Sec. 68 – Share Application – Where no incriminating material had been found during search and brought on record by AO, and investor companies had ample funds to make investment in share capital of assessee, addition made u/s 68 on account of share application money was to be deleted.
PCIT v. Jay Ace Technologies Ltd. – [2023] 154 taxmann.com 45 (SC).
CBDT notifies procedure for filing Form 13 for lower/nil TDS certificate when payer details are unavailable.
Notification No. 02/2023, dated 27-9-2023.
CBDT notifies Form 6D for furnishing of ‘Inventory Valuation Report’ under section 142(2A) relating to special audit.
Notification No. 82/2023, dated 27-9-2023.
AO rightly imposed penalty under Black Money Act for non-disclosure of foreign assets in Schedule FA of ITR.
Ms. Shobha Harish Thawani v. JCIT – [2023] 154 taxmann.com 564 (Mumbai – Trib.).
Sec. 245C – Application for Settlement of Cases – There is no bar on declaring income discovered by AO in settlement application made to Settlement Commission.
Kotak Mahindra Bank Ltd. v. CIT – [2023] 154 taxmann.com 545 (SC).
CBDT amends Rule 11UA incorporating new valuation methods; including norms for valuing compulsory convertible preference shares (CCPS).
Notification No. 81/2023, dated 25-9-2023.