INCOME TAX REGULATORY UPDATES
CBDT re-designates posts of Commissioner of Income Tax (Appeal Unit) for Faceless Appeal Scheme 2021
Editorial Note: The Central Board of Direct Taxes (CBDT) has re-designated posts of Commissioner of Income Tax (Appeal Unit) as Commissioner of Income-tax (Appeals) Unit for Faceless Appeal Scheme 2021.
NOTIFICATION NO. S.O. 73(E), DATED 06-01-2022
CBDT notifies ‘Regional Air Connectivity Fund Trust’ for exemption under section 10(46)
Editorial Note : The Central Board of Direct Taxes (CBDT) has notified ‘Regional Air Connectivity Fund Trust’ a trust constituted by the Central Government, for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961.
RECENT JUDICIAL RULINGS ON INCOME TAX
SECTION 28(i) OF THE INCOME-TAX ACT, 1961 – BUSINESS INCOME – CHARGEABLE AS
Business income v. Capital Gain: Share dealing : Where Assessing Officer issued a reopening notice on ground that as there was no investment in shares by assessee, income earned by it from sale of shares had to be treated as business income and not as capital gain, since there was no allegation against assessee that it had failed to disclose all material facts necessary for assessment during original scrutiny assessment, impugned reopening notice issued against assessee after four years from end of relevant assessment year was unjustified – Saravana Stocks Investments (P.) Ltd. v. Deputy Commissioner of Income-tax – [2021] 133 taxmann.com 315 (Madras)
SECTION 56 OF THE INCOME-TAX ACT, 1961 – INCOME FROM OTHER SOURCES
Protective assessment : Protective assessment made in case of assessee in respect of credit in bank account as income from other sources to be deleted as there was no substantive assessment/addition in hands of other party – Income-tax Officer, Ward-1, Nagaon v. Keshava Nanda Kakati – [2021] 133 taxmann.com 316 (Gauhati – Trib.)
SECTION 194H OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – COMMISSIONS, BROKERAGES ETC.
Collection centres, discount allowed to : Where assessee-company engaged in providing laboratory and testing services to customers through its own and through third party collection centres had allowed certain discount to its collection centres, since assessee did not perform any act of paying but was only receiving payments from these collection centres, there was no obligation on assessee to deduct tax at source under section 194H on discount so allowed – Commissioner of Income-tax, TDS – 2 v. Super Religare Laboratories Ltd. – [2021] 133 taxmann.com 313 (Bombay)
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