Sec. 92C – Transfer Pricing – SLP dismissed against order of HC that where debtor days given to non-AEs were more than debtor days given to AEs and assessee had net monthly balance payable to AEs as opposed to monthly balance receivables from non AEs, assessee was justified in not charging interest on delayed payments by AEs and in not levying any interest on delayed payments made by non-AEs.
PCIT v. Avery Dennison (I) (P.) Ltd. – [2023] 154 taxmann.com 455 (SC).
Sec. 279 – Compounding of Offences – SLP dismissed against order of HC that where assessee company had voluntarily deposited TDS due to be credited to Central Govt. along with penal interest liability, though beyond time stipulated, but before any demand or show cause notice issued upon it, impugned order of Chief Commissioner (TDS) rejecting assessee’s application for compounding of offence charged u/s 276B read along with sec. 287B on the ground that same was filed beyond twelve months was contrary to the provisions of sec. 279(2), and thus, liable to be set aside.
ITO v. Footcandles Films (P.) Ltd. – [2023] 154 taxmann.com 501(SC).
Sec. 142(2A) – Special Audit – SLP dismissed against order of HC that where reassessment proceedings were pending against assessee and audit report submitted by assessee was also on record, impugned notice issued by revenue u/s 142(2A) directing assessee to get its accounts audited again, deserved to be set aside.
DCIT v. Multi Commodity Exchange of India Ltd. – [2023] 154 taxmann.com 467 (SC).
Sec. 54B – Transfer of land used for agricultural purpose – SLP dismissed against order of HC that purchase of agricultural land in the name of wife would not allow sec.54B relief to assessee.
Bahadur Singh v. CIT(A) – [2023] 154 taxmann.com 457 (SC).
Sec. 2(24) – Income – SLP granted against order of HC that the term ‘income’ as defined in sec. 2(24) does not include ‘interest’ referred to in sec. 56(2)(viii) or interest received in MACT award in motor accident claim cases.
Oriental Insurance Co. Ltd. v. CCIT (TDS) – [2023] 154 taxmann.com 465 (SC).
Excess stock cannot be treated as undisclosed income if assessee identified difference much prior to commencement of search.
PCIT v. Industrial Safety Products (P.) Ltd. – [2023] 154 taxmann.com 433 (Calcutta).
CBDT issues clarification on reporting of ‘Substantial Contributors’ in Form 10B/10BB with contributions exceeding Rs. 50,000 during the relevant previous year to trusts, or institutions registered u/s 10(23C).
Circular No. 17/2023, dated 9-10-2023.
Sum received for giving up rights to buy a property is taxable under the head capital gains.
Sukhwant Singh v. ITO – [2023] 153 taxmann.com 369 (Chandigarh – Trib.).
Sec. 292B – Sec. 292B could not be invoked to cure a mistake of issuing notice in the name of a different entity.
AVS Infrabuild (P.) Ltd. v. ACIT – [2023] 154 taxmann.com 429 (Delhi).