Provisions of Sec. 40A(3) not applicable if assessee made cash payment for purchase of stock in trade.
Vikrant Happy Homes (P) Ltd. v. DCOT – [2022] 138 taxmann.com 559 (Pune Trib.).
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 allowed as revenue expenditure u/s 37.
Principal Commissioner of Income-tax (Central) v. Vaibhav Global Ltd. – [2022] 138 taxmann.com 506 (Rajasthan).
Making wrong claim in ITR can’t be equated with concealment of income; ITAT deletes penalty levied on assessee.
Pawan Garg v. ACIT – [2022] 138 taxmann.com 471 (Chandigarh-Trib.).
Dept. has power to take possession over assessee’s assets which were never disclosed to tax authority.
Jahar Singh Gurjar v. State of M.P. – [2022] 138 taxmann.com 483 (Madhya Pradesh).
Govt. notifies Sec. 9A conditions not applicable for eligible investment fund & its manager located in an IFSC.
Notification No. 59/2022, dated 06-06-2022.
Where Assessing Authority directed assessee to deposit 20% of demand of tax for stay of whole demand and had dealt with all issues rained by assessee, Assessing Authority was justified in not exercising discretion to grant unconditional stay or stay on payment of lesser amount than 20% of tax demand.
Mascot Construction Co. v. Principal Commissioner of Income-tax – [2022] 138 taxmann.com 443 (Bombay).
CBDT revises guidelines for compulsory selection of ITRs for scrutiny during F.Y. 2022-23.
Notification F. No. 225/81/2022/ITA-II, dated 03-06-2022.
UN releases Model Double Taxation Convention 2021.
Court not obliged to consider those judgements which are not cited during oral arguments but are submitted after the conclusion of the arguments.
Distributors India Logistics LKO Vs. UOI, 2022-TIOL-794-HC-ALL-IT.
CBDT notifies Faceless Penalty (Amendment) Scheme, 2022; Omits Regional Faceless Penalty Centres.
Notification No. 54/2022, dated 27-5-2022.