Section 40(a)(i) – Where assessee is held not liable to deduct TDS, assessee cannot be treated as assessee in default if payee foreign company is liable to tax in reassessment.
Van Oord Acz India (P.) Ltd. v. CIT – [2023] 149 taxmann.com 38 (SC).
CBDT signs 95 Advance Pricing agreements in FY 2022-23; highest ever APA signing since launch.
Press Release dated 31-3-2023.
No TP addition if shift from floating to fixed interest rate was to protect business from adverse floating rates.
BG Exploration & Production India Ltd. v. DCIT – [2023] 148 taxmann.com 272 (Delhi Trib.).
Section 80IA – SLP dismissed against impugned order of HC that where by virtue of section 79 business loss of assessee prior to assessment year 2001-02 had already lapsed, same could not be notionally carried forward and set off against profits and gains of assesses business for AY 2005-06 under consideration in computing deduction u/s 80IA(1).
ACIT v. Vodafone Essar Gujarat Ltd. – [2023] 149 taxmann.com 1 (SC).
The Finance Act, 2023 received assent of the President on 31-3-2023.
CBDT notifies procedure for filing of application in Form 15C/15D for grant of ‘nil’ TDS Certificate u/s 195.
Notification No. 1/2023, dated 29-3-2023.
Section 194J – Provision for legal and professional charges – where assessee made year end provision for payments towards legal and professional charges, since said provisions made at end of accounting year were reversed in the beginning of next year and neither payee nor exact amount payable were identifiable during year end and, further assessee had deducted tax at source in subsequent year on said payments in accordance with section 194J and also remitted same, no TDS was to be deducted on such payments by assessee during relevant year.
Subex Ltd. v. DCIT – [2023] 148 Taxmann.com 271 (Karnataka).
CBDT allows NR not having PAN to manually file Form 10F till 30-9-2023.
NOTIFICATION F.NO. DGIT(S) – ADG (S) – 3/E – FILING NOTIFICATION/FORMS/2023/13420, DATED 28-3-2023.
CBIC issues clarification regarding applicability of GST Rate and classification of Rab.
Circular No. 191/03/2023 – GST. dated 27-3-2023.
Classification – Photo Books – Printing of photographs provided in soft form, binding them and selling them as photo books, amounts to manufacture under Tariff heading 4911 and therefore, not liable to service tax. After introduction of GST, said item was liable to GST @12% as supply of goods.
Commissioner of Central Goods and Services Tax v. Venus Albums Company (P.) Ltd. – [2023] 148 taxmann.com 411 (SC).