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Waiver of loan would not be taxable income where loan was obtained for acquiring a capital asset: Delhi HC
Upfront membership fees received by holiday resort not taxable in the year of receipt but over the period of membership: Delhi ITAT
Short deduction of TDS attracts disallowance of expenditure under section 40(a)(i): Chennai ITAT
Consideration for transfer of intangible assets sold as part of “slump sale” was not taxable as capital gain
Assessee could not be said to be “carrying on business” though it reported a nominal turnover: Punjab & Haryana (P&H) High Court
Tax authorities can determine “true character” of transaction by “lifting veil” but should evaluate the transaction from the point of view of “prudent businessman”: P&H HC
Limitation of Benefit clause under Article 24 of Singapore treaty not applicable when royalty income was not taxable in India as per Article 12(7): Mumbai ITAT
Payment of hiring charges for millers and rollers operated and maintained by respective owners is subject to TDS under section 194I and not 194C: Madras HC
Upward revision in warranty provision made in subsequent year allowed as revenue expenditure: Delhi HC