Tenet Tax Daily January 17 2018
Cost of goods ordered to be destroyed as per prevention of Food Alteration Act not allowed as deduction
Refund couldn’t be denied just because scrutiny notice was served: Madras HC
Tenet Tax Daily January 16 2018
Exp. incurred on director education not deductible without his commitment to serve co. post-education
Tenet Tax Daily January 15 2018
AO couldn’t assess any other income if initial reason to believe of escaped income was just a matter of fact
Tenet Tax Daily January 13 2018
Revaluation surplus paid to retiring partners isn’t distribution of capital asset; firm not liable to tax
Tenet Tax Daily January 12 2018
Madras HC quashed reopening of assessment initiated on mere change of opinion against ‘Karti Chidambaram’
Tenet Tax Daily January 11 2018
Ownership of land on which building is constructed isn’t necessary to taxing rental income as house property income
Tenet Tax Daily January 10 2018
Reassessment justified as foreign co. failed to give segregated details of its receipts from outside & inside India
Tenet Tax Daily January 09 2018
HC directs Appellate Authorities to not to go into question of validity of search till pendency of SC decision
Tenet Tax Daily January 08 2018
AO couldn’t ask assessee to furnish ‘source of source’ to assess income under sec. 68: HC
Tenet Tax Daily January 06 2018
Sec. 69 addition was justified if sale deed showed that assessee paid cash consideration to purchase property
Tenet Tax Daily December 30 2017
Voluntary disclosure of income in subsequent year won’t absolve assessee from liability to pay penalty
Tenet Tax Daily January 03 2018
No penalty if assessee failed to submit TP documents due to pendency of its application of shifting its head office
Tenet Tax Daily January 02 2018
ITAT set-aside penalty order as assessee was asked to furnish voluminous info within short period of 4 days
Tenet Tax Daily January 01 2018
Society imparting education in systematic manner in field of nursing is entitled to sec. 12AA registration
Tenet Tax Daily December 29 2017
Weighted deduction u/s 35(2AB) wasn’t available unless R&D facility was approved by competent authority
Tenet Tax Daily December 27 2017
Issue once sealed by ITAT after due analysis can’t be raised again by assessee under guise of rectification: HC
Tenet Tax Daily December 26 2017
No penalty if assessee got TP study done by an outside expert
Tenet Tax Daily December 25 2017