Consequent to the notification substituting rule 114AAA of the Income-tax Rules, 1962 (the Rules) vide notification no. 15 of 2023 dated 28th March, 2023, it is hereby clarified that a person who has failed to intimate the Aadhaar number in accordance with section 139AA of the Income-tax Act, 1961 (the Act) read with rule 114AAA shall face the following consequences as a result of his PAN becoming inoperative: READ MORE
SEBI Circular: Based on representations received from the market participants, it has been decided that the provision mentioned at para 4 of SEBI circular dated June 15, 2022 with regard to freezing of folios, shall come into force with effect from September 30, 2023 instead of March 31, 2023.
Last date for linking of PAN-Aadhaar extended upto 30th June, 2023 Press Release dated 28-03-2023
In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately.
Hon’ble Supreme Court held that the view taken by the High Court that the date of the Panchnama last drawn would be the relevant date for considering the period of limitation of two years and not the last date of authorization, we are in complete agreement with the view taken by the High Court. In view of the above and for the reasons stated above, all these appeals fail and the same deserve to be dismissed and are accordingly dismissed. However, in the facts and circumstances of the case, there shall be no order as to costs.
Rachit V Shah Vs ITO (ITAT Hyderabad) ITA. No. 420/Hyd/2022 Date of Order: 15-03-2023
Hon’ble ITAT dismisses Assessee’s appeal by holding that gift of house to father just prior to sale of land was a camouflage to claim Section 54F deduction as the Assessee owned two house properties; Remarks that “Though, gift deed, on a standalone basis seems to be a natural act on the part of son to gift home to his father, but when the gift deed is to be examined in the light of the prior and subsequent acts and prevailing circumstances, then it is clear that the real intention of the assessee, was to claim the deduction under section 54F” and upholds CIT(A) order disallowing deduction under Section 54F against capital gains arising on sale of land.
Hon’ble ITAT held that the provisions of section 50C deals with deeming consideration in place of actual consideration received towards transfer of property being land and building, in a case where the transfer of capital asset being land or building and a consideration received for transfer of property is less than guideline value of the property assessable by stamp duty authorities, then the difference between consideration received and actual value of the property will be treated as full value of consideration. In this case, what was transferred by the assessee is a stock in trade, but not a capital asset. Therefore, we are of the considered view that provisions of section 50C cannot be applied when an asset transferred is not a capital asset. Thus, we are of the considered view that the AO and CIT(A) erred in applying provisions of section 50C of the Act and determination of full value consideration to compute short term capital gains from transfer of property. Thus, we direct the AO to delete additions made towards computation of short term capital gains from transfer of property.
CBDT Press Release dated 13-03-2023
The E-Verification Scheme of CBDT is another initiative facilitating voluntary compliance:The Income Tax Department has taken several progressive steps to encourage voluntary tax compliance and facilitate a transparent and non-intrusive tax administration. One such major initiative is the e-Verification Scheme, 2021(the“Scheme”)which was notified on 13th December, 2021. e-Verification Scheme of CBDT is another initiative facilitating voluntary compliance Using information technology effectively, the Scheme aims to share and verify such financial transaction information with the taxpayer which appears to be either unreported or under-reported in the Income Tax Return (ITR) filed by the taxpayer.
Hon’ble ITAT Delhi held that the amount received in the arbitration settlement is related to the project office of the assessee company in India and the same is taxable in India.
Weekly Newsletter Income Tax and Other Law [March, 2023] Income Tax Law, Corporate Law, Personal Finance
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