Sec. 142(2A) – Special Audit – Notice issued in SLP against order of HC that though special audit report issued by CA u/s 142(2A) to (2D) is not binding on revenue, however, reasons for discarding it have to be recorded by Assessing Authority after proper discussion and same cannot be discarded summarily.
ACIT v. SRS Mining – [2023] 154 taxmann.com 346 (SC).
Sec. 132 – Search & Seizure – Notice issued in SLP against order of HC that authorisation for search should be of competent authority and it is on satisfaction of authority that search warrant can be issued and it can be only of Competent Officer.
ACIT v. SRS Mining – [2023] 154 taxmann.com 346 (SC).
Sec. 43A – SLP dismissed against HC ruling that in case of assessee availing external commercial borrowing from international financiers to produce capital assets, adjustment on account of foreign exchange rate fluctuation is required to be made to actual cost at the end of every year after amendment to Sec. 43A with effect from 1-4-2023 and gain arising on account of exchange fluctuation is not liable to tax as it is on capital account.
PCIT v. Bangalore International Airport Ltd. – [2023] 154 taxmann.com 395 (SC).
Sec. 264 revision allowable for genuine ITR mistakes even if assessee claiming change in all figures.
Diwakar Tripathi v. PCIT – [2023] 154 taxmann.com 634 (Bombay).
Sec. 68 – Share Application – Where no incriminating material had been found during search and brought on record by AO, and investor companies had ample funds to make investment in share capital of assessee, addition made u/s 68 on account of share application money was to be deleted.
PCIT v. Jay Ace Technologies Ltd. – [2023] 154 taxmann.com 45 (SC).
India retains 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by World Intellectual Property Organisation, rose from 81 in 2015 to 40 in 2022.
Ministry of Information & Broadcasting introduces key amendments to Cable Television Network Rules, 1994.
SEBI extends timeline for nomination of Mutual Fund Unitholders by 3 months to 31-12-2023.
Circular No. SEBI/HO/IMD/IMD-I POD 1/P/CIR/2023/160, dated 27-9-2023.
SEBI extends timeline for trading and demat account holders to submit nominee details by 3 months to 31-12-2023.
Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2023/158, dated 26-9-2023.
The Ministry of Home Affairs widens Form FC-4, Now Foreign Companies must disclose both movable and immovable assets created from foreign contributions.
Notification No. G.S.R. 683(E), dated 22-9-2023.