SC admits SLP filed against Madras HC’s decision quashing prosecution launched against Karti Chidambaram.
Deputy Director of Income-tax (Investigations) v. Karti P. Chidambaram – [2022] 142 taxmann.com 223 (SC).
No penalty for misreporting of incoming if AO & assessee used same details to arrive at different conclusions.
Prem Brothers Infrastructure LLP v. National Faceless Assessment Centre – [2022] 142 taxmann.com 38 (Delhi).
Sec. 37 – Difference between price at which stock options were offered to employees of assessee company under ESOP/ESPs & prevailing market price of stock on date of grant of such options, is allowed as recenue expenses u/s 37(1).
PVR Ltd. v. CIT, 2022-TIOL-1177-HC-DEL-IT.
State is a secured creditor for tax purpose under GVAT Act; Section 53 of IBC does not override section 48 of GVAT Act.
State Tax Officer v. Rainbow Papers Ltd. – [2022] 142 taxmann.com 157 (SC).
No interest to be paid on amount paid through credit ledger in respect of returns filed after due date.
Utkal Automobiles (P.) Ltd. v. Union of India. – [2022] 142 taxmann.com 116 (Orissa).
Reversal of credit on transfer of used Capital goods to be done on depreciated value.
Betts India (P.) Ltd. v. Commissioner of Central Excise – [2022] 142 taxmann.com 90 (SC).
GSTN incorporates changes in Form GSTR – 3B for reporting of ITC availment, reversal and ineligible ITC.
GSTN update dated September 2nd, 2022.
SC grants one mont extension to GSTN to allow filing of TRAN – I; Window will start from October 1st, 2022.
Union of India v. Filco Trade Centre (P.) Ltd. – [2022] 142 taxmann.com 89 (SC).
No question of law arises if ITAT held that gain on sale of agricultural land was taxable as business income.
Sunil Bansal v. CIT – [2022] 141 taxmann.com 519 (SC).
Section 14A – No proportionate disallowance u/s 14A can be made where interest free own funds with assessee-bank exceeded investment in tax free securities.
Commissioner of Income-tax I v. UTI Bank Ltd. – [2022] 142 taxmann.com 136 (SC).