Tenet Tax Daily July 12 2013
Assessee not required to establish irrecoverability of a debt before writing it off to claim bad debt deduction.
Ahmedabad HC – Submission of audited accounts doesnot mean AO cannot order for special audit
Tenet Tax Daily July 11 2013
Pre-payment charges for closure of housing loan eligible for Section 24 deductions.
Tenet Tax Daily July 09 2013
Expenditure on upgradation of an existing machine is a revenue exp.
Tenet Tax Daily July 08 2013
Reassessment on a matter examined during original assessment is deemed as change of opinion; reassessment quashed.
Tenet Tax Daily July 06 2013
ITAT remands matter to AO due to non examination of provisions of DTAA while taxing the receipts.
Tenet Tax Daily July 05 2013
Delhi High Court (HC) denies to quash settlement order – Authority could verify full and true disclosure by assessee till its final order.
Tenet Tax Daily July 04 2013
Commission paid for soliciting export orders abroad isn’t taxable in India.
Tenet Tax Daily July 03 2013
Where assessee manufacturing sophisticated chemicals, purchased a catalyst used in oxidation process of converting oxylene to pthalic anhydride, it did not amount to payment of royalty and assessee was not required to deduct tax at source while making payment.
Tenet Tax Daily July 02 2013
Reimbursement of purchase price, without margin or profit or value addition, to a sister concern towards payment of purchase price on behalf of assessee is not liable to TDS
Tenet Tax Daily July 01 2013
Ignorance of law by Chartered Accountant of the assessee is not a reasonable cause for failure to file the audit report of international transactions
Tenet Tax Daily June 29 2013
Tax is not required to be deducted from reimbursements of salary costs of the employees of a foreign company deputed to work for the Indian company
Tenet Tax Daily June 27 2013
‘Rule of Consistency’ – If profit on sale of land was taxed as capital gain in a preceding assessment year, same could not be treated to be as business income in the succeding assessment year
Tenet Tax Daily June 28 2013
Once a transaction is genuine and traded at proper valuation, even if it is entered with a motive to avoid tax, it would not become a colorable device
Tenet Tax Daily June 26 2013
Notice dispatched to assessee under section 143(2) after date fixed for hearing would tantamount to denial of reasonable opportunity of hearing to assessee and, in such case, the order passed by revenue authority was not sustainable as it violated the principles of natural justice
Tenet Tax Daily June 23 2013
Future losses accounted as per the Accounting Standard 7 is allowable as business expenditure
Tenet Tax Daily June 24 2013