Section 7 of CGST Act- The Gujarat High Court has declared the mandatory fixed rate of deduction of 1/3rd of total consideration towards the value of land as ultra-vires the provisions of the GST Acts. Also held that application of such mandatory uniform rate of deduction in discriminatory, arbitrary and violative of Article 14 of the Constitution of India.
Munjaal Manishbhai Bhatt v. Union of India – [2022] 138 taxmann.com 117(Gujarat).
Section 28(i) of Income-tax Act – SLP granted against impugned order passed by HC holding that where assessee, a builder and developer, under an agreement had sold its development rights in a property, sale consideration received by assessee for transfer of development rights was assessable under the head ‘business income’.
Commissioner of Income-tax v. Glowshine Builders & Developers Pvt. Ltd. – [2022] 138 taxmann.com 15(SC).
CBDT issues guidelines for compulsory selection of ITRs for complete scrutiny during F.Y. 2022-23.
Notification F. No.: 225/81/2022/ITA-II, dated 11-05-2022.
CBDT issues instructions for AOs to implement SC ruling upholding validity of old reassessment notices.
Instruction No: 01/2022 dated 11-05-2022.
Section 92C of Income-tax Act – Where assessee company performed sales, marketing, and distribution function and did not undertake any value addition to imported material handling equipment from Japanese company and re-sold same to unrelated parties, Resale Price Method (RPM) was Most Appropriate Method (MAM) for determining ALP of this transaction.
Toyota Industries Engine India (P.) Ltd. v. Dy. Commissioner of Income-tax – [2022] 137 taxmann.com 491 (Bangalore-Trib.).
CBDT mandates PAN for cash deposit/withdrawal of Rs. 20 Lakh or more and opening of Current & CC a/c.
Notification No. 53/2022, dated 10-05-2022.
CBDT amends various forms applicable for registration/approval/statement u/s 10(23C), 12AB, 35 and 80G.
Section 194H of Income-tax Act – Notice issued in SLP filed against order of HC holding that where assessee pharmaceutical company incurred expenses for promoting services such as taxi, booking of air tickets, cost of souvenir etc., for conference of doctors, in view of the fact that these doctors were not bound to prescribe medicine as suggested by assessee, and therefore, there existed no agency relationship between assessee and doctors, said expenses incurred for doctors could not be treated as ‘commission’ liable to TDS u/s 194H.
Commissioner of Income-tax (TDS) v. Intas Pharmaceuticals Ltd. – [2022] 137 taxmann.com 455 (SC).
Sec, 28(i) of the Income-tax Act – SLP dismissed against impugned order of the HC holding that where assessee, engaged in construction work, receives RBI bonds instead of cash as a consideration for project undertaken in Iraq as sub-contractor and incurred loss on sale of bonds. Considering nature of business of assessee, bonds were to be treated as current assets and assessee was entitled to claim loss on sale of RB bonds.
Commissioner of Income-tax v. Bhageeratha Engineering Ltd. – [2022] 137 taxmann.com 453 (SC).
It is settled position in law that the issue of jurisdiction goes to the root of the cause and that such an issue can be raised at any belated stage of proceedings, including stage of appeal. Hence, the Court finds no merit in the present appeal filed by Revenue.
Pr. CIT v. SS Con Build Pvt. Ltd., 2022-TIOL-656-HC-DEL-IT.