CBDT revises procedures laid down for sharing info with tax deductors/collector for Sections 206 AB & 206 CCA.
Notification No. 16 of 2022, dated 09-06-2022.
Provisions of Sec. 40A(3) not applicable if assessee made cash payment for purchase of stock in trade.
Vikrant Happy Homes (P) Ltd. v. DCOT – [2022] 138 taxmann.com 559 (Pune Trib.).
Loss on account of permanent diminution in value of investment made in subsidiary company in order to expand business being driven by business expediency would be allowed as revenue expenditure u/s 37.
Principal Commissioner of Income-tax (Central) v. Vaibhav Global Ltd. – [2022] 138 taxmann.com 506 (Rajasthan).
Making wrong claim in ITR can’t be equated with concealment of income; ITAT deletes penalty levied on assessee.
Pawan Garg v. ACIT – [2022] 138 taxmann.com 471 (Chandigarh-Trib.).
Dept. has power to take possession over assessee’s assets which were never disclosed to tax authority.
Jahar Singh Gurjar v. State of M.P. – [2022] 138 taxmann.com 483 (Madhya Pradesh).
Govt. notifies Sec. 9A conditions not applicable for eligible investment fund & its manager located in an IFSC.
Notification No. 59/2022, dated 06-06-2022.