Sec. 70 – Set off allowed of loss suffered from transactions in derivatives, against business income earned from infrastructure business u/s 70.
Souvenir Developers India Pvt. Ltd. v. UOI, 2022-TIOL-739-HC-MUM-IT.
Section 28(i) of Income-tax Act – SLP granted against impugned order passed by HC holding that where assessee, a builder and developer, under an agreement had sold its development rights in a property, sale consideration received by assessee for transfer of development rights was assessable under the head ‘business income’.
Commissioner of Income-tax v. Glowshine Builders & Developers Pvt. Ltd. – [2022] 138 taxmann.com 15(SC).
CBDT issues guidelines for compulsory selection of ITRs for complete scrutiny during F.Y. 2022-23.
Notification F. No.: 225/81/2022/ITA-II, dated 11-05-2022.
CBDT issues instructions for AOs to implement SC ruling upholding validity of old reassessment notices.
Instruction No: 01/2022 dated 11-05-2022.
Section 92C of Income-tax Act – Where assessee company performed sales, marketing, and distribution function and did not undertake any value addition to imported material handling equipment from Japanese company and re-sold same to unrelated parties, Resale Price Method (RPM) was Most Appropriate Method (MAM) for determining ALP of this transaction.
Toyota Industries Engine India (P.) Ltd. v. Dy. Commissioner of Income-tax – [2022] 137 taxmann.com 491 (Bangalore-Trib.).
CBDT mandates PAN for cash deposit/withdrawal of Rs. 20 Lakh or more and opening of Current & CC a/c.
Notification No. 53/2022, dated 10-05-2022.