September 2023
- Appeal to Commissioner (Appeals) Limitation Appeal should be heard within reasonable time.
- Business expenditure Broken period interest paid for purchase of securities held as stock-in-trade Deductible expense.
- Business expenditure Capital or revenue expenditure Corporate social responsibility expenditure Amendment providing for disallowance of Not retrospective Expenditure in discharge of assessees obligation as mandated by law Utilisation of funds by recipient irrelevant Corporate social responsibility expenditure incurred by assessee for earlier years allowable.
- Deduction of tax at source Recovery of demand Bar against direct demand on assessee Employer deducted tax at source from assessees salary but not paid into Government account Assessee cannot be denied credit for tax deducted at source Assessee is entitled to refund with interest of amount if any adjusted towards demand.
- Reassessment Notice under section 148 Limitation Law applicable Effect of amendments made by Finance Act, 2021 Notice bared by limitation under unamended provisions Notice issued on 30th June, 2021 to reopen assessment for A.Y. 201415 Not valid.
- Reassessment Validity Proper procedure to be followed Reasons for notice and satisfaction note for approval not furnished to assessee Documents relied on for issue of notice not furnished to assessee Order of reassessment Not Valid.
- Recovery of tax Stay of demand Factors to be considered Assessee having strong prima facie case Assessment at a high-pitched rate Demand causing undue financial hardship to the assessee Stay ordered.
- Search and Seizure Assessment in search cases Undisclosed Income Penalty Change of Law New Provision specially dealing with penalty in search cases No incriminating document seized during search Penalty could be imposed only under section 271AAB and not under section 271(1)(c).
- Third proviso to section 50C being a beneficial provision, the benefit extended by third proviso to section 50C should be extended to a case where value determined by stamp valuation authority has been substituted by the value determined by DVO.
- There is no need for the AO to issue reopening notice before the expiry of time available to file return under section 139(4) and that too before the end of the assessment year itself. Reopening of an assessment cannot be resorted to as an alternative for not selecting a case for scrutiny.
- Against a defect notice issued under section 139(9), an appeal lies to CIT(A) under section 246A(1)(a) as such notice has the effect of creating liability under the Act, which the assessee denies or would jeopardize refund.
- Section 10B(7) r.w.s. 80IA(10) The onus is on the department to prove that there existed an arrangement between the assessee and its associate enterprises to earn more than the ordinary profit and if that is not established then there cannot be any addition and corresponding disallowance under the said provisions.
- Section 68 The department without dislodging the primary onus that was duly discharged by the appellant under section 68 of the Act could not have drawn adverse inferences and treat the transaction as unexplained cash credit.
- Section 119(2) Application for carried forward of losses made to CBDT Unreasoned Order passed rejecting the application Reasons cannot be supplemented Remanded for reconsideration.
- Section 245HA Settlement Commission paying additional tax and interest on the income disclosed Additional tax had to be calculated and paid by the Petitioner on such application.
- Section 263 Revision Erroneous and prejudicial to the interest of revenue where two views are possible Assessment Order cannot be said to be erroneous.
- Article 12 of India-USA DTAA Payment received by Amazon for cloud services provided by it is not royalty or fees for included services in terms of Article 12 of DTAA.
- Article 13(4) of India-Mauritius DTAA (prior to its amendment) Capital gain arising on sale of shares of Indian company is not taxable in India.
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