HC applies ‘lifting of corporate veil’ to deny exemption to trust collecting capitation fees as donations.
CIT v. MAC Public Charitable Trust – [2022] 144 taxmann.com 54 (Madras).
Sec. 193 – No TDS deductible on interest payable as NCDs/FDs is less than Rs. 5,000.
Commissioner of Income-tax (TDS) v. Jai Prakash Associates Ltd. – [2022] 144 taxmann.com 24 (SC).
Sec. 12AA – While considering registration of assessee – trust u/s 12AA, non-commencement of charitable activities could not be ground for rejection of application.
Director of Income-tax (Exemptions) v. Meenakshi Amma Endowment Trust Etc. – [2022] 143 taxmann.com 240 (SC).
GAAR can be invoked against ‘Treaty Shopping’ only if it leads to abuse of tax treaty: Supreme Court of Canada.
Her Majesty The Queen v. Alta Energy Luxembourg S.A.R.L. – [2022] 144 taxmann.com 23 (SCC).
CBDT proposes common ITR by merging all existing Forms except ITR-7; releases draft ‘Common ITR’.
Notification F. No. 370133/16/2022-TPL, dated 01-11-2022.
CBDT condones delay in filing of Form 10A which was required to be e-filed by March 31, 2022.
Circular No. 22/2022, dated 01-11-2022.
Sec. 37(1) – Loss on investment in subsidiary – Notice issued in SLP against order of the HC that loss on account of permanent diminution in value of investment made in subsidiary company in order to expand business being driven by business expediency, would be allowable as revenue expenditure u/s 37(1).
Principal Commissioner of Income-tax v. Vaibhav Global ltd. – [2022] 143 taxmann.com 211 (SC).
Recurring SCNs to be issued by jurisdictional tax authorities: GST council.
Office Memorandum F. No. 757/Follow-up/GSTC/2018/8198 dated 19-10-2022.
Refund allowed where inputs and output goods are same but supply made under concessional rate notification.
Micro Systems and Services Sole Proprietorship v. UOI – [2022] 143 taxmann.com 228 (Telangana).
SC upholds limiting of pre – GST 100% tax exemption to units in UKD/HP to 58% under GST by UOI asks States to consider reimbursing remaining 42%.
Hero Motocorp Ltd. v. UOI – [2022] 143 taxmann.com 221 (SC).