Tenet Tax Daily January 11 2017
Office land sold by bank would be taxable as capital gains and not as business income
No penalty under sec. 271F if there is reasonable cause for belated filing of return in search cases
tenet-tax-daily-january-10-2017
Forward contracts for hedging in forex wasn’t speculative when it was made in normal course of business
tenet-tax-daily-january-09-2017
HC dismissed writ as assessee had already filed appeal against transfer order under sec. 127
tenet-tax-daily-january-07-2017
U/s 179 assessee director could not be asked to substantiate basic issue as to whether company was a public limited company
tenet-tax-daily-january-06-2017
HC allows deduction of Rs. 4 crore incurred by ‘Idea’ on an abandoned project
tenet-tax-daily-january-05-2017
Income from leasing out business assets for a limited period to carry out production activity is business income
tenet-tax-daily-january-03-2017
Special Audit can be directed on basis of multiplicity of transactions, volume of trade and complexity of accounts
tenet-tax-daily-january-02-2017
No addition for deposit in Swiss Bank when sec. 143(1) assessment was completed prior to search
tenet-tax-daily-december-30-2016
AO should adopt report of Valuation Officer even if its valuation is lesser than that adopted by Stamp Authority
tenet-tax-daily-december-29-2016
Housing projects can’t be held as single project if each project is independent with separate facilities
tenet-tax-daily-december-28-2016
Indian Subsidiary held as PE as it was executing and concluding projects on behalf of foreign Parent Company
tenet-tax-daily-december-27-2016
TP use of multiple year data permissible only from 1-4-2014
tenet-tax-daily-december-26-2016
Rate of royalty is at ALP if it is approved by RBI and Ministry of Industry: Mumbai ITAT
tenet-tax-daily-december-24-2016
License fee to use a software not liable to TDS as it wasn’t taxable as royalty in AY 2009-10
tenet-tax-daily-december-23-2016
Info of bogus purchases given by Investigation Wing would be sufficient to initiate reassessment
tenet-tax-daily-december-22-2016
Reassessment couldn’t be set-aside because of exempt income if assessee had shown capital loss as business loss
tenet-tax-daily-december-21-2016
Lower lease rentals from Group Co. doesn’t call for additions if it was lowered due to breakdown of boiler
tenet-tax-daily-december-20-2016