Section 68 – SLP dismissed against impugned order of the HC that where assessee had failed to establish genuineness of unaccounted income found in garb of cash sales in its accounts during scrutiny assessment and there was sufficient material on record to show that cash sales were fabricated, Tribunal could not have deleted additions and penalty u/s 271(1)(c) on mere ground that sales tax authorities had accepted books of account and VAT was paid on such cash sales.
J.M.J. Essential Oil Company v. CIT – [2023] 148 taxmann.com 448 (SC).
Amendment to section 153C by Finance Act, 2015 w.e.f. 1-6-2015 (w.r.t. incriminating material pertaining to third party) shall apply to searches conducted before 1-6-2015.
ITO v. Vikram Sujitkumar Bhatia – [2023] 149 taxmann.com 123 (SC).
Section 50 – CIT rightly held AO’s order as erroneous & prejudicial to revenue u/s 263 as it allowed payment by company to shareholders under arbitral award as COI in computing capital gains.
CIT v. Paville Projects (P.) Ltd. – [2023] 149 taxmann.com 115 (SC).
CBDT notifies jurisdictions of investment entities that would not be treated as passive non-financial entities for SFT reporting.
Notification F.No. 500/05/2018 – FT&TR – III, dated 6-4-2023.
PE – Where assessee, a China based company, engaged in sales of telecom equipments, supplied equipment and handsets to its Indian subsidiary, since assessee was conducting its business in India with active involvement of employees of its Indian subsidiary and employees of Indian subsidiary along with employees of assessee had jointly prepared bidding documents for contract, negotiated and concluded contract on behalf of assessee with its Indian customer, said Indian subsidiary constituted fixed place PE, installation PE, service PE and dependent agent PE of the assessee.
Huawei Technologies Co. Ltd. v. ACIT – [2023] 149 taxmann.com 77 (Delhi – Trib.).
Employer to deduct tax as per new tax regime if employee did not intimate about opting of old regime.
CBDT Circular No. 4 of 2023, dated 5-4-2023.