Petitioner Bank being a secured creditor had priority over claim of Sales Tax Authority over secured asset and was not liable to pay any taxes or other liabilities out of sale proceeds of secured asset to Sales Tax Authority. Provisions of SARFAESI Act, 2002 would prevail over provisions of MVAT Act, 2002 in case of any inconsistency between the two.
Punjab National Bank v. Assistant Commissioner of Sales Tax – [2023] 149 taxmann.com 328 (Bombay).
Section 153A – If a search or requisition is conducted, the AO assumes jurisdiction for block assessment u/s 153A of the Act, all pending assessments/reassessments will stand abated, meaning they will no longer be valid. Only if any incriminating material is found during the search, the AO can assess/reassess the total income, taking into consideration incriminating material and other material available with the AO, including the income declared in the returns.
PCIT v. Abhisar Buildwell (P.) Ltd. – [2023] 149 taxmann.com 399 (SC).
Section 37 – Loss due to confiscation of smuggled stock-in-trade not allowable u/s 37.
CIT v. Prakash Chand Lunia (D) Thr. Lrs. – [2023] 149 Taxmann.com 416 (SC).
Section 115O – Where dividend is declared, distributed or paid by a domestic company to a non-resident shareholder(s), which attracts additional tax on distributed profits as per the provisions of section 115O, such additional income-tax payable by the domestic company shall be at the rate mentioned in section 115O and not at the rate of tax applicable to non-resident shareholder(s) as specified in relevant DTAA with reference to such dividend income.
DCIT v. Total Oil India (P.) Ltd. – [2023] 149 taxmann.com 332 (Mumbai-Trib.) (SB).
Sec. 80 HHC – Income earned from sale of shares should be treated as ‘income from business’ for the purpose of computing deduction u/s 80 HHC(3)(b). Interest income earned by assessee by depositing surplus funds in a bank or otherwise was not taxable under the head ‘income from business’ but under the head ‘income from other sources’ and, accordingly, same would be excluded for the purpose of computing deduction u/s 80HHC(3)(b).
Magnum International Trading Company (P.) Ltd. v. CIT – [2023] 149 taxmann.com 329 (SC).
Indian Railways registers record Revenue of Rs. 2.40 lakh Cr. for FY 2022-23.
EPFO extends timeline for linking Aadhar with UAN of EPF members up to 31-3-2024.
Notification No. BKG-27/5/2021 – BKG/E-38791/, dated 18-4-2023.
No interference was to be made in instant proceedings where litigation relating to the matter was pending before NCLAT.
Srei Equipment Finance Ltd. v. Kalptaru Properties (P.) Ltd. – [2023] 149 taxmann.com 34 (SC).
Section 8 of CGST Act – Since in a CIF contract, Indian importer is liable to pay IGST on ‘composite supply’ comprising of supply of goods and supply of services of transportation, insurance etc., a separate levy on Indian importer for ‘supply of services’ by shipping line would be in violation of section 8 of CGST Act.
LCL Logistix India (P.) Ltd. v. Union of India – [2023] 149 taxmann.com 313 (Calcutta).