CBDT releases instructions for Assessing Officers to implement Supreme Court ruling in Abhisar Buildwell delivered on the scope of section 153A/153C.
Instruction 1 of 2023, dated 23-8-2023.
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).