Reference to TPO can be made only if there is pending assessment; reassessment based on such reference is invalid.
PCIT v. Kimberly Clark Lever (P.) Ltd. – [2023] 154 taxmann.com 134 (Bombay).
Sec. 37(1) – Inspection and survey expenses – SLP dismissed against order of HC that where assessee, an insurance company, claimed inspection and survey charges, however, there was evidence only with respect to part of claim in relation to inspection charges, restriction of disallowance of inspection and survey charges to 25 per cent was justified.
PCIT v. Bajaj Alliance General Insurance Co. Ltd. – [2023] 153 taxmann.com 679 (SC).
Cognizant’s Rs. 19,000 crores buy-back via Court-approved scheme is a colourable device; DDT leviable.
M/s Cognizant Technology-Solutions India Pvt. Ltd. v. ACIT – [2023] 154 taxmann.com 309 (Chennai – Trib.).
Sec. 260A – Limitation Period – Where there was a delay of 1110 days in refiling of appeals, if substantial questions of law were of significance, HC ought to have condoned delay and considered appeals on merits.
DIT (International Tax) v. Western Union Financial Services Inc. – [2023] 153 taxmann.com 704 (SC).
Sec. 234A – Review petition dismissed against SC ruling that interest u/s 234A for default in furnishing return of income is statutory interest leviable and payable, and is mandatory and automatic.
Mansarovar Commercial (P.) Ltd. v. CIT – [2023] 153 taxmann.com 645 (SC).
Sec. 32 – SLP dismissed against order of the HC that Oil Wells constitute ‘Plant’ for the purpose of section 32 and same would be eligible for depreciation as plant & machinery.
CIT (International Taxation) v. Joshi Technologies International Inc., – [2023] 153 taxmann.com 711 (SC).
Cabinet approves eCourts Phase III for 4 years (2023 onwards) with financial outlay of Rs. 7,210 Cr. Also, the flagship eCourt project completes full circle with Supreme Court of India onboarding the National Judicial Data Grid Portal.
RBI issues directions that Regulated Entities must release property documents and remove charges within 30 days post full loan settlement.
Circular No. RBI/2023-24/60 DOR.MCS.REC.38/01.01.001/2023-24, dated 13-9-2023.
Sec. 138 of Negotiable Instruments Act – HC not justified in quashing cheque bounce complaint where it was issued to pay debt which was clearly not time-barred.
K. Hymavathi v. State of Andhra Pradesh – [2023] 154 taxmann.com 207 (SC).
Finance Ministry notifies State Benches of GST Tribunal at 36 locations.
Notification No. S.O. 4073(E), dated 14-9-2023.