Expenses incurred on development of a new product is revenue in nature if product was abandoned.
Principal Commissioner of Income-tax – 5 v. Trigent Software Ltd. – [2023] 147 taxmann.com 52 (Bombay).
CBDT notifies ITR-7 applicable for AY 2023-24.
Notification No. 05/2023, Dated 14-2-2023.
Section 37(1) – Where advertising expenses, business promotion and brokerage & commission had been incurred by assessee builder towards building its reputation and network in real estate market, Tribunal rightly held that said expenses incurred by assessee were in nature of general administrative cost and selling cost as classified by Guidance Note issued by ICAI and qualified for deduction as revenue expenditure.
Commissioner of Income-tax v. Somnath Buildtech (P.) Ltd. – [2023] 146 taxmann.com 472 (Delhi).
CBDT notifies Income-tax return forms (ITR 1-6) for AY 2023-24.
Notification No. 04/2023, Dated 10-2-2023.
AO to release refund beyond 20% of tax demand even if 65% of tax demand adjusted by CPC.
Neo Structo Construction (P.) Ltd. v. ACIT – [2023] 147 taxmann.com 238 (Gujarat).
Section 263 order shall be deemed to have never been issued if it did not contain Document Identification Number.
Dilip Kothari v. Principal Commissioner of Income-tax (Central) – [2023] 146 taxmann.com 442 (Bangalore – Trib.).