Sec. 271D – Penalty for failure to comply with the provisions of Sec. 269SS – Reasonable Cause – No penalty u/s 271D for dealing in cash deposits as assessee – a mutual benefit company dealt with rural dwellers and there was difficulty in mobilising deposits.
CIT v. Sahara India Mutual Benefit Co. Ltd. – [2023] 153 taxmann.com 405 (SC).
Sec. 2(14) – Agricultural Land – SLP dismissed against order of HC that where assessee converted their agricultural lands for non-agricultural purposes but continued agricultural operations and as per notification issued by Central Government, lands did not fall within 8 kms. from municipality, finding of tribunal that lands sold by assessee were agricultural land as defined u/s 2(14)(iii) being based on evidence on record, did not call for any interference.
– Mere inclusion of land in Special Zone without any infrastructure development does not convert land into non-agricultural land.
CIT v. M.R.Prabhavathy – [2023] 154 taxmann.com 143 (SC).
Cabinet approves the scheme for Viability Gap Funding (VGF) for development of Battery Energy Storage Systems (BESS). The approved scheme envisages development of 4000 MWh of BESS projects by 2030-31, with a financial support upto 40% of the capital cost as VCF.
ICAI issues Technical Guide on Audit of Non-Banking Financial Companies (Revised 2023 Edition).
RBI expands UPI functionality, allows transactions through pre-sanctioned credit lines issued by banks.
Circular No. RBI/2023-24/58 CO.DPSS.POLC.NO.S-567/02-23-001/2023-2024, dated 4-9-2023.
ICAI issues Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 (Revised 2023).
Amendment in Rule 89(4) of CGST rules introducing comparison of tax invoice and shipping bills is not clarificatory in nature, and thus has a prospective effect, as it is a substantive change brought through a notification.
Tata Steel Ltd. v. UoI – [2023] 154 taxmann.com 76 (Jharkhand).
Opportunity of personal hearing is must before passing an adverse order even if assessee did not opt for it.
Dana Pani v. State of U.P. – [2023] 154 taxmann.com 84 (Allahabad).
GSTN introduces Electronic Credit Reversal and Reclaimed Statement on GST portal.
GSTN Update, dated 31-8-2023.
Interim Oder restraining arrest of accused of ITC fraud made absolute on account of non-misuse of liberty granted.
Paresh Anubhai Mawani v. Superintendent (Central Tax) – [2023] 153 taxmann.com 729 (SC).