CBDT extends due date for furnishing TDS/TCS statements for 1st quarter of FY 2023-24 to September 30, 2023.
Circular No. 9 of 2023, dated 28-6-2023.
APA – effect of – Where even if year under dispute is not covered by Advance Pricing Agreement (APA), if FAR is same, APA should be adopted for the international transactions for year under dispute.
PCIT v. Springer India (P.) Ltd. – [2023] 151 taxmann.com 251 (Delhi).
Govt. authorises ICICI, Axis, HDFC, IDBI and all public sector banks to operate Mahila Samman Saving Scheme.
Notification F. No. 1/3/2023 – NS, dated 27-6-2023.
Bombay HC allows capital gain exemption to Singapore based FII under article 13(4) of India-Singapore DTAA. Limitation of Benefit clause cannot be invoked.
CIT v. Citicorp Investment Bank – [2023] 151 taxmann.com 501 (Bombay).
Sec. 80-IA – Adjustment of Notional Loss – Sub-section 5 of section 80-IA did not create any fiction to effect that losses, which had already been absorbed, would be notionally carried forward and adjusted against profits derived from eligible business to quantify deduction that assessee could claim u/s 80-IA.
PCIT v. Sterling Agro Industries Ltd. – [2023] 151 taxmann.com 203 (Delhi).
Tolerance limit of 1 per cent for wholesale trading and 3 per cent in all other cases for ALP determination, for Transfer Pricing remains unchanged for Assessment Year 2023-24.
Notification No. 46/2023, dated 26-6-2023.