Tenet Tax Daily February 06 2016
No penalty on NR as he genuinely believed that foreign income wasn’t taxable in India when it was exempt abroad
Settlement amount paid by firm on behalf of its partner couldn’t be treated as exp. in its hand
Tenet Tax Daily February 05 2016
A Co. can’t be excluded from list of comparables merely on ground of low turnover
Tenet Tax Daily February 04 2016
Notice can be affixed at main door of assessee’s premises if he refuses to receive it
Tenet Tax Daily February 03 2016
Exp. incurred by solicitor on medical treatment of his eyes is personal expense; disallowable
Tenet Tax Daily February 02 2016
AO couldn’t impose penalty without bringing out any specific charge for its imposition
Tenet Tax Daily February 01 2016
Failure of assessee to prove that NR-agent has no PE in India leads to disallowance of commission for TDS default
Tenet Tax Daily January 30 2016
Tribunal can’t reverse its order in guise of rectification
Tenet Tax Daily January 29 2016
Failure to serve notice can be cured by Sec. 292BB but not failure to issue notice
Tenet Tax Daily January 28 2016
Pen drive, networking equipment and printers are part of computer system; eligible for 60% depreciation
Tenet Tax Daily January 27 2016
Export commission paid to NR agent via banking channel couldn’t treated as unverifiable; allowable
Tenet Tax Daily January 26, 2016
Sum paid to AE to make good its forex losses can’t be treated as management fee
Tenet Tax Daily January 25 2016
Income initially disclosed before SetCom couldn’t be said to be concealed if additions were made due to TP provisions
Tenet Tax Daily January 23 2016
Cost of improvement disallowed as assessee failed to establish that renovation was carried out in flat
Tenet Tax Daily January 22 2016
ITAT had to remand back case instead of appreciating the facts itself if CIT(A) didn’t confront assessee with new facts
Tenet Tax Daily January 21 2016
Sum paid to sisters to acquire absolute title to property held as exp. in connection with transfer
Tenet Tax Daily January 20 2016
Co. rendering agency services to its foreign Head Office had to allocate exp. on basis of GP ratio instead of turnover
Tenet Tax Daily January 19 2016
ITAT affirms sanctity of CA certificate; denies to impose penalty for TDS default relying upon such certificate
Tenet Tax Daily January 18 2016