CBDT amends various forms applicable for registration/approval/statement u/s 10(23C), 12AB, 35 and 80G.
Section 194H of Income-tax Act – Notice issued in SLP filed against order of HC holding that where assessee pharmaceutical company incurred expenses for promoting services such as taxi, booking of air tickets, cost of souvenir etc., for conference of doctors, in view of the fact that these doctors were not bound to prescribe medicine as suggested by assessee, and therefore, there existed no agency relationship between assessee and doctors, said expenses incurred for doctors could not be treated as ‘commission’ liable to TDS u/s 194H.
Commissioner of Income-tax (TDS) v. Intas Pharmaceuticals Ltd. – [2022] 137 taxmann.com 455 (SC).
Sec, 28(i) of the Income-tax Act – SLP dismissed against impugned order of the HC holding that where assessee, engaged in construction work, receives RBI bonds instead of cash as a consideration for project undertaken in Iraq as sub-contractor and incurred loss on sale of bonds. Considering nature of business of assessee, bonds were to be treated as current assets and assessee was entitled to claim loss on sale of RB bonds.
Commissioner of Income-tax v. Bhageeratha Engineering Ltd. – [2022] 137 taxmann.com 453 (SC).
It is settled position in law that the issue of jurisdiction goes to the root of the cause and that such an issue can be raised at any belated stage of proceedings, including stage of appeal. Hence, the Court finds no merit in the present appeal filed by Revenue.
Pr. CIT v. SS Con Build Pvt. Ltd., 2022-TIOL-656-HC-DEL-IT.
CBDT notifies revised forms for filing of an application to obtain ‘Advance Ruling’.
Notification No. 49/2022, dated 5-5-2022
Where amount receivable on account of Carbon Emission Reduction was a capital receipt but assessee has offered the same to tax in earlier years, the action of offering income to tax, would entitle the assessee to claim expenditure if ultimately receipts could not be realized by assessee.
Bharath Wind Farm Ltd. v. Deputy Commissioner of Income-tax – [2022] 137 taxmann.com 370 (Chennai Trib.)