Home Highlights February 2023 Year 2023 This

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1. The proposed amendments aim to further incentivize operations from International Financial Services Centres (IFSCs) by expanding the scope of specified funds eligible...

2. 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...

3. Waiver of interest for specified electronic commerce operators for specified tax periods - Notification

4. Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

5. Loss from other source [wrongly shown as interest] and set off u/s.71 - assessee had opted for the deeming provision contemplated u/s.44AD of the Act but had separately...

6. Import of Baggage - When the baggage is “imported” as goods, such goods are liable to duty and other restrictions under Trade Policy. However, by virtue certain excuses...

7. TDS u/s 194A - payment of interest to NBFC - addition u/s 40(a)(ia) - IT is claimed that NBFC has included interest into its income - admission of additional evidence -...

8. Excise duty & Sales Tax to be excluded from turnover for computing deduction u/s 80HHE - AT

9. Deduction u/s 35AB allowed for acquiring technical know-how for business use, even if manufacturing facility not commenced during the year. Net incomes not derived from...

10. Claim of deduction u/s. 35AD by stating that the appellant did not build the hotel building - Once deduction u/s.35AD of the Act is claimed then by virtue of section...

11. Deduction u/s 36(1)(iii) - double deduction for deduction of interest - once these amounts are allowed as deduction in the year of incurring the expenditure, the same...

12. Disallowance of deduction(s) u/s 80P - interest income from the investments made in co-operative/other bank(s) - The tribunal analyzed Sec. 80P(2)(d) and determined that...

13. The High Court addressed the issue of deduction u/s 80-IC (2) (a) for a company manufacturing Pan Masala. The company's product was considered excluded for deduction due...

14. Deduction u/s 80P(2)(a)(i) - assessee is a co-operative credit society having “A” class Members as well as “B” class Members as its society’s Members - mutuality -...

15. TP adjustment of interest - CIT(A) confirmed upward adjustment towards interest by adopting rupee loan rate instead of LIBOR linked rate in respect of foreign currency...