CBDT amends notification exempting non-residents (and a foreign company) from ITR filing incorporating amended definition of ‘Investment Fund’.
Notification No. 49/2023, dated 14-7-2023.
Sec. 276B – Offence and Prosecution – Failure to pay tax on distributed profits of domestic companies/tax deducted at source – When petitioner was not an employee of the company but an independent financial advisor, he could not be summoned for offence u/s 276B read with sec. 278B and thus, order taking cognizance against him deserved to be quashed.
S.M.Jain @ Shetan Mal Jain v. State of Jharkhand – [2023] 151 taxmann.com 515 (Jharkhand).
Sec. 170 – Revised return after amalgamation – Where transferor company merged with petitioner-transferee company as per approved scheme of amalgamation by NCLT and revised return could not be filed before due date by petitioner as circumstances were beyond control of petitioner, department was to be directed to take into account revised return of income filed for assessment year in question.
TSI Business Parks Hyderabad (P.) Ltd. v. DCIT – [2023] 151 taxmann.com 514 (Telangana).
Penalty – Since once error was pointed out and assessee made a course correction before assessment order was passed, in said circumstances, AO could not impose penalty upon assessee u/s 271(1)(c).
PCIT v. National Textile Corporation Ltd. – [2023] 151 taxmann.com 512 (Delhi).
Income Declaration Scheme, 2016 – SLP dismissed against impugned order of HC that where assessee availed benefit of Declaration of Income Scheme, 2016 and submitted a declaration with respect to undisclosed income of relevant assessment year, AO would have no jurisdiction to assess income for which declaration was made and thus, reopening notice was to be set aside.
ACIT v. Kamla Chandrasingh Kabali – [2023] 151 taxmann.com 436 (SC).
Sec. 72 – Amalgamation – SLP dismissed against impugned order of HC that once a scheme is sanctioned, same would relate back to appointed date of amalgamation and that for all purposes including for recognising benefits of unabsorbed depreciation and losses of a merging company with those of principal company, would be available from such date.
PCIT v. Intas Pharmaceuticals Ltd. – [2023] 151 taxmann.com 448 (SC).