Income Tax Law Updates
Notification/Circular:
Notification No. 85/2022/F. No. 300196/17/2022-ITA-I] dated 21-07-2022
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Odisha Electricity Regulatory Commission (PAN: AAALO0073B), a body constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:- (a) Amount received as license fee from the licensees; (b) Amount received as application processing fee; and (c) Interest earned on Government Grants and on (a) & (b) above. 2. The provisions of this notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, – (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income remain unchanged throughout the financial years; and (c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961. 3. This notification shall be deemed to be applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
CBDT Circular No 17/2022 dated 19-07-2022 [F.No.197/89/2022-IT A-I]
Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 9A and Form No. 10 for Assessment Year 2018-19 and subsequent years.
CBDT Circular No. 16/2022 dated 19-07-2022 [F. No.197/89/2022-IT A-I]
Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10B for Assessment Year 2018-19 and subsequent years
CBDT Circular No. 15/2022 dated 19-07-2022 [F.No.197/89/2022-IT A-I]
Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2018-19 and subsequent years.
Case Laws/Judgement:
Hon’ble High Court held that there has been violation of principles of natural justice inasmuch as the appellant was not furnished with full information based on which the assessment was sought to be reopened. For the above reason, the writ appeal as well as the writ petition is allowed. The order under Clause (d) of Section 148 A of the Act dated 07.04.2022 is set aside and the matter is remanded to the Assessing Officer to the position when he issued notice under Section 148A(b) of the Act dated 21.03.2022.
Seema Gupta Vs ITO (Delhi High Court) W.P.(C) 10740/2022 Date of Order 19/07/2022
Hon’ble High Court held that while passing the impugned order under Section 148A(d) of the Act, the Assessing Officer has wrongly concluded that the assessee had not disclosed the sale of the property and long term capital gain in the ITR filed or was accepted by the Assessing Officer. Keeping in view the aforesaid, the impugned order and notice dated 30th June, 2022 issued under Section 148A(d)/148 of the Act are set aside and the matter is remanded back to the Assessing Officer for fresh consideration in accordance with law within four weeks.
Goods and Services Tax Law Updates:
Notification/Circular:AAR/Case Laws/Judgement:
SEBI Circular No.: SEBI/HO/GSD/TAD/CIR/P/2022/0097dated 18-07-2022
The SEBI vide above circular clarified that the GST Council in its meeting held on 28.06.2022 and 29.06.2022, recommended withdrawing the GST exemption granted to services by SEBI and the same was notified vide. Notification No.4/2022 dated 13.07.2022, accordingly, the Board has informed all Infrastructure Institutions, Cos who have listed / are intending list their securities, other intermediaries and persons who are dealing in securities market that fees and other charges payable to SEBI shall be subject to GST @18% w.e.f. July 18, 2022.
GST Order No. F.3(433)/GST/Policy/2022/1407-13 dated July 20, 2022
The Delhi GST Department has issued Guidelines vide Order No. F.3(433) /GST/ Policy/ 2022/ 1407-13 dated 20-07-2022 for disposal of refunds within the stipulated time framework and payment of interest amount on delayed refunds.
Hon’ble High Court held that bagasse is a “waste” and hence, it was not manufactured of exempted goods and electricity generated from bagasse is neither excisable under Section 2(d) of the Central Excise Act, 1944, nor exempted good under rule 2(d) of the Cenvat Credit Rules 2004 and hence, Rule 6 of the said Rules is not applicable. Electricity generated from Waste Gas cannot be classified HSN 2716.
Updates from Other Laws:
Notification/Case Laws/Judgement:
SEBI Press Release dated 16-07-2022
The SEBI has noticed a cyber security incident on the E-mail system which was undergoing a system upgrade and accordingly an FIR as per the relevant provisions of law has been filed. Further, various mitigation measures were immediately taken in response to the said cyber security incident including, informing CERT-IN as per the standard operating procedure, strengthening the required security configuration of the system, etc.
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