Sum payable to party allowable as bad debt only if it was lent in ordinary course of money lending business.
PCIT v. Khyati Realtors (P.) Ltd. – [2022] 141 taxmann.com 461 (SC).
Benami Act – Section 3 r/w/s 2(a) and Section 5 of Benami Transactions (Prohibition) Act, 1988, being disproportionately harsh, were unconstitutional from their inception. No confiscation of prosecution in respect of Benami Property Transactions entered into prior to 25-10-2016: SC LB.
UOI Vs. Ganpati Dealers Pvt. Ltd., 2022-TIOL-81-SC-BENAMI-LB.
KSEB is not liable to MAT; Tax collected by KSEB as agent of Kerala Government cannot be disallowed u/s 43B.
Deputy Commissioner of Income-tax v. Kerala State Electricity Board – [2022] 141 taxmann.com 341 (SC).
Prior-period Expenditure – Where bills for prior-period expenditure incurred by assessee were received during relevant year, liability towards said expenditure has crystallised during year and, thus, such prior period expenditure was to be allowed u/s 37(I) during the year.
ACIT v. National Agricultural Co-operative Marketing Federation of India – [2022] 141 taxmann.com 108 (Delhi-Trib.).
Section 260A – Even in transfer of case u/s 127, appeal against ITATs decision shall lie to the HC in whose jurisdiction on the AO who passed the assessment order is situated.
Principal Commissioner of Income-tax – I, Chandigarh v. ABC Paper Ltd. – [2022] 141 taxmann.com 332 (SC).
CBDT extends time limit for furnishing of Form 67; FTC can be claimed at the time of filing belated & updated tax return.
Notification No. 100/2022/F. No. 370142/35/2022/ – TPL, dated 18-08-2022.