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Highlights / Annotations / Catch Notes For February of 2023

Home Highlights February February 2023 Year 2023

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Showing 401 to 450 of 526 Records

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February 6, 2023 Case Laws Income Tax

TDS u/s 195 - Royalty and FTS payment for non deduction of TDS - Co-location services and connectivity services provided for the process of connecting by the assessee......
February 6, 2023 Case Laws Income Tax

Deduction u/s 80P - Failure to file Tax Audit Report - assessee did not submit the audit report as per section 63 of the Karnataka State Co-operative Society Act, 1959 -....
February 6, 2023 Case Laws Income Tax

Penalty levied u/s 271B - assessee has filed the tax audit report belatedly - business of the assessee was totally came to a standstill and matters went to a very......
February 6, 2023 Case Laws Income Tax

Scope of the limited Scrutiny assessment - CIT(A) had rightly held that when the case was taken up for scrutiny under “Limited Scrutiny” for the purpose of verification.....
February 6, 2023 Case Laws Income Tax

Unexplained cash credit u/s 68 - hare capital against the said share application money was allowed in the earlier years - since the alleged sum was received during the......
February 6, 2023 Case Laws Customs

Duty drawback - rejection of on the ground of delay in filing the claim - When the petitioner has given detailed reasons as to why they were unable to file the duty......
February 6, 2023 Case Laws Customs

Revocation of customs Broker License - The evidence available on record in the form of verification reports relied upon in the SCN are vague and in some cases, even the.....
February 6, 2023 Case Laws Customs

Effective date of amendment of notification - In the present case the notification dated 01.03.2018 was digitally signed on 06.03.2018 at 17:15 hours and before that it.....
February 6, 2023 Case Laws Central Excise

Process amounting to manufacture or not - plastic scrap - the respondent is neither manufacturing nor is it producing the plastic scrap. The plastic scrap already exists....
February 6, 2023 Case Laws VAT and Sales Tax

Recovery of tax dues - Right of auction purchaser of the property - Since the petitioner had purchased in the auction sale conducted by the bank under the provisions of.....
February 4, 2023 Notes Income Tax

Co-operative Societies - Rate of Income Tax - For normal provision same rate of tax and surcharge as applicable will continue and for computation of tax under sec 115BAD....
February 4, 2023 Notes Income Tax

Rate of TDS and Computation of Advance Tax for FY 2023-24 - Rates which are specified in bill shall be applicable for various assesses except in case of salaries u/s 115BAC(1A).
February 4, 2023 Notes Income Tax

Modification of directions related to faceless schemes and e-proceedings - Where the directions issued for implementation of e-proceedings and faceless schemes within......
February 4, 2023 Notes Income Tax

Provisions relating to reassessment proceedings - Specified Authority in case of (i) grant of approval u/s 148 & 148A shall be the PCIT/CCIT (ii) In case of re-opening......
February 4, 2023 Notes Income Tax

Provisions relating to reassessment proceedings - Period of limitation for issue of notice u/s 148 shall exclude period where requisition u/s 132A has been made after......
February 4, 2023 Notes Income Tax

Provisions relating to reassessment proceedings - In cases where survey under section 133A of the Act is conducted, the AO is deemed to have information for the purposes....
February 4, 2023 Notes Income Tax

Provisions relating to reassessment proceedings - It has been proposed that the section 148 of the Act may be amended to provide that a return in response to a notice......
February 4, 2023 Notes Income Tax

Clarification regarding advance tax while filing Updated Return - a retrospective amendment has been proposed in section 140B(4) that interest payable under section 234B....
February 4, 2023 Notes Income Tax

Bringing the non-resident investors within the ambit of section 56(2)(viib) - it is proposed to include the consideration received from a non- resident also under the......
February 4, 2023 Notes Income Tax

Rationalization of provisions related to the valuation of residential accommodation provided to employees - For uniform method of computation of value of perquisite,......
February 4, 2023 Notes Income Tax

Non-Banking Financial Company (NBFC) categorization - Amendment made in sec 43B and 43D to substitute the words, “a deposit taking non-banking financial company or......
February 4, 2023 Notes Income Tax

Treatment of donation to other trusts - Exemption u/s 10(23C) and u/s 11 - Donation by trust & Other institutions to another trust & Other institutions shall be treated.....
February 4, 2023 Notes Income Tax

Omission of redundant provisions related to roll back of exemption - Now the trusts and institutions under the second regime (i.e. u/s 12A(1)) are required to apply for.....
February 4, 2023 Notes Income Tax

Registration of Trust - For removing difficulty in earlier provision of registration, it has been proposed to amend the provision of registration to allow for direct......
February 4, 2023 Notes Income Tax

Exemption to trusts and institutions - Specified violations u/s 12AB and fifteenth proviso to clause (23C) of section 10 - In case of provision approval/ registration......
February 4, 2023 Case Laws GST

