No penalty for misreporting of incoming if AO & assessee used same details to arrive at different conclusions.
Prem Brothers Infrastructure LLP v. National Faceless Assessment Centre – [2022] 142 taxmann.com 38 (Delhi).
Sec. 37 – Difference between price at which stock options were offered to employees of assessee company under ESOP/ESPs & prevailing market price of stock on date of grant of such options, is allowed as recenue expenses u/s 37(1).
PVR Ltd. v. CIT, 2022-TIOL-1177-HC-DEL-IT.
No question of law arises if ITAT held that gain on sale of agricultural land was taxable as business income.
Sunil Bansal v. CIT – [2022] 141 taxmann.com 519 (SC).
Section 14A – No proportionate disallowance u/s 14A can be made where interest free own funds with assessee-bank exceeded investment in tax free securities.
Commissioner of Income-tax I v. UTI Bank Ltd. – [2022] 142 taxmann.com 136 (SC).
CBDT notifies the hierarchy of Principal Chief CIT, Chief CIT, and CIT (A).
Notification No. 106/2022, dated 02-09-2022.
An assessee declared insolvent is entitled to waiver of interest & penalty levied on non-payment of tax.
Mrs. T.R. Bhuvaneswari v. Official Assignee High Court – [2022] 141 taxmann.com 486 (Madras).