Provisions of section 68 (cash credits) could not be invoked if assessee declared income on presumptive basis u/s 44AD.
Sumit Gahlot v. ITO – [2023] 152 taxmann.com 185 (Jodhpur – Trib.).
CBDT notifies missing ‘Annexure II’ to Form 34E applicable to notified residents seeking advance ruling.
G.S.R. 546(E), dated 26-7-2023.
TCS provisions applicable on compounding fees received from illegal miners and transporters of minerals.
Distt. Mining Officer, Bamtara v. DCIT (TDS) – [2023] 152 taxmann.com 583 (Raipur – Trib.).
Penalty cannot be levied for not getting books of account audited u/s 44AB if no books are maintained as per section 144A.
Lokesh Kumar Sharma v. ITO – [2023] 152 taxmann.com 130 (Jaipur – Trib.).
Sec. 263 – Revision of orders prejudicial to interest of revenue – SLP dismissed against impugned order of HC that Commissioner has power to consider all aspects which were subject matter of AO’s order, if in his opinion, they were erroneous, despite assessee’s appeal on that or some other aspect.
BSES Rajdhani Power Ltd. v. PCIT – [2023] 152 taxmann.com 139 (SC).
Section 28(i) – Business Profits / Business Loss – Where assessee, federal society of primary milk societies, fixed rate to purchase milk at the beginning of the year and after final milk rate was determined in the month of March every year, difference was to be paid to member societies in the following year, since payments were made only to respective milk suppliers and not all members, which was for the quantity supplied and was in terms of quality of milk supplied, additions could not be made by treating amount paid as final rate difference as distribution of profits among members of societies.
CIT v. Kolhapur Zilla Sahkari Dudh Utpadak Sangh Ltd. – [2023] 152 taxmann.com 129 (SC).