No continuation of Income-tax proceedings if the assesse’s petition as corporate debtor admitted under IBC.
DCIT v. Sumeet Industries Ltd. – [2023] 150 taxmann.com 464 (Surat – Trib.).
Section 56 – Share Premium – Object of deeming an unjustified premium charged on issue of shares as taxable income u/s 56(2)(vii) is wholly inapplicable to transactions between holding and its subsidiary company where no income could be said to accrue to ultimate beneficiary i.e., holding company. Thus, revisional action by Principal Commissioner u/s 263 to examine genuineness of transaction, credit worthiness of the persons from whom share premium had been received was unjustified.
BLP Vayu (Project – 1) (P.) Ltd. v. PCIT – [2023] 151 taxmann.com 47 (Delhi-Trib.).
CBDT revises monetary limits to decide condonation requests in refund claims & carry forward losses.
Circular No. 7/2023, dated 31-5-2023.
CBDT extends scope of non-applicability of section 56(2)(x) to strategic disinvestment.
Notification No. G.S.R. 403(E), dated 31-5-2023.
Section 80G provisional approval is effective from AY relevant to previous year in which application is made: CBDT
G.S.R. 399 (E), dated 30-5-2023.
AO cannot make additions based upon inflated stock shown in stock statement submitted to bank.
SRI Chitta Ranjan Bera v. ITO – [2023] 150 taxmann.com 277 (Calcutta).