Tenet Tax Daily February 28 2020
No depreciation allowable in case WDV of asset is NIL or the block of asset ceases to exist on last date of previous year
Company set-up in Mauritius with the purpose of routing funds for South African based holding Cos not eligible for Indo-Mauritius DTAA benefit
Tenet Tax Daily February 27 2020
Stay order passed by High Court restraining revenue to pass final assessment order till disposal of petition filed by assessee will not mean that reassessment proceedings could not coninue
Tenet Tax Daily February 26 2020
Royalty payment made to secure manufacturing technical know-how is revenue expenditure
Tenet Tax Daily February 25 2020
Foreign exchange loss arising out of foreign currency fluctuations is revenue expenditure and not capital expenditure
Tenet Tax Daily February 24 2020
Any profits/loss arising on settlement of foreign exchange contracts should be adjusted against cost of concerned capital asset
Tenet Tax Daily February 22 2020
Petitioner could not be considered as principal officer since connection of petitioner with management, and administration of company was also not established
Tenet Tax Daily February 21 2020
No interference with Tribunal order since there was no material to prove that assessee kept amounts outside its books of account
Tenet Tax Daily February 20 2020
Rent paid for assets taken on finance lease with buy-back option allowable as revenue expenditure
Tenet Tax Daily February 19 2020
Writ petition challenging 148 notice not maintainable as alternate remedies not exhausted.
Tenet Tax Daily February 18 2020
Re-examination of accounts already verified by AO in detail during assessment not a ground for reassessment
Tenet Tax Daily February 17 2020
Assessee could not be denied benefit of section 54 for mere non-compliance of a procedural requirement
Claim of Sec. 54F exemption not to be rejected because assessee had association with builder
Tenet Tax Daily February 14 2020 _1_
“Support services” taxable as FTS both under Income-tax Act and under tax treaty – make available condition fulfilled
Tenet Tax Daily February 13 2020
Technical services held as not taxable since make available condition not satisfied
Tenet Tax Daily February 12 2020
Where appeal was delayed since company wanted to wait for department to file the same and then file cross objection – no condonation allowed
Tenet Tax Daily February 11 2020
In case there was uncertainty of realizing debtors, additions could not be made
Tenet Tax Daily February 10 2020
Prior to applying Rule 8D, AO must record his dissatisfaction regarding suo-motu sec. 14A disallowance offered by assessee
Tenet Tax Daily February 08 2020