Sec. 2(13) – Intermediary – Where services provided by petitioner to foreign recipient included identifying potential opportunities for investment in India, analysing investment returns and related risks, preparing reports etc., merely because foreign recipient, on the basis of advisory services provided by petitioner, had made investments in entities in India, it could not be construed to mean that the petitioner had rendered advisory services as an ‘intermediary’.
Cube Highways and Transportation Assets Advisors (P.) Ltd. v. Asstt. Commissioner CGST – [2023] 153 taxmann.com 541 (Delhi).
No ITC allowed if supplier did not pay GST to Government even if tax was collected from the buyer.
Aastha Enterprises v. State of Bihar – [2023] 153 taxmann.com 491 (Patna).
Time period of 60 days provided u/s 56 of GST Act is from the date of filing of application for refund to the date of credit of refund amount in taxpayer’s bank account.
Uvee Glass (P.) Ltd., In re – [2023] 153 taxmann.com 446 (AAR – RAJASTHAN).
Proper Officer cannot seize currency and other valuable assets during search u/s 67 of CGST Act as search & seizure operations are not for the purpose of seizing unaccounted income or assets.
Deepak Khandelwal v. Commissioner of CGST – [2023] 153 taxmann.com 443 (Delhi).
CBDT releases ‘Handbook on Advance Rulings’ to guide/assist taxpayers seeking Advance Rulings.
Press Release, dated 19-8-2023.
AO cannot pass rectification order based on a ruling given by Supreme Court in subsequent year in favour of the Revenue.
Sanjay Kumar v. ITO – [2023] 152 taxmann.com 594 (Delhi – Trib.).
CBDT revises Rule 3 to lower rates of rent-free accommodation valuation and introduces an inflation linked cap.
Notification No. 65/2023, dated 18-8-2023.
Sec. 263 – Revision of orders prejudicial to the interest of Revenue – Where Commissioner invoked revision proceedings with respect to issue which were not covered in reassessment proceedings, issue before Commissioner while exercising power u/s 263 relates back to original assessment order, relevant date for the purpose of determination of the period of limitation for exercising powers u/s 263 would be the date of original assessment order.
CIT v. Industrial Development Bank of India – [2023] 152 taxmann.com 591 (SC).
Section 2(15) – Charitable purpose – Applying the ratio of Ahmedabad Urban Development Authority, SC allows exemption u/s 11 and 12 to Haryana Warehousing Corporation.
CIT v. Haryana Warehousing Corporation – [2023] 153 taxmann.com 435 (SC).
CBDT includes ‘IFSC Units’ in Rule 26 for computing TDS on foreign currency income.
Notification No. 64/2023, dated 17-8-2023.