Sale of property reported by ‘Mahesh Bhupathi’ in ITR does not absolve buyer’s liability to deduct tax u/s 195.
Nitesh Estates Ltd. v. ADIT – [2022] 140 taxmann.com 400 (Bangalore-Trib.).
When two views are possible and AO has accepted one, PCIT cannot assume jurisdiction u/s 263.
Jai Prakash Garg v. PCIT, 2022-TIOL-768-ITAT-DEL.
TP – Aggregation of Transactions – Where payment made by assessee to AE towards cost contribution charges was integral part of core business of assessee and, therefore, transaction of cost contribution charges was aggregated with transactions related to business and benchmarked under TNMM, TPO was not justified in applying CUP as most appropriate method for computing ALP of cost contribution charges treating same as separate class of transactions.
Ingersoll Rand Technologies and Services (P.) Ltd v. Assistant Commissioner of Income-tax – [2022] 140 taxmann.com 135 (Bangalore-Trib.).
CBDT mandates e-filing of certain forms, returns or statements.
Notification No. 03/2022, dated 16-07-2022.
CCPA issues advisory to e-commerce platforms on sale of Ayurvedic, Siddha Unani Drugs.
Proper Import Monitoring Systems (PIMS) to come into effect from 01-10-2022; online registration facility to be available from 15-07-2022.
Customs – Classification – Burden is on Revenue to adduce proper evidence showing that goods are classifiable under different heading that that claimed by importer.
CC & CE vs, DL Steels, 2022-TIOL-51-SC-CUS.
Proper officer has no jurisdiction to issue SCN on a person whose taxable turnover is less than the threshold limit.
Kishore Kumar Arora v. UOI – [2022] 140 taxmann.com 160 (Delhi).
GST Council constitutes group of ministers for GST Appellate Tribunal which shall give a report to the Council by 31-07-2022.
Office Memorandum dated 06-07-2022.
Company should be engaged in money lending business is not a criterion to allow claim of bad debts on money advanced.
Pranava Electronics (P.) Ltd. v. DCIT – [2-22] 140 taxmann.com 9 (Bangalore-Trib.).