Section 144C: Verification got done by TPO before passing order as per DRP’s direction does not extend limitation for passing assessment order u/s 144C(13).
Adobe Systems India (P) Ltd. v. Deputy Commissioner of Income-tax – [2022] 139 taxmann.com 387 (Delhi-Trib).
Advances made in ordinary course of business could not be treated as ‘deemed dividend’ u/s 2(22)(e).
Mukesh Shivdas Sonar v. ACIT, 2022-TIOL-634-ITAT-MUM.
Sec. 4: Subsidy: Where assessee was granted subsidy under West Bengal Incentive Scheme 2000 and amount of subsidy which was given was in the nature of reimbursement of 75% of sales tax/VAT actually paid by assessee, since object of assistance under subsidy scheme was to enable assessee to set up a new unit and reimbursement of 75% of sales tax paid had been termed as Industrial Promotion Assistance, receipt of subsidy would be a capital receipt.
Principal Commissioner of Income-tax v. Budge Refineries Ltd. – [2022] 139 taxmann.com 124 (Calcutta).
Applicability of TP Safe Harbour Rules extended till AY 2022-23: CBDT.
Notification No. 66/2022, dated 17-6-2022.
Section 68 – The genuineness of unreasonable rise in the price of shares of penny stock in just over a year needs to be established, and the onus is on the assesee to do so as mandated. Investment in penny stock based on ‘buy call’ of experts is not of sufficient explanation to discharge onus u/s 68.
Principal Commissioner of Income-tax v. Swati Bajaj – [2022] 139 taxmann.com 352 (Calcutta).
No section 194-I TDS on payment of rent to a unit located in IFSC for lease of aircraft: CBDT.
Notification No. 65/2022/F. No. 275/30/2019 – IT(B), dated 16-06-2022.