Tax
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...
Amendment In Section 153C Income Tax Act Can't Be Interpreted For Revival Of Already Time Barred Proceedings: Delhi High Court
The Delhi High Court has held that the power to assess the block period of ten years would clearly not be attracted in the case of a search that had taken place prior to April 1, 2017. The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that since the date of search was April 7, 2016, the amendments that came to be introduced in Section 153C by virtue of the Finance...
ACD Refund Claim Can't Be Rejected For Non-Mentioning Of Period Particulars In CA Certificate: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the Additional Duty of Customs (ADC) refund claim cannot be rejected for mere non-mentioning of period particulars in the CA certificate.The bench of M. Ajit Kumar (Technical Member) has observed that in the CA's certificate there is a non-mention of the period particulars to determine whether...
Not Mandatory For Assessment Order To Contain Reference Disclosing Its Satisfaction Of Each And Every Query: Bombay High Court
The Bombay High Court has held that it is not mandatory for assessment orders to contain reference and/or discussion to disclose its satisfaction in respect of each and every query raised.The bench of Justice K.R. Shriram and Justice Jitendra Jain has observed that since there is no discussion or finding on the issue of hazardous waste in the order, the respondent department should be taken...
Unexplained Cash Credited To Assessee's Book Would Be Treated As Taxable Income Under Income Tax Act, 1961: Chhattisgarh High Court
Recently, the Chhattisgarh High Court reiterated a settled position of law that the assessee would be liable to pay the income tax on the unexplained cash credited into its books if the assessee fails to prove the source of a sum of money found to have been received by an assessee. The Court said that under Section 68 of the Income Tax Act, 1961 the initial onus to prove the genuineness of...
CESTAT Weekly Round-Up: 28 July To 3 August 2024
Discounts Declared For Small Mid Segment Cars Can't Be Allowed To Luxury Model Cars: CESTATCase Title: M/s. Toyota Kirloskar Motor Private Limited Versus The Commissioner of Central TaxThe Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the cross-model utilisation of discounts is not admissible.No Service Tax Payable On Construction Services...
ITAT Weekly Round-Up: 28 July To 3 August 2024
Even If STT Not Paid At Time Of Acquisition, Trust Entitled To Claim LTCG Exemption: ITATCase Title: Dy. Commissioner of Income Tax- 23(1) Versus Business Excellence TrustThe Mumbai Bench Income Tax Appellate Tribunal (ITAT) has held that even if the Securities Transaction Tax (STT) was not paid at the time of acquisition, the assessee-trust would be entitled to claim exemption of...
Indirect Tax Weekly Round-Up: 28 July To 3 August 2024
Supreme CourtGujarat Value Added Tax Act | 'Purchase Price' Definition Doesn't Include Value Added Tax : Supreme CourtCase Title: The State Of Gujarat Vs. M/S. Ambuja Cement Ltd.Citation : 2024 LiveLaw (SC) 544While Interpreting the definition of the 'Purchase Price' under the Gujarat Value Added Tax Act of 2003 (“GVAT”), the Supreme Court on Friday (August 2) observed that the...
Direct Tax Weekly Round-Up: 28 July To 3 August 2024
Supreme CourtVodafone Idea Not Liable To Deduct TDS On Charges Paid To Non-Resident Telecom Operators : Supreme CourtCase Title: Deputy Director of Income Tax & Anr. v. M/S. Vodafone Idea Ltd.Citation :2024 LiveLaw (SC) 522Dismissing a petition filed by the Income Tax Department, the Supreme Court recently upheld the view that Vodafone Idea is not liable to deduct TDS (tax deducted at...
Gujarat Value Added Tax Act | 'Purchase Price' Definition Doesn't Include Value Added Tax : Supreme Court
While Interpreting the definition of the 'Purchase Price' under the Gujarat Value Added Tax Act of 2003 (“GVAT”), the Supreme Court on Friday (August 2) observed that the value-added tax would not be included in the definition of the purchase price. The Court held that no value-added tax would be added to the purchase price to calculate tax as the same is not mentioned in the categories...
Cenvat Credit Refund Can't Be Denied For Quoting Wrong Rule: CESTAT
The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that refund of Cenvat credit cannot be taken away because the appellant had quoted the wrong rule in filing its refund claim.The bench of Binu Tamta (Judicial Member) and P.V. Subba Rao (Technical Member) has observed that Cenvat credit was available to the appellant after the order of the Commissioner...
No Service Tax Payable On Banking Services Rendered By PNB To RBI: CESTAT
The Chandigarh Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is payable on banking services rendered by Punjab National Bank (PNB) to the Reserve Bank of India (RBI).The bench of S. S. Garg (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that the appellant bank is working as an agent of RBI in the discharge of...