Tenet Tax Daily August 20 2018
AO was justified in reopening assessment as assessee allegedly received accommodation entries from shell Co.
Tenet Tax Daily August 18 2018
Re-assessment notice to be set-aside if underlying reasons for notice weren’t found correct
Tenet Tax Daily August 17 2018
No perquisites if contribution to society for meeting education of employee’s children never crossed Rs. 1,000 pm
Tenet Tax Daily August 16 2018
No disallowance of loss if it was allowed after considering assessee’s explanation during original assessment
Tenet Tax Daily August 14 2018
Interest paid on loan taken for purchase of land used as stock-in-trade to be allowed as revenue exp.
Tenet Tax Daily August 15 2018
Unexplained gifts once assessed in block assessment, can’t be reassessed in regular assessment
Tenet Tax Daily August 13 2018
Unverified creditors shall not be deemed to exist; will be taxed under sec. 41(1): ITAT
Tenet Tax Daily August 11 2018
Money retained by ONGC to ensure successful completion of contract to be taxed in year of actual receipt
Tenet Tax Daily August 10 2018
Govt. grant received by a co. owned by the Govt. is capital receipt even if it is used for operational exp.
Tenet Tax Daily August 09 2018
Excess salary paid to MD in contravention of limit provided under co. Act was taxable as income: ITAT
Tenet Tax Daily August 08 2018
HC quashes reassessment done without considering assessee’s explanation about cash deposit
Tenet Tax Daily August 07 2018
Matter explained properly by assessee would bar AO to open case on another facet of same matter
Tenet Tax Daily August 06 2018
Submission of evidence during seizure isn’t necessary; can be done in assessment proceeding as well: HC
Tenet Tax Daily August 04 2018