Tenet Tax Daily September 02 2017
TDS disallowance to be made even if no sum payable at year-end; HC follows Apex court’s decision
No addition in hand of co. if sum seized from bank locker of co. was admitted by director as his undisclosed income
Tenet Tax Daily August 31 2017
No addition on account of cessation of liability if amount related of sundry creditors was credited to P&L a/c
Tenet Tax Daily August 30 2017
Sec. 263 revision was valid if assessee failed to substantiate source of cash deposit with any evidence
Tenet Tax Daily August 29 2017
No TDS on rental payment made by co. on behalf of directors if recipient had no deduction certificate u/s 197
Tenet Tax Daily August 28 2017
In absence of any positive and substantive material to effect that services had been rendered by employees of branch office of assessee, royalty income earned by assessee on account of technical agreement with another company was not effectively connected with branch office of assessee, and therefore, same was chargeable to tax as ‘royalty’ income as per article 13(1) and (2) of India-Italy DTAA
Tenet Tax Daily August 26 2017
Rental income from letting out factory premises of discontinued business is taxable as income from other source
Tenet Tax Daily August 25 2017
ITAT wasn’t competent to make addition under different section if it wasn’t subject matter of appeal
Tenet Tax Daily August 24 2017
Failure to recover sum advanced to share broker for investment was business loss and not bad debt: Delhi HC
Tenet Tax Daily August 23 2017
No disallowance if tax paid by employer on perquisites was grossed up while computing employee’s salary
Tenet Tax Daily August 22 2017
HC slams AO for denying TDS credit to HUF merely because TDS certificats were issued in name & PAN of Karta
Tenet Tax Daily August 18 2017
Non-recovery of tax due of company couldn’t be recovered from director without issuing SCN
Tenet Tax Daily August 21 2017
Lease agreement with own family shouldn’t be considered when it is made for tax evasion: Apex Court
Tenet Tax Daily August 17 2017
AO cannot make additions on estimation basis without rejecting books of account: Madras HC
Tenet Tax Daily August 16 2017
No sec. 69C disallowance if payments were made through bank and were duly reflected in books of account
Tenet Tax Daily August 14 2017
HC denied claim of dep. on software as assessee failed to demonstrate genuineness of its purchase
Tenet Tax Daily August 12 2017
Compensation paid to family on death of freelance sea divers in marine accident was business exp.
Tenet Tax Daily August 11 2017
Composite rental income from letting out building together with fixtures was taxable as income from other sources
Tenet Tax Daily August 10 2017