March 2023
- Business deduction Loss Loss on forward contracts for foreign exchange Transactions to hedge against risk of foreign exchange fluctuations falling within exceptions of proviso (a) to section 43(5) Loss not speculative and to be allowed
- Income Accrual of income Time of accrual Retention money Payment contingent on satisfactory completion of contract Accrued only after obligations under contract were fulfilled Cannot be taxed in year of receipt
- Income Capital or revenue receipt Race club Membership fees received from members Capital receipt
- Infrastructure facility Special deduction under section 80-IA(4)(iii) of ITA 1961 Construction of technology park Finding recorded by the Tribunal in earlier assessment years that the assessee had not leased more than 50 per cent of area to single lessee Notification to be issued by CBDT is only a formality once approval is granted by Government Order of Tribunal deleting disallowance need not be interfered with
- Refund Tax deposited by the assessee in compliance with order of Tribunal Fresh assessment not made and becoming time-barred Assessee entitled to refund of amount with statutory interest deducting admitted tax liability
- Reassessment Notice under section 148 Service of notice without signature of AO digitally or manually Notice invalid Consequent proceedings without jurisdiction Notices and order issued beyond period of three years after relevant assessment year Show-cause notice and order for issue of notice and notice for reassessment quashed and set aside
- (A) Salary Difference between salary and professional income Factors to be considered whether particular income constituted salary Remuneration of doctors working in hospital Contracts between hospital and doctors should be considered Contracts showing relationship between hospital and doctors not of master and servant Remuneration not taxable as salary (B) Reassessment Notice Law applicable Effect of amendments w.e.f. 1st April, 2021 Show-cause notice under section 148A and opportunity to assessee to be heard Notice under section 148A should be based on tangible information Remuneration of doctors working in hospital Order under section 148A for issue of notice of reassessment without examining contracts between the hospital and doctors Order under section 148A not valid
- Search and seizure Assessment in search cases Condition precedent Prior approval of prescribed authority in respect of each assessment year Sanction of prescribed authority for various assessees granted on single day AO passing draft assessment order and final assessment order on same day of approval Approval illegal and non est
- What is applicable for TDS should also be applicable for TCS and merely because there is no Rule identical to Rule 37BA(2)(i) of the Rules with reference to TCS provisions, it cannot be the basis for the Revenue to deny the legitimate claim for credit of TCS made by an assessee
- Mere non-furnishing of the declaration by the deductee to the deductor in terms of proviso to Rule 37BA(2) cannot be reason to deny credit to the person in whose hands income is included.
- Provisions of section 115JC are applicable to projects approved before the introduction of the section 115JC.
- Where the assessee mentioned residential status in original return as resident in India and in return filed under section 153A mentioned residential status as Non-resident which was uncontroverted fact, then merely mentioning the residential status as resident in original return of income, does not make the assessee a resident in India. Once the assessee is a non-resident then income or deposit in foreign bank account is not taxable in India
- Assessment order passed in the name of non-existing entity is null and void ab initio. The decision of SC in Mahagun Realtors (P.) Ltd cannot be interpreted to mean that even in a case where factum of amalgamation was put to the notice of the AO, still the assessment made in the name of amalgamating company i.e. non-existing company is valid in law.
- S.10(38) Where the assessee furnished all details to the AO with regards to long term capital gain arising from sale of shares on which securities transaction tax was paid, the the AO cannot deny exemption claimed under section 10(38) in respect of the said long term capital gain.
- S.68 read with S.153A When cash deposited post-demonetization by assessee was out of cash sales which had been accepted by Sales Tax/VAT Department and not doubted by the AO and when there was sufficient stock available with the assessee to make cash sales then the said fact was sufficient to explain the deposit of cash in the bank account and could not have been treated as undisclosed income of assessee and accordingly, impugned addition made by the AO was not justified.
- Section 264 Revision - amount had been taxed twice - powers under section 264 of the Act were not limited to correcting any errors committed by the authorities but also extended to errors committed by the assessee.
- Unaccounted income - Bogus Long Term Capital Gains Concurrent finding of fact No substantial question of law :
- Section 148 Reopening - beyond the period of four years - Approval for issuance of notice:
- Article 13 of India UK DTAA - Where payment for use of the software is not taxable, services intricately and inextricably associated with use of software are also not taxable.
- Article 12 of India Singapore tax treaty - Uplinking and Playout Services are not royalty or FTS
- Article 13(4A) of India Singapore tax treaty - Tax authorities cannot go behind TRC issued by Singapore tax authorities. Gain on sale of shares acquired prior to 1st April, 2017 is not taxable in India.
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