Tax
Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT
The Ahmedabad ITAT allowed deduction u/s 80P(2)(d) on interest income earned from deposits with Co-operative Banks. Section 80P of Income tax Act is applicable solely to primary agricultural credit societies or rural development and primary cooperative agricultural banks. The Division Bench of TR Senthil Kumar (Judicial Member) and Ramit Kochar (Accountant Member) reiterated...
Allahabad High Court Stays Demand Of Rs. 47 Crores Service Charge Against IIT Rorkee
Recently, the Allahabad High Court has granted interim relief to Indian Institute of Technology, Roorkee against the demand of service charge amounting to Rs. Rs. 47,06,67,775/- raised by the Municipal Corporation, Saharanpur.The Municipal Commissioner, Municipal Corporation, Saharanpur, raised certain demand notices against IIT Rorkee imposing service charge of Rs. 3,26,43,795/- per...
Bangalore ITAT Grants TCS Credit To IMFL Dealer Even Though License Was In Name Of Another Person
Referring to the case of Million Traders Bhopal Pvt. Ltd. vs. ADIT [ITA Nos. 124 & 125/Ind/2023], the Bangalore ITAT allowed TCS credit to the entity conducting the business of IMFL, irrespective of the fact that the license was in the name of another person. The ITAT maintained the status quo observing that identical issue was decided in similar fashion in all previous...
Additions U/s 69C On Account Of Excess Stock Can't Be Based On Third Party Statements Alone Without Any Corroboration: Delhi ITAT
The New Delhi ITAT deleted the additions made u/s 69C on account of excess stock found during survey, after finding that those additions were solely based on the statements recorded of third parties, without any corroborative evidence of unaccounted sales. As per Section 69C of Income Tax Act, where in any financial year an assessee has incurred any expenditure and he...
Construction Of Public Library Forms Part Of Charitable Function, Eligible For Section 80G Exemption: Punjab & Haryana High Court
The Punjab and Haryana High Court has held that the construction of public libraries forms part of a charitable function and is eligible for the exemption under Section 80G of the Income Tax Act.The bench of Justice Sanjeev Prakash Sharma and Justice Sanjay Vashisth has observed that the ancillary work, which may be carried out by the society for the purpose of enhancing education, would also...
State GST Dept. Can't Take Benefit Of Notification Which Is Ultra Vires CGST Act, 2017: Gauhati High Court
The Gauhati High Court has held that the State GST Authorities cannot take the benefit of Notification No. 56/2023-CE, which is also otherwise ultra vires the CGST Act, 2017.The bench of Justice Devashis Baruah has noted that the GST Council has not made any recommendation till date, and in spite of that, the Central Board of Indirect Taxes and Customs issued a Notification bearing No....
Detention Order Can't Be Issued If Driver In Possession Of Valid E-Way Bill In Physical/Electronic Form: Madras High Court
The Madurai Bench of Madras High Court while quashing the detention order held that if an invoice, bill of supply, delivery challan, or bill of entry and a valid e-way bill in physical or electronic form for verification are available, then action may not be initiated. The bench of Justice S.Srimathy has observed that the respondent department issued the notice, carried out the inspection on...
BOI Entitled Service Tax Refund Paid On Commission Charges For Credit Facility: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Bank of India is eligible for refund of service tax paid on commission charges for granting credit facility subject to verification.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the appellant bank has satisfied all the conditions...
Contribution Towards NPS Made Prior To Filing Of Return: ITAT Deletes Addition
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition of employees contribution towards the National Pension System (NPS) as the contribution towards NPS made prior to filing of the return.The bench of T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member) has observed that NPS is regulated by the Pension Fund Regulatory and...
Trading In Securities Is Not A Service, No Service Tax Payable: CESTAT
The Chennai Bench of Customs, Excise and Service Tax appellate Tribunal (CESTAT) has held that the no service tax payable on trading in securities is not a service.The bench of Sulekha Beevi.C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that by making an investment, the appellant does not do any activity for another for consideration. The specific exclusion...
Appeal To Be Decided On Merits Irrespective Of Some Laches Or Delay On Part Of Assessee: Rajasthan High Court
The Rajasthan High Court has held that a right to appeal as provided under the statute must be decided on merits irrespective of some laches or delay on the part of the assessee.The bench of Justice Shree Chandrashekhar and Justice Kuldeep Mathur has observed that the statutory provisions of limitation under Section 107 of the CGST Act would bind the statutory authority, which cannot condone...
Decision Of Reassessment At Dictation Of Higher Authorities Leads To Biased Outcome: Chhattisgarh High Court
The Chhattisgarh High Court has held that decisions of reassessment at the dictation of higher authorities lead to biased outcomes.The bench of Justice Goutam Bhaduri and Justice Sanjay Kumar Jaiswal has observed that in a democracy, every authority may, however high, function within four corners of the law because the rule of law requires that all the machinery of the state must...