Tenet Tax Daily March 25 2015
Sec. 154 had be invoked when AO had wrongly mentioned agriculture income under the head exp.
Payment to NR under a composite contract for offshore supply and installation subject to TDS
Tenet Tax Daily March 23 2015
Legal exp. incurred on feasibility report preparation for acquisition of a new brand was revenue exp.
Tenet Tax Daily March 21 2015
Sec. 143(1) intimation won’t be deemed as completion of assessment to bar filing of revised return, rules HC
Tenet Tax Daily March 20 2015
Losses under the head capital gains won’t be set-off and carry forward in case of amalgamation and demerger
Tenet Tax Daily March 19 2015
Exp. on maintenance of I-T system during restructuring of Co. was an allowable revenue exp.
Tenet Tax Daily March 18 2015
Director, being in charge of Co., was liable for offence committed by Co. even if he didn’t receive separate notice
Tenet Tax Daily March 17 2015
No addition on basis of remand report by AO if he failed to verify authenticity of facts on merits
Tenet Tax Daily March 16 2015
CIT(A) can enhance tax liability in an appeal preferred by assessee after issuing show cause notice to assessee
Tenet Tax Daily March 14 2015
HC upheld concealment penalty on failure of assessee to provide details of donees showing receipts of bogus gift
Tenet Tax Daily March 13 2015
Tax dues of partnership firm can’t be adjusted against refund to partner in his personal capacity
Tenet Tax Daily March 12 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 March 11 2015
Club subscription paid by Co. on behalf of its managing director was personal exp; disallowable under Sec. 37(1)
Tenet Tax Daily March 10 2015
Wheeling charges paid for transmission of electricity would attract TDS under sec. 194C instead of sec. 194J
Tenet Tax Daily March 09 2015
HC grants Sec. 80-IA relief on gains attributable to captive consumption of power generated from windmill
Tenet Tax Daily March 07 2015
Mere mentioning of country’s name and detail of exp. don’t indicate purpose of foreign travel exp.; disallowable
Tenet Tax Daily March 06 2015
No TDS credit available if assessee had failed to offer corresponding income to tax in relevant year
Tenet Tax Daily March 05 2015
Sum paid to NR for support services utilized in overseas contract isn’t liable to TDS
Tenet Tax Daily March 03 2015