CBDT notifies Form 8A to make application u/s 158AB to defer filing of appeal on identical issues.
Notification No. 83/2022, dated 12-07-2022.
194J – Where dominant purpose of contract is supply of rolling stock and service component is negligible, no TDS is deductible u/s 194J.
Commissioner of Income-tax v. Bangalore Metro Raid Corporation Ltd. – [2022] 140 taxmann.com 229 (Karnataka).
Revised return cannot be filed to convert original return into loss return in absence of any omission/mistake. Also, Sec. 10B is an exemption provision & not a deduction provision. Also, both the conditions to Sec. 10(B) are mandatory.
PCIT v. Wipro Ltd. – [2022] 140 taxmann.com 223 (SC).
Arm’s Length Price – Foreign Exchange loss/gain may arise in normal course of business and can be reckoned as operating in nature, however, loss/gain arising on account of abnormal fluctuation or on account of abnormal movement in foreign exchange contracts has to be treated as non-operating in nature; If data in respect of foreign exchange loss/gain is not sufficiently available, in order to iron out differences, adjustment is to be made in the hands of the tested party.
Marlabs Innovations (P.) Lt. v. Asstt. Commissioner of Income-tax, [2022] 139 taxmann.com 558 (Bangalore-Trib.).
Sec. 56(2)(vii b) applies to conversion of Compulsory Convertible Debentures (CCDs) into equity shares.
Milk Mantra Dairy (P.) Ltd. v. DCIT – [2022] 140 taxmann.com 163 (Kolkata-Trib.).
CIT cannot revise order passed by AO in accordance with directions issued by DRP.
Barclays Bank PLC v. Commissioner of Income-tax (International Taxation) – [2022] 139 taxmann.com 503 (Mumbai-Trib.).