Tenet Tax Daily June 17 2015
Receipt of sum from a foreign company engaged in exploration and production of oil in oil fields of India and claiming the same to be reimbursement of actual cost without being able to establish one to one nexus between services rendered and alleged reimbursement would entail assessee’s receipts to be taxed under section 44BB
Reimbursement of debtor collection charges to US based by assessee who had made direct payment to payee would not fall within ambit of ‘fee for technical services’ and assessee was not required to deduct tax at source while making payment in question
Tenet Tax Daily June 16 2015
Amount received towards supply of software embedded in hardware did not amount to ‘royalty’ under section 9(1)(vi)
Tenet Tax Daily June 15 2015
High Court critical of ITAT for passing order on basis of docs and evidences not presented before AO or CIT(A)
Tenet Tax Daily June 13 2015
CIT(A) gets flak from ITAT for holding that assessee didn’t have PE in India as per DTAA without giving reasons
Tenet Tax Daily June 12 2015
Assessment in name of amalgamating co. was invalid as it ceased to exist after amalgamation
Tenet Tax Daily June 11 2015
Sum incurred towards leasehold improvements in a rented premise is a revenue exp.
Tenet Tax Daily June 10 2015
Cash expense incurred by Actor in excess of Rs. 20,000 on travelling, costumes and makeup was allowable; High Court
Tenet Tax Daily June 08 2015
No TDS on sum paid to foreign agent for rendering services outside India if it didn’t have any PE in India
Tenet Tax Daily June 06 2015
Sum Received in lieu of relinquishment of right to sue ‘Coca-Cola’ was capital receipt: ITAT
Tenet Tax Daily June 04 2015
No penalty on declaration of income pursuant to search if source of income was substantiated and tax was paid thereon
Tenet Tax Daily June 02 2015
Depreciation available on machinery even if it is installed for trial run and not for production of goods
Tenet Tax Daily May 30 2015
Depreciation available on machinery even if it is installed for trial run and not for production of goods
Tenet Tax Daily May 30 2015
No disallowance if TDS is deposited before due date of filing return; amendment to sec. 40(a)(ia) has retro-effect
Tenet Tax Daily May 29 2015
Bank couldn’t defer deduction of tax and wait for lower TDS certificate from depositor; held as assessee-in-default
Tenet Tax Daily May 28 2015
Payment made for import of hardware couldn’t be taxable as royalty
Tenet Tax Daily May 26 2015