Follow instruction no. 7/2017 carefully for revision/rectification if revenue audit objection is accepted: CBDT to Tax Officers
Instruction F.No. 246/06/2023, Dated 16-2-2023.
CBDT notifies new audit reports to be furnished by charitable or religious trusts and other institutions.
Notification No. 7/2023, Dated 21-2-2023.
Expenses incurred on development of a new product is revenue in nature if product was abandoned.
Principal Commissioner of Income-tax – 5 v. Trigent Software Ltd. – [2023] 147 taxmann.com 52 (Bombay).
CBDT notifies ITR-7 applicable for AY 2023-24.
Notification No. 05/2023, Dated 14-2-2023.
Section 37(1) – Where advertising expenses, business promotion and brokerage & commission had been incurred by assessee builder towards building its reputation and network in real estate market, Tribunal rightly held that said expenses incurred by assessee were in nature of general administrative cost and selling cost as classified by Guidance Note issued by ICAI and qualified for deduction as revenue expenditure.
Commissioner of Income-tax v. Somnath Buildtech (P.) Ltd. – [2023] 146 taxmann.com 472 (Delhi).
CBDT notifies Income-tax return forms (ITR 1-6) for AY 2023-24.
Notification No. 04/2023, Dated 10-2-2023.