Income Tax Law Updates
CBDT Circular No. 20/2022 in F.No.225/49/2021/ITA-II dated 26.10.2022
The CBDT has extended the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Incometax Act, 1961 (the Act) for the Assessment Year 2022-23, for the category of assessees for whom the due date is 31st October, 2022, to 07th November, 2022.
CBDT Circular No. 21/2022 in F.No.275/25/2022-IT(B) dated 27.10.2022
CBDT extends due date for filing of TDS statement in Form 26Q for the second quarter of Financial Year 2022-23 Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23 from 31st October, 2022 to 30th November, 2022.
PCIT Vs Gautam Bhalla (Delhi High Court) ITA 311/2022 Date of Order: 07-09-2022
Hon’ble High Court vide above order held that both the CIT(A) and the ITAT have given concurrent findings of fact that no incriminating evidence/material had been found during the search. The ITAT also recorded that the present case of the Respondent was of non-abated assessment. High Court in Principal Commissioner of Income Tax vs. Bhadani Financiers Pvt. Ltd., 2021 SCC Del 4430 has held that where the assessment of the Respondents had attained finality prior to the date of search and no incriminating documents or materials had been found and seized at the time of search, no addition could be made under Section 153A of the Act as the cases of the Respondents were of non-abated assessment. High Court is of the view that no substantial question of law arises for consideration in the present appeal. Accordingly, the Revenue appeal is dismissed.
ITAT Ahmedabad held that donations which are not voluntary in nature cannot be treated as corpus donation and hence not eligible for deduction u/s 11(1)(d) of the Income tax Act.
ITAT Ahmedabad vide above order held that donations which are not voluntary in nature (rather it amounts to compulsion) cannot be treated as corpus donation and hence not eligible for deduction u/s 11(1)(d) of the Income tax Act.
Goods and Services Tax Law Updates:
Hon’ble Supreme Court held that While entertaining the writ petition under Article 226 of the Constitution of India challenging the Assessment Order denying the Input rebate, the High Court has observed that there are no disputed question of facts arise and it is a question to be decided on admitted facts for which no dispute or enquiry into factual aspects of the matter is called for. The aforesaid can hardly be a good/valid ground to entertain the writ petition under Article 226 of the Constitution of India challenging the Assessment Order denying the Input rebate against which a statutory remedy of appeal was available.
Hon’ble High Court held that on going through the impugned order, we are of the view that the same is not at all a speaking order. No reasons have been assigned for rejecting the refund application of the petitioner. Respondent No.1 did not advert to the objections filed by the petitioner on 10.03.2022. That being the position, we set aside the impugned order dated 16.03.2022 and remand the matter back to respondent No.1 to pass a fresh order on the refund application of the petitioner dated 14.01.2022 after giving reasonable opportunity of hearing to the petitioner, including personal hearing.
Updates from Other Laws:
Hon’ble Supreme Court held that in present facts of the case while allowing the appeals, the Hon’ble Supreme Court observed that (i) subordinate legislation has the same superior force as it supplements a mechanism/ procedure (ii) while interpreting the statutory provisions, the Court is always supposed to keep in mind the object or purpose for which the statute has been enacted and (iii) the stock broker not only has to obtain a certificate of registration from SEBI for each of the stock exchange where he operates, at the same time, has to pay ad valorem fee prescribed in reference to each certificate of registration from SEBI.
Press Information Bureau Government of India Ministry of Finance dated 29-09-2022
In the operation of Senior Citizens’ Savings Scheme (SCSS), it has been noticed in few cases on the death of the account holder, operating agencies are closing the SCSS account by treating it as premature closure. In this context, attention is drawn to Rule 7(2) of SCSS, and the following is clarified:
(i) in cases where the SCSS account holder/s passes away and the account is being closed on request of the nominee/legal heir, the rate of interest as applicable on SCSS scheme shall be paid till the date of demise the account holder. Thereafter, the interest rate applicable on Post Office Savings Account shall be paid from the date of demise of the account holder till the date of final closure of the account.
(ii) Premature closure clause does not trigger on account of demise of the SCSS account holder. The premature closure of the account is applicable only when the SCSS account holder requests for closure of own SCSS account before the maturity period. In such cases of premature closure of the account, a penalty shall be levied as mentioned in the rule 6 of the SCSS.
Weekly Newsletter Income Tax, GST and Other Law [2nd Week, October 2022] GST Updates, Income Tax Updates, Tax India Updates
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