Sufficiency or inadequacy of reasons to believe cannot be examined while considering validity of search.
PCIT (Investigation) v. Laljibhai Kanjibhai Mandalia – [2022] 140 taxmann.com 282 (SC).
CBDT notifies Form 8A to make application u/s 158AB to defer filing of appeal on identical issues.
Notification No. 83/2022, dated 12-07-2022.
194J – Where dominant purpose of contract is supply of rolling stock and service component is negligible, no TDS is deductible u/s 194J.
Commissioner of Income-tax v. Bangalore Metro Raid Corporation Ltd. – [2022] 140 taxmann.com 229 (Karnataka).
Revised return cannot be filed to convert original return into loss return in absence of any omission/mistake. Also, Sec. 10B is an exemption provision & not a deduction provision. Also, both the conditions to Sec. 10(B) are mandatory.
PCIT v. Wipro Ltd. – [2022] 140 taxmann.com 223 (SC).
Arm’s Length Price – Foreign Exchange loss/gain may arise in normal course of business and can be reckoned as operating in nature, however, loss/gain arising on account of abnormal fluctuation or on account of abnormal movement in foreign exchange contracts has to be treated as non-operating in nature; If data in respect of foreign exchange loss/gain is not sufficiently available, in order to iron out differences, adjustment is to be made in the hands of the tested party.
Marlabs Innovations (P.) Lt. v. Asstt. Commissioner of Income-tax, [2022] 139 taxmann.com 558 (Bangalore-Trib.).
CBIC issues clarifications on several issues pertaining to GST.
Circular No. 170/02/2022 – GST to Circular No. 176/02/2022 – GST dated 06-07-2022.
No hotels or restaurants can add service charge in the food bill.
Press release dated 04-07-2022 by the Central Consumer Protection Authority (CCPA).
Reasoning of the Supreme Court in Commissioner v. Sayed Ali and in Canon India Pvt. Ltd. cannot be imported in other context of the Central Excise Act 1944 and The Finance Act, 1994.
Redington India Ltd. Vs. Pr. Addl. Director General, 2022-TIOL-936-HC-MAD-ST.
GST services rendered by bank by way of extending loan on credit card to petitioner amounts to credit card services and interest component of EMI of said loan is not exempted from GST.
Ramesh Kumar Patodia v. CIT Bank N.A. – [2022] 140 taxmann.com 63 (Calcutta).