Description: In case where service were rendered outside India and there was no PE, The same was not assessable to tax in India. Even under the Act, by virtue of Carborandum Co 108 ITR 335 (sc), Circular No.17 of 1953 dated 17-7-1953 & Circular No.786 dated 7-2-2000, commission paid to agents for services rendered outside […]
Read MoreDescription: Substantial evidence was produced by assessee to prove creditworthiness of creditor and genuineness of share application. Mere failure to produce the creditor not material, hence the money cannot be regarded as undisclosed income. CIT vs. Orbital Communication (p) Ltd. (2010) 327 ITR 560 (Delhi) Source: 1. www.aiftponline.org 2.AIFTP TIMES Volume.No.12 December, 2010,Page No.6 Our […]
Read MoreDescription: Books of account rejected – income calculated on estimated basis – No further addition can be made. In absence of complete books of account during the assessment proceedings, the books of account was rejected and the income of the assessee was estimated. The A.O. further made addition on account of unsecured loans, disallowance of […]
Read MoreDescription: Business expenditure – Deduction while kidnapping is an offence, paying ransom is not – Bar in Explanation 1 to s. 37 (1) not attracted. Where a payment is made by assessee as ransom to secure the release of a kidnapped person, it was held that such payment is not prohibited. The Explanation of s.37(1) […]
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