Interest on delayed refund is mandatory u/s 56 of CGST Act.
Panji Engineering (P.) Ltd. v. UoI – [2023] 153 taxmann.com 727 (Gujarat).
CBDT releases the Fifth Annual APA Report in September 2023.
CBDT lists down reasons for delayed processing of Income-tax Returns.
Press Release, dated 5-9-2023.
HC cannot admit an appeal without formulating any substantial question of law.
Bikram Singh v. PCIT – [2023] 154 taxmann.com 80 (SC).
Royalties / FTS – Notice issued in SLP against HC order that payment received by assessee, a US Company, from its Indian customers on account of centralized services viz. sales and marketing, loyalty programs, reservation services, technological services, operational services and training programs / human resources being incidental to main service do not constitute ‘Fee for Technical Services’ as defined u/s 9(1)(vii) of the Act or ‘Fee for Included Services’ as defined under Art. 12(4)(a) of India-USA DTAA.
CIT v. Westin Hotel Management LP – [2023] 153 taxmann.com 404 (SC).
Section 2(22)(e) – Deemed Dividend – SLP dismissed against impugned order of HC that where no part of advance given by lending company had been treated as deemed dividend in the hands of assessee before relevant assessment year, amount received by assessee during relevant year would be deemed dividend income of assessee and no adjustment was to be made from accumulated profits of the lending company on account of advance given by it in earlier years.
Aswani Enterprises v. ACIT – [2023] 153 taxmann.com 378 (SC).
Section 245C – SLP dismissed against order of HC that Settlement Commission is empowered to declare an application as invalid on ground of failure to make true and full disclosure; where Settlement Commission, after perusing report of Principal Commissioner submitted under section 245D(2B) had recorded reasons to come to conclusion that there was no true and full disclosure as required under section 245C(1), there could be no scope for any interference under Article 226 of Constitution.
Maa Mahamaya Industries Ltd. v. Income Tax Settlement Commission – [2023] 153 taxmann.com 296 (SC).
Section 50C – Amendment in provisions of section 50C by Finance Act, 2016 with effect from 1-4-2017 by way of insertion of a proviso to section 50C(1) is clarificatory in nature and can be applied on pending matters.
ACIT v. Thomson Press (India) Ltd. – [2023] 153 taxmann.com 143 (Delhi – Trib.).
CBDT notifies Form 71 to allow TDS credit in respect of income disclosed in ITR filed in earlier years.
Notification No. 73/2023, dated 30-8-2023.
SLP dismissed against impugned order of the HC that where assessee paid security deposit as per lease agreement for a property and later agreed to not claim refund of said deposit to resolve dispute with lessor, since character of security deposit was capital in nature, same could not be treated as revenue expenditure merely because it was paid in the course of dispute.
Mahle Anand Filter Systems (P.) Ltd. v. ACIT – [2023] 153 taxmann.com 140 (SC).