Section 2(14) – Agricultural land – SLP dismissed against order of HC that mere inclusion of land in Special Zone without any infrastructure does not convert land into non-agricultural land.
CIT v. M. R. Seetharam – [2023] 150 taxmann.com 237 (SC).
CBDT releases draft Rule 11UA incorporating 5 new valuation methods, invite public comments by 5-6-2023.
Notification F. No. 370142/9/2023, dated 26-5-2023.
Section 132 – SLP dismissed against order of HC that retraction of statement recorded u/s 132(4) has to be made within reasonable time or immediately after statement of assessee is recorded and, hence where retraction of statement recorded u/s 132(4) and later confirmed in statement recorded u/s 131 had been made by the assessee after almost eight months, same was to be discarded.
Roshan Lal Sanchiti v. PCIT – [2023] 150 taxmann.com 228 (SC).
Defence production crosses INR 1 lakh Cr. for the first time ever in FY 2022-23.
RBI releases FAQs on the withdrawal of INR 2000 bank notes from circulation.
RBI withdraws INR 2000 bank notes from circulation, Will continue to remain a legal tender, Deposit/Exchange facility available till 30-9-2023.
Press Release: 2023-24/257, dated 19-5-2023.
Acquisition of bribe money by a public servant qualifies as an act of money laundering, and illegal gratification represents proceeds of crime.
Y. Balaji v. Karthik Desari – [2023] 150 taxmann.com 329 (SC).
Govt. releases FAQs to address confusion regarding the inclusion of International Credit Cards under LRS.
Sale of Goods Act:
Sec. 2(10) – Price: Credit note issued by a manufacturer to dealer for replacement of defective part by dealer from his own stock during warranty period is a valuable consideration within the meaning of definition of sale.
Sec. 4 – Sale & Agreement to Sell – Transaction between manufacturer and dealer while acting pursuant to warranty is to be construed as sale when dealer replaces defective part from his own stock and credit note was issued by manufacturer to dealer on return of defective part. No transaction of sale takes place between manufacturer and dealer when manufacturer dispatches spare part to dealer from its own factory or production unit to replace defective part in automobile and seek return of defective part, or procures spare part from producer of same or from open market.
Sec. 12 – Condition and Warranty – Whether stipulation in a contract of sale is a condition or a warranty depends in each case on construction of contract. When a person buys goods from dealer and given a guarantee issued by manufacturer, main contract of sale is between dealer and purchaser or customer but guarantee from manufacturer is a collateral contract between manufacturers and customer.
Tata Motors Ltd. v. Dy. Commissioner of Commercial Taxes (Spl.) – [2023] 150 taxmann.com 382 (SC).
Sec. 83 of CGST Act – Operation of an order provisionally attaching bank account would cease to be operative after expiry of statutory period of one year.
Merlin Facilities (P.) Ltd. v. UOI – [2023] 150 taxmann.com 373 (Delhi).