CBDT issues clarification regarding assessment of StartUp Companies subsequent to Finance Act, 2023 amendments.
Notification No. F. No. 173/149/2019 – ITA – 1, dated 10-10-2023.
AO cannot doubt residential status without being backed by substantive evidence if Non Resident holds a valid TRC.
Saif II – Se Investments Mauritius Ltd. v. ACIT – [2023] 154 taxmann.com 617 (Delhi – Trib.).
Sec. 144C – DRP – Where AO passed a draft assessment order along with notice of demand u/s 156, same was contrary to procedure laid down u/s 144C and thus, final assessment order passed pursuant to said draft assessment order was null and void.
Brightstar Infrastructure (P.) Ltd. v. ACIT/DCIT/JCIT/ITO, National Faceless Assessment Centre, Delhi – [2023] 154 taxmann.com 588 (Mumbai – Trib.).
Sec. 2(22) – Deemed Dividend – SLP dismissed against order of HC that sec. 2(22)(e) would not be applicable where assessee availed unsecured loan from its group company which was paid back with interest in the same year.
PCIT v. Suprabha Industries Ltd. – [2023] 154 taxmann.com 536 (SC).
Form 60 cannot be submitted by a company or Firm that is involved in a transaction specified under rule 114B (transactions in which quoting of PAN is compulsory).
Notification No. 88/2023, dated 10-10-2023.
Sec. 92C – Transfer Pricing – SLP dismissed against order of HC that where debtor days given to non-AEs were more than debtor days given to AEs and assessee had net monthly balance payable to AEs as opposed to monthly balance receivables from non AEs, assessee was justified in not charging interest on delayed payments by AEs and in not levying any interest on delayed payments made by non-AEs.
PCIT v. Avery Dennison (I) (P.) Ltd. – [2023] 154 taxmann.com 455 (SC).