Cost of acquisition of shares converted from FCCBs to be computed as per FCCB Scheme and not as per section 49(2A).
CIT v. Kingfisher Capital Clo Ltd. – [2023] 153 taxmann.com 163 (SC).
Capital Gains – Transfer of Shares/Units – Where reassessment proceedings were initiated for 2016-17 against assessee in the context of sale of shares of an Indian company and assessee stated that it had been issued Tax Residency Certificate (TRC) under laws of Mauritius and thus, would be entitled to take benefit of provisions of DTAA between India and Mauritius, since nothing in the form of information and material had been put on record by revenue to conclude that TRC issued to assessee was not a viable legal document, reassessment proceedings initiated against assessee were to be set aside.
Vodafone Mauritius Ltd. v. ACIT – [2023] 152 taxmann.com 400 (Delhi).
Non-issuance of notice u/s 143(2) is an incurable defect. The failure of AO in reassessment proceedings to issue a notice u/s 143(2) prior to finalising the reassessment order cannot be condoned. Therefore, impugned order deserved to be quashed.
Major Suresh Yadav (Retd.) v. ITO – [2023] 153 taxmann.com 159 (Delhi – Trib.).
Sec. 148 – It is not permissible in law for AO to issue second notice u/s 148 when there was already a notice issued in exercise of the same powers under very provision in respect of same assessment year.
Bharatkumar Jayantibhai Patel v. ACIT – [2023] 152 taxmann.com 378 (Gujarat).
CBDT issues clarification on Scrutiny Guidelines on transfer of cases to central charges for non-search persons.
Notification No. 225/66/2023, dated 3-8-2023.
Sec. 68 – SLP dismissed against impugned order of HC that where assessee though had disclosed source of deposit but could not establish nature thereof, addition made u/s 68 was justified.
Rupal Jain v. CIT – [2023] 152 taxmann.com 346 (SC).
More than one fourth of total electricity production during 2022-23 from non-fossil fuels.
MeitY announces support for two more semiconductor design start-ups / MSMEs under SemiconIndia futureDESIGN DLI Scheme.
No proposal to curb retail participation in derivative market – SEBI Clarifies.
Press Release no. 14/2023, dated 29-7-2023.
Import of Laptops, Tablets, All-in-one Personal Computers, and Ultra small form factor Computers & Servers falling under HSN 8471 to be ‘Restricted’ and their import to be allowed against a valid License for Restricted Imports, subject to certain exemptions.
DGFT Notification No. 23/2023, dated 3-8-2023.