Detention of goods alongwith vehicle - mistake in entering details of the transporter in the e-way bill - human error - the Department has not placed before the Court......
February 4, 2023 Case Laws GST

Taxability - Point of taxation - Vouchers are distributed to its employees or the customers - In substance the transaction between the assessee and his clients is......
February 4, 2023 Case Laws Income Tax

Revision u/s 263 - Jurisdiction of CIT when the matter is pending before the CIT(A) - It is not a separate issue, which has to be taken care in revisionary jurisdiction.....
February 4, 2023 Case Laws Income Tax

Nature of income offered u/s 44BB - PE in India or not - Receipts from leasing/hiring of RIGs - sections 9(1)(vi), 44BB and 44DA apply in different situations. - The......
February 4, 2023 Case Laws Income Tax

Bad debts u/s. 36(1)(vii) - business advances given to subsidiary company which has become irrecoverable - the loss on account of non-payment of advance of subsidiary......
February 4, 2023 Case Laws Income Tax

Unexplained investment u/s 69 - In the present case before us admittedly, whatever sale consideration the assessee has received they were received in cheques. But in......
February 4, 2023 Case Laws Income Tax

TP adjustment - Determining the Arm's Length Price of international transactions in respect of "advisory services" - we adopt judicial consistency in the absence of any.....
February 4, 2023 Case Laws Customs

Served From India Scheme - grant of excess duty credit - as per Joint Director (DGFT) they inadvertently computed the credit at 10% instead of 5% - Needless to say......
February 4, 2023 Case Laws Customs

Clandestine Removal - 997.09 carats of diamonds and 98.34 carats of diamonds - processing loss - whether allegation of substitution of diamonds was established through......
February 4, 2023 Case Laws Service Tax

Refund of excess service tax paid - time limitation - Admittedly Central Goods & Service Tax Act was introduced w.e.f. 1.7.2017 replacing the erstwhile existing Act and.....
February 4, 2023 Case Laws VAT and Sales Tax

Evasion of Tax - The driver is not required to give any information with respect to details of the invoices. He is to only produce documents to show that there was a......
February 4, 2023 Case Laws Indian Laws

SEZ unit - Levy property tax at “industrial rates” instead of “Commercial Rates” - The charging provision is under Section 87 of the 1994 Act which rather permits levy......
February 3, 2023 Notes Income Tax

Amendment in definition of 'Specified Person' for the purpose of higher deduction of tax in case of Non-filers shall exclude a person who is not required to furnish the.....
February 3, 2023 Notes Income Tax

For the benefit of TDS deduction on later date - As assessee filed ROI on accruals basis and TDS deducted on subsequent FY - On an application made by assessee within 2.....
February 3, 2023 Notes Income Tax

Assistance to authorized officer during search and seizure - For the purpose of search AO now take services of any person, entity as approved by PCC or CC or PDGIT or......
February 3, 2023 Notes Income Tax

TDS on accumulated balance of EPF u/s 192A - In case of low paid employees not furnishing PAN, TDS will be deducted at 20% instead of MMR as earlier.
February 3, 2023 Notes Income Tax

Amendment made in case of TDS of Non-Resident- In respect of units of Mutual Fund u/s 10(23D) or from specified companies u/s 10(35) has to deduct 20% or if treaty u/s......
February 3, 2023 Notes Income Tax

Deduction of interest u/s 94B shall exclude certain class of NBFC as specified which were included in the definition of banking units earlier.
February 3, 2023 Notes Income Tax

Rationalisation of Appeals to the Appellate Tribunal - as per the amendment to sec 253 revisional order passed u/s 263 by PCC or CC or an order u/s 154 are now......
February 3, 2023 Notes Income Tax

Reducing the time provided for furnishing TP report - Now any information, documents required by AO for international transaction U/s 92D has to be furnished within 10......
February 3, 2023 Notes Income Tax

Introduction of the authority of Joint Commissioner (Appeals) - In order to reduce burden or bottleneck of small cases with small amount of disputes and demand from......
February 3, 2023 Notes Income Tax

Government analyzed the wrong information reported in the SFT - Government aim not fullfill of transparency between taxpayer and department - introduce a penalty on a......
February 3, 2023 Notes Income Tax

Extension the scope of area of Penalty and prosecution provisions - if assessee fails to deduct TDS in u/s 194R, u/s 194S, u/s 194BA Penalty u/s 271C & Prosecution u/s......
February 3, 2023 Notes Income Tax

Defining the cost of acquisition in case of certain assets for computing capital gains - 'Cost of acquisition’ and ‘cost of improvement’ of certain assets like......
February 3, 2023 Notes Income Tax

TDS u/s 194-IC on Capital gain in case of Joint Development Agreement (JDA) u/s 45(5A) - the full value of consideration shall be taken as the stamp duty value of his......

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