Sec. 73 of CGST Act – Where during pendency of Writ Petition, show cause cum demand notice was issued and assessee had submitted preliminary reply to it, show cause notice should be taken to its logical conclusion.
Prolific Systems and Technologies (P.) Ltd. v. UoI – [2023] 153 taxmann.com 270 (Bombay).
CBDT releases Office Order enlisting the procedure of constitution of Dispute Resolution Committee.
Office Order No. 1 of 2023, dated 14-8-2023.
CBDT issues clarifications on the applicability of section 10(10D) exemption on life insurance policies.
Circular No. 15 of 2023, dated 16-8-2023.
CBDT notifies Rule 11UACA to compute taxable income in respect of sum received under Life Insurance Policies to which exemption u/s 10(10D) does not apply.
Notification No. 61/2023, dated 16-8-2023.
CBDT releases draft Form No. 6C for submission of inventory valuation report u/s 142(2A).
Notification F. No. 370142/29/2023 – TPL, dated 16-8-2023.
Where assessee filed return with a delay of 21 seconds, this could be considered to be a human error and delay in filing return deserves to be condoned.
Balaji Super Alloys v. PCIT – [2023] 152 taxmann.com 657 (Madras).
Where assessee contended that impugned amount was reimbursement of expenses, transaction shown in Form 26AS could not be taken as gospel truth that it represented income in the hands of assessee.
Oceanic Vehicles (P.) Ltd. v. DCIT – [2023] 153 taxmann.com 62 (Ahmedabad – Trib.).
Sec. 41(1) – Where assessee, a sugar mill, had availed loan from banks and failed to pay interest and Govt. waived interest payable to banks, since assessee had not filed returns in earlier assessment years claiming deduction of interest and no assessment or reassessment had been made for any assessment year, section 41(1) was not applicable in respect of interest waived by bank.
Dy. Registrar of Co-operative Societies v. ITO – [2023] 152 taxmann.com 499 (Karnataka).
RBI keeps the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.
Press Release 2023-24/723, dated 10-8-2023.
When an arrestee is forwarded to the jurisdictional Magistrate u/s 19(3) of PMLA, no writ of Habeas Corpus would lie. Any plea of illegal arrest is to be made before such Magistrate since custody becomes judicial.
V. Senthilal Balaji v. State represented by Dy. Director – [2023] 153 taxmann.com 224 (SC).