Public Policy
Current
Carbon Credits
Carbon Credits – Where assessee earned income from trading of carbon credits, same would be in the nature of capital receipts and therefore, would not invite tax.
PCIT v. Gujarat Flurochemicals Ltd. – [2023] 155 taxmann.com 135 (Gujarat).
Sec. 269SS
Sec. 269SS does not apply to a cash loan obtained by a company from its director.
Thamira Green Farm (P.) Ltd. v. ACIT – [2023] 155 taxmann.com 320 (Chennai – Trib.).
Sec. 35ABB
Sec. 35ABB – Telecommunication License – Payment of entry fee as well as variable annual license fee paid by respondent – assessees, engaged in the business of telecommunication services, to Department of Telecommunication (DOT) under New Telecom Policy, 1999 are capital in nature and may be amortised in accordance with section 35ABB.
CIT v. Bharti Hexacom Ltd. – [2023] 155 taxmann.com 322 (SC).
CBDT Notification
Time limit for processing of all validly filed returns upto AY 2017-18 with refund claims extended to 31-3-2024.
Notification No. F.No 225/132/2023/ITA-II, dated 16-10-2023.
CBDT Notification
CBDT exempts IFSC units from Form 15CA for non-taxable remittances and introduces Form 15CD for quarterly reporting.
Notification No. G.S.R. 740(E), dated 16-10-2023.
CBDT Notification
CBDT issues clarification regarding assessment of StartUp Companies subsequent to Finance Act, 2023 amendments.
Notification No. F. No. 173/149/2019 – ITA – 1, dated 10-10-2023.
TRC
AO cannot doubt residential status without being backed by substantive evidence if Non Resident holds a valid TRC.
Saif II – Se Investments Mauritius Ltd. v. ACIT – [2023] 154 taxmann.com 617 (Delhi – Trib.).
Sec. 144C
Sec. 144C – DRP – Where AO passed a draft assessment order along with notice of demand u/s 156, same was contrary to procedure laid down u/s 144C and thus, final assessment order passed pursuant to said draft assessment order was null and void.
Brightstar Infrastructure (P.) Ltd. v. ACIT/DCIT/JCIT/ITO, National Faceless Assessment Centre, Delhi – [2023] 154 taxmann.com 588 (Mumbai – Trib.).
ICAI Guide
ICAI issues ‘Technical Guide on Internal Audit of Pharmaceutical Industry’.
ICAI Manual
ICAI issues ‘Manual on Concurrent Audit of Banks’.
Archive
Carbon Credits
Carbon Credits – Where assessee earned income from trading of carbon credits, same would be in the nature of capital receipts and therefore, would not invite tax.
PCIT v. Gujarat Flurochemicals Ltd. – [2023] 155 taxmann.com 135 (Gujarat).
Sec. 269SS
Sec. 269SS does not apply to a cash loan obtained by a company from its director.
Thamira Green Farm (P.) Ltd. v. ACIT – [2023] 155 taxmann.com 320 (Chennai – Trib.).
Sec. 35ABB
Sec. 35ABB – Telecommunication License – Payment of entry fee as well as variable annual license fee paid by respondent – assessees, engaged in the business of telecommunication services, to Department of Telecommunication (DOT) under New Telecom Policy, 1999 are capital in nature and may be amortised in accordance with section 35ABB.
CIT v. Bharti Hexacom Ltd. – [2023] 155 taxmann.com 322 (SC).
CBDT Notification
Time limit for processing of all validly filed returns upto AY 2017-18 with refund claims extended to 31-3-2024.
Notification No. F.No 225/132/2023/ITA-II, dated 16-10-2023.
CBDT Notification
CBDT exempts IFSC units from Form 15CA for non-taxable remittances and introduces Form 15CD for quarterly reporting.
Notification No. G.S.R. 740(E), dated 16-10-2023.
CBDT Notification
CBDT issues clarification regarding assessment of StartUp Companies subsequent to Finance Act, 2023 amendments.
Notification No. F. No. 173/149/2019 – ITA – 1, dated 10-10-2023.
TRC
AO cannot doubt residential status without being backed by substantive evidence if Non Resident holds a valid TRC.
Saif II – Se Investments Mauritius Ltd. v. ACIT – [2023] 154 taxmann.com 617 (Delhi – Trib.).
Sec. 144C
Sec. 144C – DRP – Where AO passed a draft assessment order along with notice of demand u/s 156, same was contrary to procedure laid down u/s 144C and thus, final assessment order passed pursuant to said draft assessment order was null and void.
Brightstar Infrastructure (P.) Ltd. v. ACIT/DCIT/JCIT/ITO, National Faceless Assessment Centre, Delhi – [2023] 154 taxmann.com 588 (Mumbai – Trib.).