Section 28(i) – Business Profits / Business Loss – Where assessee, federal society of primary milk societies, fixed rate to purchase milk at the beginning of the year and after final milk rate was determined in the month of March every year, difference was to be paid to member societies in the following year, since payments were made only to respective milk suppliers and not all members, which was for the quantity supplied and was in terms of quality of milk supplied, additions could not be made by treating amount paid as final rate difference as distribution of profits among members of societies.
CIT v. Kolhapur Zilla Sahkari Dudh Utpadak Sangh Ltd. – [2023] 152 taxmann.com 129 (SC).
Aircraft leasing IFSC Units are not liable to deduct tax at source on dividends paid among themselves.
Notification No. 52/2023, dated 20-7-2023.
PLI portal re-opened till 31-8-2023 for inviting applications from interested companies under PLI Scheme of Textile for MMF Apparel, MMF Fabrics & Products of Technical Textiles.
MOU signed to establish 1st Campus of IIT, Delhi in Abu Dhabi.
Extension of time for submission of suggestions on Uniform Civil Code by two weeks till 28-7-2023.
Guidelines for operationalisation of PLI Scheme 2 for IT Hardware approved.
MCA approves withdrawal of another 7,338 prosecutions pending before various Courts under Special Arrears Clearance Drive II towards promoting Ease of Doing Business and Decriminalisation of Compoundable Offences under Companies Act, 2013.
ICAI defers Peer Review requirement for Practice Units covered under Phase-II of Peer Review Mandate, to 1-4-2024.
ICAI requests stakeholders to comment on post-implementation review of IFRS-15, Revenue from Contracts with Customers.
India and UAE agree on UPI integration to facilitate cross-border transactions.
Press Release No. 2023-2024/604, dated 15-7-2023.