Section 35 – Where assessee had made an application for certification of R&D expenditure incurred by it in respect of all its R&D units and application was accompanied by auditors report, DSIR was statutorily bound to issue Form 3CL within 120 days in accordance with rule 6(7A)(ba), certifying expenditure incurred by assessee on its in-house R&D units.
SRF Limited v. Union of India – [2022] 143 taxmann.com 332 (Delhi).
CBDT releases Explanatory notes to provisions of the Finance Act, 2022.
Circular No. 23/2022, dated 03-11-2022.
Creditor has priority over Income Tax Department if lien was created by assessee in favour of such creditor.
IFCI Factors Ltd. v. Bank of India – [2022] 143 taxmann.com 313 (Delhi).
HC applies ‘lifting of corporate veil’ to deny exemption to trust collecting capitation fees as donations.
CIT v. MAC Public Charitable Trust – [2022] 144 taxmann.com 54 (Madras).
Sec. 193 – No TDS deductible on interest payable as NCDs/FDs is less than Rs. 5,000.
Commissioner of Income-tax (TDS) v. Jai Prakash Associates Ltd. – [2022] 144 taxmann.com 24 (SC).
Sec. 12AA – While considering registration of assessee – trust u/s 12AA, non-commencement of charitable activities could not be ground for rejection of application.
Director of Income-tax (Exemptions) v. Meenakshi Amma Endowment Trust Etc. – [2022] 143 taxmann.com 240 (SC).