1. Gujarat High Court bench of Justice J.B. Pardiwala and Justice Nisha M. Thakore have held that the issuance of a show cause notice along with the draft assessment order is absolutely necessary before passing an order under Section 144B of the Income Tax Act.
2. Indians with hidden income in the United States (US) may face legal action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in the Financial Year ’23. According to the internal action plan of the Central Board of Direct Taxes (CBDT) for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted.
3. Excess expenditure incurred by the trust/charitable institution in earlier assessment year could be allowed to be set off against income of subsequent years by invoking Section 11.
4. Expense not debited to P&L is not Justified for Disallowance U/s 40(a)(ia) – 04-04-2022.
5. Commissioner of State tax, Maharashtra, had issued Internal Circular No. 06A of 2022 dated March 23, 2022, regarding Instructions on care to be taken during revocation of cancellation of GST registration.