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Payment of Foreign Agency Commission not liable for TDS in India

July 7, 2020 2037 Views 0 comment Print

The issue under consideration is whether the TDS will be applicable on payment of Foreign Agency Commission?

Payment for VRS to employees prior to Section 35DDA Insertion fully allowed

July 6, 2020 1473 Views 0 comment Print

The issue under consideration is whether the payment made by the company to its employees under the Voluntary Retirement Scheme (VRS) is allowed as deduction?

Cenvat Credit of ITC attributable to taxable output & use of Formula

July 6, 2020 3252 Views 0 comment Print

The issue under consideration is whether ITC attributable to taxable output included in formula of determining ITC of exempted goods or services?

Lease Income taxable as Business Income if property objective is income earning

July 5, 2020 18489 Views 1 comment Print

The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?

No section 68 Addition Merely on Suspicion of Accommodation Entry

July 5, 2020 2055 Views 0 comment Print

The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space?

No section 271(1)(c) Penalty for mere claim of expense under different income head

July 5, 2020 2130 Views 0 comment Print

The issue under consideration is whether the AO is correct in levying penalty u/s 271(1)(c) merely because the assessee claimed expenditure under a different head of income?

Subscription fees received from subscribers on sale of online product assessable as ‘Royalty’ 

July 4, 2020 3249 Views 0 comment Print

The issue under consideration is whether it is correct to treat the Subscription fees received from subscribers on sale of online product as Royalty income under Income Tax Act?

No Service on Transfer of goods by hiring vessel

July 3, 2020 1467 Views 0 comment Print

The issue under consideration is whether the transfer of goods is by way of hiring the charter vessel is taxable under  Service Tax as declared service?

No TDS on Payment Gateway Charges paid by Make My Trip

July 3, 2020 11916 Views 0 comment Print

The issue under consideration is whether the Payment Gateway facilities provided by banks are liable for TDS provisions?

Expense crystallized during the year allowable as Prior Period Expense

July 3, 2020 6444 Views 0 comment Print

According to ITAT, the claim of assessee on account of Pay anomaly of employee crystallized during the year should have been accepted and he, therefore, granted relief to the assessee. Further, they observed that in the order dated 24.12.2009 for assessment year 2006-07 in assessee’s own case, the Tribunal decided that the liability crystallized during the year has to be allowed. Hence, now they do not find anything improper in the approach of the CIT(A) to allow the expenses in respect of which the liability crystallized during the year.

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