Section 14A – No proportionate disallowance u/s 14A can be made where interest free own funds with assessee-bank exceeded investment in tax free securities.
Commissioner of Income-tax I v. UTI Bank Ltd. – [2022] 142 taxmann.com 136 (SC).
CBDT notifies the hierarchy of Principal Chief CIT, Chief CIT, and CIT (A).
Notification No. 106/2022, dated 02-09-2022.
An assessee declared insolvent is entitled to waiver of interest & penalty levied on non-payment of tax.
Mrs. T.R. Bhuvaneswari v. Official Assignee High Court – [2022] 141 taxmann.com 486 (Madras).
Section 194H – Notice issued in SLP filed against HC ruling that where assessee company engaged in providing laboratory and testing services to customers through its own and through third party collection centres had allowed certain discount to its collection centres, since assessee did not perform any act of paying but was only receiving payments from these collection centres, there was no obligation on assessee to deduct tax at source u/s 194H on discount so allowed.
Commissioner of Income-tax v. Super Religare Laboratories Ltd. – [2022] 141 taxmann.com 478 (SC).
Business could be said to have been set up from date when one of categories of business activity was started.
RBL Hotels (P.) Ltd. v. ACIT – [2022] 141 taxmann.com 457 (Chennai-Trib.).
Agency PE – Notice issued in SLP filed against impugned order of HC ruling that where Indian distributor of assessee obtained right of distribution of channel for itself and entered into contracts with other parties in its own name in which assessee was not a party, Indian distributor did not constitute an agency PE of assessee.
Commissioner of Income-tax (IT) v. Taj TV Ltd. – [2022] 141 taxmann.com 450 (SC).