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).
CBDT extends the applicability of TP Safe Harbour Rules till AY 2023-24.
Notification No. 58/2023, dated 9-8-2023.
Sec. 2(15) – Charitable Purpose – SLP dismissed against order of the HC that if dominant activity of charitable institution was not business, trade or commerce, merely because a fee or some other consideration was collected or received by institution, it would not lose its character of having been established for a charitable purpose.
CIT (E) v. India Trade Promotion Organisation – [2023] 152 taxmann.com 491 (SC).