Sec. 124 – Where HC set aside notice issued u/s 143(2) in case of assessee on ground that jurisdictional officer had not adjudicated upon returns as jurisdiction had been changed after returns were filed, since records revealed that assessee had participated in proceedings pursuant to a notice issued u/s 142(1) and had not questioned the jurisdiction of AO, in such case order of HC could not be sustained.
DCIT(E) v. Kalinga Institute of Industrial Technology – [2023] 151 taxmann.com 434 (SC).
Sec. 36(1)(vii) – SLP dismissed against order of the HC that where assessee had entered into agreements with a company for takeover and assignment of certain book debts and wrote off certain debts from certain parties as bad debts, since Memorandum and Article of Association permitted assessee to carry on business of money lending and transactions in question had been held to be in realm of business activity, assesses claim of bad debts was to be allowed.
CIT v. Elgi Equipments Ltd. – [2023] 151 taxmann.com 428(SC).
Tax Residency Certificate is sufficient to determine proof of residency and assessee, being a tax resident of Singapore, is entitled to benefits under India-Singapore DTAA.
CIT (IT) v. Alibaba.com Singapore E-Commerce (P.) Ltd. – [2023] 152 taxmann.com 110 (Bombay).
Sec. 45 – Capital Gains – Firm – Where pursuant to reconstitution of assessee partnership firm, assets of assessee were revalued and revalued amount was credited to partner’s account in their profit sharing ratio, said credit was in effect distribution of increased value of assets to partners, and so the said credits were available to partners for withdrawal, assets so revalued and credited into capital accounts could be said to be ‘transfer’ which would fall in the category of ‘otherwise’ u/s 45(4) and said amount would be chargeable to tax as short term capital gain.
Mansukh Dyeing and Printing Mills v. CIT – [2023] 151 taxmann.com 306 (SC).
CBDT releases guidelines to remove difficulty in implementation of TCS on LRS & Overseas Tour Package.
Circular No. 10 of 2023, dated 30-6-2023.
Sec. 12A – Exemption – Where assessee continued to avail benefit of exemption, solely on the basis of registration in year 1987 till AY 2007-08 and it was never the case on behalf of Revenue and even Commissioner that in earlier years registration was not granted, order of HC holding that assessee would not be entitled to exemption u/s 12A as it failed to produce certificate of registration, was to be quashed and set aside.
Maharishi Institute of Creative Intelligence U.P. Lucknow v. CIT (E) – [2023] 151 taxmann.com 300 (SC).