Tenet Tax Daily December 28 2019
Assessment Order rejecting assessee’s refund of excess amount paid as taxes not subject matter of Writ
Foreign travel expenses of family members of directors on foreign trips is not allowable
Tenet Tax Daily December 27 2019
Reason to initiate reassessment includes receipt of information from DDIT (Investigation) regarding tax evasions
Tenet Tax Daily December 26 2019
Interest on enhanced refund to be granted from date of filing revised ITR and not original ITR
Tenet Tax Daily December 24 2019
CIT(A) has power to decide stay application and can’t direct assessee to file the application before AO
Tenet Tax Daily December 23 2019
In case assessee purchases new house after the due date prescribed u/s 139(1) Sec. 54 exemption will not be available
Tenet Tax Daily December 21 2019
In case assessee purchases multiple residential units in same building Sec. 54 exemption is available
Tenet Tax Daily December 20 2019
In case there are many transactions of share sale and purchase, the Profits can be held as business income and not Capital gains
Tenet Tax Daily December 19 2019
For computing general reserve for Balance of P&L A/c couldn’t be included
Tenet Tax Daily December 18 2019
Where AO received directions from CIT u/s. 144A to make appropriate order, the same can be made after Assessee’s objection are disposed off
For initiating reassessment proceedings of current AY information obtained during previous assessment can be the basis
Tenet Tax Daily December 16 2019
Commissioner Appeals is required to pass a speaking order and cannot dispose the appeal by holding that AO’s order was self-speaking and did not require interference
Tenet Tax Daily December 14 2019
Tribunal cannot review its earlier order u/s 254: ITAT
Tenet Tax Daily December 13 2019
Error apparent from record for section 154 purposes does not include failure to consider an argument in appeal
Tenet Tax Daily December 12 2019
If same income that is declared by assessee is also dealt in another application filed before Settlement Commission, the application filed by first person can be reviewed even though the application was initially rejected.
Tenet Tax Daily December 11 2019
Cash payments made by assessee to farmers allowed even in absence of names of farmers
Tenet Tax Daily December 10 2019
For computing book profit as per MAT, provision for gratuity not to be considered since it is not an ascertained liability
Tenet Tax Daily December 09 2019