Wednesday, March 15, 2017

Home Direct Taxation Credit given to shareholder as a part of contractual obligation couldn't be held as deemed dividend

Credit given to shareholder as a part of contractual obligation couldn't be held as deemed dividend

Commissioner of Income-tax, Chennai v. C. Subba Reddy* [2017] 77 taxmann.com 320 (Madras)

Fee for implementation of SAP software is revenue exp The High Court of Bombay held that Professional fees paid by assessee to its collaborator for i
New cars used in hiring business are entitled to higher depreciation irrespective of their use for public transport The ITAT Ahmedabad Bench held that on new induction of motor car, depreciation at higher rate w
No tax on inherited jewels or bought from 'disclosed income' The Finance Ministry drew attention of instruction No.1916 which provides that during the searc
Additional depreciation should be allowed on machinery installed subsequent to year of acquisition The High Court of Gujarat held that additional depreciation to be allowed to assessee on plant
Section 50C doesnot apply to transfer of leasehold rights in land: Bombay High Court The High Court of Bombay held that section 50C will not be applicable while computing capital g
Companies with sales below Rs 50 Cr out of POEM loop: Govt The tax department said the POEM rules that require foreign firms to pay taxes in India if the e

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