Public Policy
Current
CBDT Notification
CBDT notifies Income-tax return forms (ITR 1-6) for AY 2023-24.
Notification No. 04/2023, Dated 10-2-2023.
Tax demand
AO to release refund beyond 20% of tax demand even if 65% of tax demand adjusted by CPC.
Neo Structo Construction (P.) Ltd. v. ACIT – [2023] 147 taxmann.com 238 (Gujarat).
Section 263
Section 263 order shall be deemed to have never been issued if it did not contain Document Identification Number.
Dilip Kothari v. Principal Commissioner of Income-tax (Central) – [2023] 146 taxmann.com 442 (Bangalore – Trib.).
Section 14A
Where shares were held by assessee, housing finance company, as stock-in-trade, dividend earned on said shares would not attract section 14A.
Principal Commissioner of Income-tax v. M/s PNB Housing Finance Ltd. – [2023] 146 taxmann.com 445 (Delhi).
Wrongful encashment of bank guarantee
HC directs Dept. to pay interest @ 6% for wrong encashment of bank guarantee.
LM Wind Power Blades (India)(P.) Ltd. v. Union of India – [2023] 147 taxmann.com 114 (Karnataka).
GST on Vouchers
GST is not leviable on vouchers being in the nature of instruments.
Premier Sales Promotion (P.) Ltd. v. Union of India – [2023] 147 taxmann.com 85 (Karnataka).
Let out house property
ITAT justified additions as Father failed to explain why he let out property to daughter at exorbitant low rent.
Atul Chandrakant Kirloskar v. DCIT – [2023] 146 taxmann.com 439 (Pune-Trib.).
Board of Advance rulings
CBDT sets up office for operationalising Board of Advance Rulings in Delhi & Mumbai.
Office Order F.No 189/3/2022 – ITA – I, Dated 6-2-2023.
CBDT Notification
CBDT notifies Centralised Processing of Equivalization Levy Statement Scheme, 2023.
Notification No. 03/2023, dated 7-2-2023.
Section 220
Section 220 – Income-tax Act does not provide for any precondition for grant of stay of recovery; where a stay application u/s 220(6) has been filed before AO, AO would dispose of same only upon consideration of three factors viz. prima facie case, financial stringency and balance of convenience.
Karangipully Vinothkumar v. Income-tax Officer – [2023] 146 taxmann.com 418 (Madras).
Archive
CBDT Notification
CBDT notifies Income-tax return forms (ITR 1-6) for AY 2023-24.
Notification No. 04/2023, Dated 10-2-2023.
Tax demand
AO to release refund beyond 20% of tax demand even if 65% of tax demand adjusted by CPC.
Neo Structo Construction (P.) Ltd. v. ACIT – [2023] 147 taxmann.com 238 (Gujarat).
Section 263
Section 263 order shall be deemed to have never been issued if it did not contain Document Identification Number.
Dilip Kothari v. Principal Commissioner of Income-tax (Central) – [2023] 146 taxmann.com 442 (Bangalore – Trib.).
Section 14A
Where shares were held by assessee, housing finance company, as stock-in-trade, dividend earned on said shares would not attract section 14A.
Principal Commissioner of Income-tax v. M/s PNB Housing Finance Ltd. – [2023] 146 taxmann.com 445 (Delhi).
Wrongful encashment of bank guarantee
HC directs Dept. to pay interest @ 6% for wrong encashment of bank guarantee.
LM Wind Power Blades (India)(P.) Ltd. v. Union of India – [2023] 147 taxmann.com 114 (Karnataka).
GST on Vouchers
GST is not leviable on vouchers being in the nature of instruments.
Premier Sales Promotion (P.) Ltd. v. Union of India – [2023] 147 taxmann.com 85 (Karnataka).
Let out house property
ITAT justified additions as Father failed to explain why he let out property to daughter at exorbitant low rent.
Atul Chandrakant Kirloskar v. DCIT – [2023] 146 taxmann.com 439 (Pune-Trib.).
Board of Advance rulings
CBDT sets up office for operationalising Board of Advance Rulings in Delhi & Mumbai.
Office Order F.No 189/3/2022 – ITA – I, Dated 6-2-2023.
CBDT Notification
CBDT notifies Centralised Processing of Equivalization Levy Statement Scheme, 2023.
Notification No. 03/2023, dated 7-2-2023.
Section 220
Section 220 – Income-tax Act does not provide for any precondition for grant of stay of recovery; where a stay application u/s 220(6) has been filed before AO, AO would dispose of same only upon consideration of three factors viz. prima facie case, financial stringency and balance of convenience.
Karangipully Vinothkumar v. Income-tax Officer – [2023] 146 taxmann.com 418 (Madras).