Income Tax Law Updates:

Notification/Circulars

Notification No. 6/2022 F. No. 370142/60/2021-TPL dated 14-01-2022

Computation of exempt income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of clause (4D) of section 10 of the Act-

Notification No. 3 /2022/F. No. 300196/11/2021-ITA-I dated 11-01-2022

Following Income of  International Financial Services Centres Authority’, Gandhinagar, Gujarat is exempt under clause 10 (46) of Income Tax Act, 1961:- (a) Grant-in-aid received from Central Government; (b) Fees and charges received by International Financial Services Centres Authority Act, 2019; (c) Any other sums received by International Financial Services Centres Authority as decided by the Central Government; and (d) Interest income accrued (a) to (c) above.

Circular No. 01/2022 dated 11-01-2022

​CBDT extends due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961

Case Laws/Judgements:

Hon’ble Supreme Court Order dated 10-12-2021 [Civil Appeal No(s). 5978/2021]

All limitations relating to judicial or quasi judicial proceedings extended upto 28-02-2022. If remaining limitation period is less than 90 days than same shall be extended to 90 days from 1.03.2022

DCIT Vs Pfizer Ltd (ITAT Mumbai) Order dated 31-12-2021

Rental Income from subleasing of commercial properties for more than 12 Years as House Property Income.

Goods and Services Tax Law Updates:

AAR/Case Laws/Judgements

Manish Scrap Traders Vs Principal Commissioner [GUJARAT HC] dated 05-01-2022

A cash credit account could not be provisionally attached in exercise of powers under Section 83 of the CGST Act, 2017.

Karnataka Traders V/s State of Gujarat [GUJARAT HC] dated 06-01-2022

Mere change of route without anything more would not necessarily be sufficient to draw an inference that the intention was to evade tax. In the same manner, mere undervaluation of the goods also by itself is not sufficient to detain the goods and vehicle far from being liable to confiscation.

UOI & Ors. v. Aap & Company [Hon’ble SC] Civil Appeal No(s). 5978/2021 dated 10-12–2021
The Hon’ble Supreme Court of India in Union of India & Ors. v. Aap and Company [Civil Appeal No(s). 5978/2021 dated December 10, 2021] reversed the judgement of the Hon’ble Gujarat High Court, ruling that FORM GSTR-3B is not a return under Section 39 of the Central Goods and Services Tax Act, 2017 (the CGST Act).

M/s Sky Vision Media Private Limited V/s State of Bihar [Patna HC ] dt 04-01-2022

The Hon’ble Patna HC quash and set aside the adjudication order [Bihar GST] for two reasons- (a) violation of principles of natural justice, i.e. Fair opportunity of hearing. No sufficient time was afforded to the petitioner to represent his case; (b) order passed ex-parte in nature, does not assign any sufficient reasons even decipherable from the record, as to how the officer could determine the amount due and payable by the assessee.

Corporate Law Updates:

MCA Notification dated 11-01-2022

The MCA has notified the Companies (Registration Offices and Fees) Amendment Rules, 2022, w.e.f. July 1, 2022. The amendment prescribes a table of higher additional (in certain cases) which shall be applicable for delay in filing of forms other than for increase in Nominal Share capital or forms u/s 92/137 of the Companies Act (Annual Return, Financial Statements), or forms for filing charges.