Home Highlights March 2014 Year 2014 This

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1. CIRP - discrimination of Related Party Financial or Operational Creditor - IBC treats related parties as a separate category for specified purposes, excluding from the...

2. TDS on amount paid through agent - Short deduction of TDS on the payment to agent - Once the payment is made through the agent to the third party against the services...

3. Disallowance u/s. 40(A)(2)(b) - excessive salary payment - payment to close associates / related parties - AO can disallow only that portion of the total expenditure,...

4. TDS u/s 194C - Non deduction of TDS on payments to shipping companies and CFS Agents - Addition u/s 40(a)(ia) - payments made by the assessee to shipping companies/CFS...

5. CIRP proceedings - Financial Creditors - Related party - while the default rule under the first proviso to Section 21(2) is that only those financial creditors that are...

6. Addition of commission expenses and franking charges - Allowable business expenditure or not? - The Tribunal acknowledged that the assessee had provided details of the...

7. Disallowance of service charges/commission payment - The assessee had admittedly appointed these agents to whom the payments were made to properly execute the sales...

8. Disallowance of Development/improvement expenses - payment to related parties - Considering the fact that neither the assessee could substantiate with documentary...

9. Disallowances u/s 40A(2)(b) - payment of commission to related party - There is no reasoning given by the ld AO that why the earlier two payment to the same party for...

10. Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

11. Classification of services - The Tribunal established that amounts received as incentives, productivity-linked bonuses, and boarding incentives from airlines are taxable...

12. TDS u/s 195 - use of logo - license fee payment without deducting TDS SUPIMA, USA - Agreement clearly shows that the payment is made by the assessee to use the Logo of...

13. Addition u/s. 40A(2)(b) - payment made for getting sales lead from related party - neither furnish details of such sales leads nor details of business actually generated...

14. Penalty u/s 271AA - failure to make disclosures, as required u/s 92E - as to whether SPMCECL was a related party is an issue qua which there can possibly be more than...

15. Disallowance u/s.40A(3) - expenses towards air ticket and hotel expenses in cash in excess of prescribed limit u/s.40A(3) - there is merit in arguments of the assessee...