Sec. 43CA amendment increasing safe harbour limit from 5% to 10% on sale of immovable property has retrospective effect.
Sec. 80-IB – Where assessee was engaged in manufacture of polyurethane foam (PT foam) and it claimed deduction u/s 80-IB contending that PT foam was used by it as a raw material for manufacturing automobile seats and, therefore, end product was automobile seats, however, what was manufactured and sold by assessee was PT foam and there was no further process undertaken by assessee and PT foam is an article covered by Entry No. 25 of Eleventh Schedule to Act, therefore, assessee not entitled to deduction u/s 80-IB.
Polyflex (India) (P.) Ltd. v, Commissioner of Income-tax – [2022] 145 taxmann.com 44 (SC).
No deemed dividend if director deposited company’s money in his own name to protect interest of company.
ACIT v. Anil Kumar Phoolchand Sanghvi – [2022] 144 taxmann.com 163 (Pune-Trib.).
Where assessee airlines executed passenger sales agency (PSA) agreements with travel agents in terms of which they would pay commission to them as published fare of tickets sold by them on behalf of the airlines, additional amount over and above net fare charged by agents from customers, i.e., supplementary commission, were incidental to transaction by which flight tickets were sold on behalf of air carries and assessee was liable to deduct TDS u/s 194H on the same.
Singapore Airlines Ltd. v. Commissioner of Income-tax – [2022] 144 taxmann.com 221 (SC).
Central Government notifies Special Court in Himachal Pradesh for the purpose of Income-tax & Black Money Act.
Notification S.O. No. 5248(E), dated 11-11-2022.
ITAT quashes time – barred assessment as no effort was made to forward draft order to new address intimated to AO.
DSV Solutions (P.) Ltd. v. DCIT – [2022] 144 taxmann.com 181 (Mumbai-Trib.).