CBDT issues guidelines on taxability of winnings from online games.
Circular No. 5 of 2023, dated 22-5-2023.
Section 54F – Assessee eligible to get section 54F deduction even if new house was not constructed within prescribed time limit. This was a case where entire sales consideration from previous sale was invested but the construction could not be completed as the original landlord filed a writ petition before HC against acquisition of land by the City Development Authority.
Sharada Mohan Shetty v. ITO – [2023] 150 taxmann.com 122 (Bangalore – Trib.).
CBDT proposes changes in Rule 11UA, introduces 5 more valuation methods for non-resident investors.
Press Release dated 19-5-2023.
Section 28 – Immovable properties acquired by banks have to be treated as ‘stock-in-trade’ and deduction should be allowed for amounts written off under non-banking assets.
CIT v. ING Vysya Bank Ltd. – [2023] 150 taxmann.com 80 (Karnataka).
Overseas spending using international Debit or Credit Cards will not attract TCS upto INR 7 lakh per financial year.
Press Release dated 19-5-2023.
Transfer of land through oral agreement is not valid. Capital gain arises in the year when sale deed is registered.
Allam Adavaiah v. ACIT – [2023] 150 taxmann.com 53 (Hyderabad – Trib.).