Income To Be Computed First After Making The Disallowance And Only 40% Resultant Income Has To Be Treated As Taxable Income: ITAT

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that the income of the assessee should be computed first after making the disallowance and whatever the resultant income only 40% of that income has to be treated as taxable income in terms of Rule 8(1) of the Income Tax Rules, 1962.The bench of Sanjay Garg (Judicial Member) and Rajesh Kumar (Accountant Member) has directed...

BREAKING: Varanasi District Judge Consolidates All Pending Suits Concerning Gyanvapi Dispute, To Hear Them Together

A Varanasi Court today allowed an application moved before it seeking to consolidate eight Gyanvapi-related suits pending before various courts. Now, all these matters will be heard together by the district judge's court.District Judge Ajaya Krishna Vishvesha passed this order today observing that all the matters should be tried together and consolidated together."I am of the opinion that it...

CENVAT Credit Is Not Admissible On Input Services Attributable To Trading Activity: CESTAT

The Chandigarh Bench of the Income Tax Appellate Tribunal (CESTAT) has held that CENVAT credit is not admissible on input services attributable to trading activity.The bench of S.S. Garg (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that the appellants have rendered themselves liable to pay a penalty under Rule 15 of the CENVAT Credit Rules, 2004. However, while...

Bagasse Is An Agricultural Waste: CESTAT Quashes Excise Duty

The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), while quashing the excise duty, held that bagasse, being an agricultural waste or residue, could not be manufactured.The bench of Ajay Sharma (Judicial Member) and Anil G. Shakkarwar (Technical Member) has observed that bagasse is only agricultural waste and residue, which itself is not the result of...

Weekly Digest Of IBC Cases: 15 To 21 May 2023

Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. Citation: 2023 LiveLaw (SC) 436 The Supreme Court Bench comprising of Justice Dinesh Maheshwari and Justice Sanjay Kumar, has declined to grant any interim relief in respect of order passed by...

NSEL Scam: Mumbai Court Slams IO For 'Pick & Choose', Says Selective Investigation Betrays Faith In Economic Offences Wing

A special court in Mumbai has issued process against directors and promoters of India Infoline Commodities Ltd (IICL), Anand Rathi Commodities Ltd (ARCL), and Geojit Comtrade Ltd (GCL) in the 2013 National Spot Exchange Ltd (NSEL) scam.Special Judge A.S. Sayyad under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act) questioned the police...

Arbitration Cases Weekly Round-Up: 14 To 20 May, 2023

Supreme Court: Referral Court Has Duty To Conclusively Decide Issue Of ‘Existence & Validity Of Arbitration Agreement’ Raised At Pre-Referral Stage: Supreme Court Case Title: Magic Eye Developers Pvt. Ltd. vs M/s. Green Edge Infrastructure Pvt. Ltd. & Ors. The Supreme Court has held that under Section 11(6) of the Arbitration and Conciliation Act, 1996, when the...

Tax Cases Weekly Round-Up: 14 May to 20 May, 2023

Supreme Court Credit Note Issued By Automobile Manufacturer To Dealer, In Consideration Of Replacement Of Defective Part, Attracts Sales Tax: Supreme Court Case Title: M/S. Tata Motors Ltd. vs The Deputy Commissioner Of Commercial Taxes (SPL) & Anr. Citation : 2023 LiveLaw (SC) 443 The Supreme Court has ruled that a credit note issued by an automobile manufacturer...

Senior Lawyer Shashi Kiran Shetty Is Karnataka's New Advocate General

Senior Advocate K Shashi Kiran Shetty has been appointed as the new Advocate General of Karnataka.An alumnus of National Law school of India University, he is the son of former Lokayukta Justice Vishwanath Shetty, having over 23 years of experience in handling matters before various courts across the country. The key areas of his practice are Constitutional Law, Administrative Law,...

Mere Payment By Account Payee Cheque Is Not Sacrosanct : ITAT Disallows Exemption On Penny Stock

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that mere payment by account payee check is not sacrosanct, nor can it make a non-genuine transaction genuine.The bench of Astha Chandra (Judicial Member) and B.R.R. Kumar (Accountant Member) has observed that the assessee cannot escape from the burden cast upon him, and unfortunately, the burden is heavy as the facts...

Value Of Sale Of Books Cannot Be Included In The Value Of Coaching Services, No Service Tax Payable: CESTAT

The Kolkata Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the value of the sale of books cannot be included in the value of coaching services and service tax is not payable.The bench of P.K. Choudhary (Judicial Member) and K. Anpazhakan (Technical Member) has observed that since the value of the sale of books is separately identifiable from the...

ITAT Deletes Additions On Long Term Capital Gains On The Purported, Notional, Fictitious Sale Of Jewellery

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition on account of long-term capital gains on the purported, notional, and fictitious sale of jewellery.The Bench of Yogesh Kumar US (Judicial Member) and B. R. R. Kumar (Accountant Member) has observed that there is no provision in the Income Tax Act to deem the difference between the value of...