Tax Flash News

List of Tax Flash News

01 January 2022 to 20 January 2022




01/20/2022 Computation of capital gains on amounts received under a unit-linked insurance policy Section 10(10D) of the Act
01/19/2022 Allocation of salary cost to Branch Offices liable to GST – Maharashtra AAAR 2018-VIL-30-AAAR
01/13/2022 Goodwill recognised due to revaluation of debtors and inventory post slump sale is not eligible for depreciation CITv. T. Veerabhadra Rao [1985]22 Taxman 45(SC)
01/12/2022 The claim of Foreign Tax Credit allowed even in case of delay in filing of Form No. 67 as such filing is not mandatory but a directory requirement Under Section 139(1) of the Act
01/12/2022 CBDT further extends timelines for filing of Income-tax returns and audit reports for the Assessment Year 2021-22 CBDT Circular No. 01/2022, dated 11 January 2022
01/10/2022 CBIC instruction regarding assessment of ‘automobile parts’ under Customs Tariff Instruction No. 01/2022-Customs dated 5 January 2022, CBIC, Ministry of Finance 
01/07/2022 Marketing services rendered by a foreign company for Indian company’s business outside India are not taxable as FTS Raymond Ltd. v. DCIT [2003] 86 ITD 791 (Mum)
01/06/2022 Revisionary proceedings initiated by the CIT against the final assessment order passed by the tax officer pursuant to DRP’s direction is invalid Devas Multimedia (P.) Ltd. v. Pr. CIT [2019] 419 ITR 391 (Kar)
01/05/2022 Vouchers traded by the Appellant are goods and not actionable claims – Karnataka AAAR
M/s Premier Sales Promotion Pvt Ltd [2021-VIL-74-AAAR]
01/05/2022 CBDT notifies new Faceless Appeal Scheme 2021 CBDT Notification No. 139/2021, dated 28 December 2021