Tenet Tax Daily February 17 2015
Date of allotment of land would be its date of acquisition and not the date of sale deed to compute capital gains
Capital gain accrues on relinquishment of rights in land to developer to get constructed area
Tenet Tax Daily February 16 2015
No reassessment after 4 years to disallow sums paid to NR if assessee had already disclosed all material facts
Tenet Tax Daily February 14 2015
Assessment order was invalid as it was issued on basis of time barred notice under sec. 143(2)
Tenet Tax Daily February 12 2015
Tax dues of partnership firm can’t be adjusted against refund to partner in his personal capacity
Tenet Tax Daily February 11 2015
Sec. 143(1) intimation won’t be deemed as completion of assessment to bar filing of revised return, rules HC
Tenet Tax Daily February 10 2015
Co. outsourcing major portion of its business to third party couldn’t be taken as comparable for ITES provider
Tenet Tax Daily February 09 2015
Sec. 154 had to be invoked when AO had wrongly mentioned agriculture income under the head exp.
Tenet Tax Daily February 07 2015
Ad-hoc sec. 40(a)(ia) disallowance made as books didn’t show true state of affairs on job charges paid to affiliate
Tenet Tax Daily February 06 2015
No addition on basis of remand report by AO if he failed to verify authenticity of facts on merits
Tenet Tax Daily February 05 2015
ALP of advertisement exp. reimbursed to foreign AE couldn’t be taken at nil if it was incurred for Indian affiliate
Tenet Tax Daily February 03 2015
HC grants Sec. 80-IA relief on gains attributable to captive consumption of power generated from windmill
Tenet Tax Daily February 02 2015
No TDS credit available if assessee had failed to offer corresponding income to tax in relevant year
Tenet Tax Daily January 31 2015
Wheeling charges paid for transmission of electricity would attract TDS under sec. 194C instead of sec. 194J
Tenet Tax Daily January 28 2015
Brokerage paid to mobilize public deposit was revenue exp. if interest was payable on it and deposit had fixed term
Tenet Tax Daily January 29 2015
Mere mentioning of country’s name and detail of expenses does not indicate purpose of foreign travel; disallowable
Tenet Tax Daily January 30 2015
Payment made to put-up hoarding is an advertisement contract; attracts TDS under sec. 194C
Tenet Tax Daily January 21 2015
Income from growing of mushrooms in residential area under controlled conditions isn’t agricultural income
Tenet Tax Daily January 20 2015