CBDT notifies Countries in which ‘Original Fund’ should be resident to claim Sec 47(viiac) / (viiad) exemption.
Notification no. 46/2022, dated 27-4-2022
SLP dismissed against impugned order of HC holding that where assessee did not disclose about sale of land and windmill in return of income and it was only when AO, on basis of information received from Registration Department, issued notice u/s 143(2), the assessee for the first time stated that due to inadvertence, it did not disclose particulars relating to Capital Gains, it was a clear case of levying penalty u/s 271(1)(c).
Gangotri Textiles Ltd. v. Deputy Commissioner of Income-tax – [2022] 137 taxmann.com 198 (SC)
Notice u/s 148, if issued on or after 1-4-2021, even for past years, should comply with new provisions / time limits & the procedure u/s 148A.
Mohammed Mustafa v. Income Tax Officer Ward 6(3)(1) – [2022] 137 taxmann.com 396 (Karnataka)
For time-barring of digitally issued reassessment notice, date on which they were issued by email sent is important and not the date of receipt by assessee.
Malavika Enterprises v. Central Board of Direct Taxes – [2022] 137 taxmann.com 398 (Mad)
A hospital will not be regarded as a charitable institution if it gives treatment for few poor patients while collecting fee from others who can afford. Section 2(15) of the Income-tax Act – Charitable Purpose.
Institute of Franciscan Missionaries of Mary v. Commissioner, Coimbatore City Municipal Corporation, [2022] 137 taxmann.com 378 (Mad)
CBDT made return filing mandatory if, i) total sales, turnover or gross receipt of business exceeds Rs. 60 lakh during the previous year or total gross receipts of profession exceeds Rs. 10 lakh during the previous year or if TDS/TCS exceeds Rs. 25,000 during the previous year (Rs. 50,000 for individual aged 60 years or more), or aggregate deposit in one or more saving bank account of the person is Rs. 50 lakh or more during the previous year.
Notification G.S.R 307 (E) [No. 37/2022/F.NO: 370142/01/2020 – TPL (Part 1)], Dated
21-4-2022.