DTAA advantage for Interest incomes
Earnings from NRE account deposits are exempt from tax to certain class of individuals having non-residents or RNOR status under…
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Today's
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
Needless interference in assessment
The Commissioner has powers under the income tax act to revise an assessment order should there be any erroneous application…
......Read MoreSpecific purpose funds earnings non taxable
In the given facts in (2022] 28 ITR (Trib)-OL 110 (ITAT[Chand]) the ADB loans had been taken by the assessee…
......Read MoreDeduction for unprovided sum to NPA entities
To claim deduction of interest on actual payment it is not desirable that the assessee should have made a provision…
......Read MorePayment for use of facilities or technologies or infrastructure
The Bangalore ITAT in 28ITR(Trib) -OL 38 held that mere use of a facility is neither a payment for technical…
......Read MoreBonus or commission to directors in lieu of dividend – closely held entities may have exposure
Bonus or commission paid to employees for services rendered is a deductible expense ordinarily. However in case of such payments…
......Read MoreDate of acquisition of property
Neither did the possession not do the sale deed/registration is key to the acquisition of property. According to Bangalore bench…
......Read MoreAudit objection driving revision
Section 263 provide powers to the Commissioner to modify, enhance, cancel or direct fresh assessment in a situation where he…
......Read MoreInterest on short term deposits to open LC to procure machinery
Interest yield from Deposits that are made to enable opening of letter of credit to facilitate procurement of assets would…
......Read MoreOpportunity or adequate opportunity —- the unsolved question!!
Section 142/143 assessment scheme says that assessee be given ‘opportunity’ for the purpose of assessment. The word ‘adequate’ is missing. …
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