Premium on forward contract – capital purchases
On the question of whether the amount of premium paid for hedging foreign exchange fluctuations on foreign currency loan taken…
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Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Fine /penalty nature of payments
The P & H High Court in 311ITR336 held that a penalty or fine paid under any law would not…
......Read MoreRelated party payments
Often in closely held businesses such as jewelry shops etc, family members also give participation so that amounts incurred by…
......Read MoreSeparate bills for reimbursement- No TDS Requirement
Bombay High Court in 428ITR398 held that unless the amount paid has any income element in it there shall arise…
......Read MoreDischarge of primary onus criteria-Cash Credits
In order to avoid the application of section 68, all that the law requires from the assessee is a satisfactory…
......Read MoreHow to Optimize building sale
The Kerala High Court in CIT v. Smt. Lakshami B Menon (2003) 264ITR76 held that land and building would be…
......Read Morephysical and virtual shared spaces
In 249ITR47 the assessee had let out the tablespace to various persons with all furniture, fixtures, light, air conditioners. The…
......Read MoreRule 27 liberty-Right of the respondent in an appeal
According to rule 27 of ITAT Rules, the respondent in appeal before the Tribunal even without filing an appeal could…
......Read MoreCommercial Expediency rule
In 250ITR772 the assessing officer alleged that the higher price paid by the assessee to the cane growers was in…
......Read MoreUncertainties in Revenue Recognition- accounting and income tax variables
AS-9 lays down that when uncertainties exist regarding the determination of the amount in its collectability, the revenue shall not…
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