Tenet Tax Daily February 19 2018
Exp. on replacement of moulds & dies subject to heavy wear & tear was allowable as revenue expenditure
Retail method could be used for valuation when actual cost of product couldn’t be ascertained
Tenet Tax Daily February 17 2018
HC justified reassessment as WDV of land shown in books of account was lesser than amount shown in ITR
Tenet Tax Daily February 16 2018
Failure to pass draft assessment order before passing final order would lead to withdrawal of demand proceedings
Tenet Tax Daily February 15 2018
Discount on shares issued under ESOP was allowable deduction under section 37(1): ITAT
Tenet Tax Daily February 14 2018
Sec. 68 additions made without verification of donors of gifts was unjustified; ITAT deleted additions
Tenet Tax Daily February 13 2018
Sale of shares of penny stock cos. at higher rate within yr held as attempt to hedge undisclosed income as LTCG: HC
Tenet Tax Daily February 12 2018
No waiver of sec. 234A/B/C interest if assessee disclosed income pursuant of search: HC
Tenet Tax Daily February 10 2018
Sum paid to co. providing support services to assessee’s rail equipment manufacturing activity liable to TDS u/s 194J
Tenet Tax Daily February 09 2018
No disallowance if Co. had interest free funds for making interest free investments in its subsidiary co.
Tenet Tax Daily February 08 2018
Hospital isn’t an ‘Industrial Undertaking’ for purpose of carry forward of unabsorbed dep. in case of amalgamation
Tenet Tax Daily February 07 2018
ITAT remanded matter as TPO adopted TNMM method without identifying relevant comparables
Tenet Tax Daily February 06 2018
No reassessment after 4 years when assessee had already disclosed details of investment & exp. at assessment stage
Tenet Tax Daily February 05 2018
Depreciation on machinery was to be allowed even if it was used only for trial production: Bombay HC
Tenet Tax Daily February 03 2018
Furniture & equipment on leased business premises were entitled to 100% dep: Madras HC
Tenet Tax Daily February 02 2018
HC granted waiver of sec. 234A interest as there was bona fide dispute to tax income in assessee’s hands
Tenet Tax Daily February 01 2018
HC justified deletion of additions as cost of jewellery found in search was disclosed income of assessee’s wife
Tenet Tax Daily January 31 2018
Order by SetCom was conclusive in nature & couldn’t be reopened in any proceedings under any law
Tenet Tax Daily January 30 2018