Section 56 – In case of transfer of shares on amalgamation to which section 56(2)(viia) applies, that being more specific, the general provisions exempting such income under section 47(vi) shall not be applicable. Even otherwise, clause (vi) of section 47 is not excluded from the purview of section 56.
ACIT v. Vertex Projects LLP – [2023] 150 taxmann.com 109 (Hyderabad – Trib.].
Section 127 – SLP dismissed against impugned order of HC that where sufficient material in the form of WhatsApp chats, documents, files, laptops, etc. was found from other involved persons indicating a nexus between them and assessee in large-scale collection of illegal money, order passed u/s 127 transferring assessee’s case from Kolkata to Delhi for coordinated investigation was justified.
Kamal Nath v. PCIT – [2023] 149 taxmann.com 370 (SC).
Govt. notifies provisions of DTAA with Chile.
Notification No. S.O. 2059(E), dated 3-5-2023.
Section 10(23C) – Where Commissioner, while considering application of assessee for grant of exemption u/s 10(23C) (vi) specifically observed and held that activity of assessee could not be said to be solely for imparting education and that the assessee was indulging into profit making, and said finding of fact recorded by Commissioner, had not been upset by HC while setting aside order passed by Commissioner denying exemption u/s 10(23C)(vi), impugned judgement and order by HC was to be quashed and set aside.
UOI v. Baba Banda Singh Bahadur Education Trust – [2023] 150 taxmann.com 40 (SC).
Section 245C/245D – Where HC observed that order passed by Settlement Commission was a nullity, HC Order rejecting assessee’s challenge against order of the commission and consequential assessment was to be set aside.
Jagdish Transport Corporation v. UOI – [2023] 150 taxmann.com 8 (SC).
Explanation 5 to section 32(1) is not applicable for AY 1999-2000, and therefore HC was right in upholding Tribunal’s decision allowing assessee to withdraw its depreciation claim.
ACIT v. G. E. Lighting (I.) (P.) Ltd. – [2023] 149 taxmann.com 471 (SC).