Aircraft leasing IFSC Units are not liable to deduct tax at source on dividends paid among themselves.
Notification No. 52/2023, dated 20-7-2023.
Company eligible for tax credit of ‘Thai tax payable’ under Article 23 of Indo-Thai DTAA on dividend income even if no taxes were paid in Thailand.
Pr. CIT v. Polyplex Corporation Ltd. – [2023] 152 taxmann.com 479 (Delhi).
CBDT extends scope of non-applicability of Sec. 56(2)(x) to fund relocation to IFSC.
Notification No. 51/2023, dated 19-7-2023.
Sec. 37(1) – Where AO disallowed claim of warranty provisions and concluded that method followed to create provision was not scientific, however, assessee filed a statement showing provisions made for AY 2007-08 to 2016-17 according to which assessee had utilised about 95.5 per cent of total provisions made between these assessment years, estimate made by assessee was robust and therefore, order passed by AO was unsustainable in law.
Apple India (P.) Ltd. v. DCIT – [2023] 152 taxmann.com 102 (Karnataka).
Forfeiture of advance money due to buyer’s non-performance is a non-taxable capital receipt u/s 51.
ACIT v. Ahmad Ansari Imtiyaz – [2023] 152 taxmann.com 36 (Delhi – Trib.).
NRI’s with inactive PAN are requested to intimate their residential status to AO: CBDT
News dated 18-7-2023.