Delhi HC refers matter to larger bench to decide writ jurisdiction in faceless assessment if AO located outside Delhi.
GPL-RKTCPLJV v. National Faceless Assessment Centre – [2022] 145 taxmann.com 156 (Delhi).
In case of change of AO, proceedings are to be continued from stage at which they were left by earlier AO.
DCIT v. Mastech Technologies (P.) Ltd. – [2022] 145 taxmann.com 157 (SC).
Sec. 276C – Notice issued in SLP filed against impugned order of High Court that there is no presumption under law that every unaccounted transaction would lead to imposition of tax, penalty or interest, thus, until and unless it was determined that unaccounted transactions unearthed during search were liable for payment of tax, penalty or interest, no prosecution could be launched against assessee on ground of attempt to evade such tax, penalty or interest.
Income Tax Department v. D.K. Shivakumar – [2022] 145 taxmann.com 78 (SC).
SLP dismissed against impugned order of High Court that amount paid as bonus by assessee-company to its directors in lieu of dividend and not in lieu of any service rendered by them could not be allowed as deduction u/s 36(1)(ii).
SRC Aviation (P.) Ltd. v. Asstt. Commissioner of Income-tax – [2022] 145 taxmann.com 34 (SC).
Sec. 43CA amendment increasing safe harbour limit from 5% to 10% on sale of immovable property has retrospective effect.
Sec. 80-IB – Where assessee was engaged in manufacture of polyurethane foam (PT foam) and it claimed deduction u/s 80-IB contending that PT foam was used by it as a raw material for manufacturing automobile seats and, therefore, end product was automobile seats, however, what was manufactured and sold by assessee was PT foam and there was no further process undertaken by assessee and PT foam is an article covered by Entry No. 25 of Eleventh Schedule to Act, therefore, assessee not entitled to deduction u/s 80-IB.
Polyflex (India) (P.) Ltd. v, Commissioner of Income-tax – [2022] 145 taxmann.com 44 (SC).