Tenet Tax Daily February 25 2020
Royalty payment made to secure manufacturing technical know-how is revenue expenditure
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_
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
Weak financial position of assessee – HC allows recovery proceedings to be kept in abeyance till disposal of appeal
Tenet Tax Daily February 07 2020
Partially let out commercial property eligible for sec. 24 deduction
Tenet Tax Daily February 06 2020
Refund payable to assessee cannot be withheld on ground of technical difficulty of system
Tenet Tax Daily February 05 2020
Interest on loans taken for acquiring controlling interest in a company is an allowable expenditure
Tenet Tax Daily February 04 2020
Assessee becoming resident as per FEMA not entitled to exemption under section 10(4)
Tenet Tax Daily February 03 2020