Tax
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...
AO Ought To Verify Details Before Initiating Reassessment Based On Faceless Information: Bombay High Court
The Bombay High Court has held that the Assessing Officer (AO) ought to verify details before initiating reassessment based on faceless information.The bench of Justice G. S. Kulkarni and Justice Somasekhar Sundaresan has held that the Assessing Officers need to bear in mind that when the Assessing Officer intends to resort to an action under Section 148 on the basis of information, which...
EPS-ECU Meant Solely For Use In Automobiles With Power Steering: CESTAT Delhi Classifies Same Under CTI 8708 94 00
While finding that the EPS-ECU is meant solely for use in automobiles with power steering, the CESTAT New Delhi held that EPS-ECU, which is essentially a part of an automobile specifically designed to be a part of power steering and which has no other function, cannot be classified in the general residual entry of electrical machines and equipment. Hence, the CESTAT classified the...
AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court
The Delhi High Court has held that the assessing officer (AO) cannot disregard the direction of the Income Tax Appellate Tribunal (ITAT) to re-examine the issue by referring to the circular issued by the Central Board of Direct Taxes (CBDT).The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that since the additional grounds had come to be accepted by the Tribunal...
Assessment Order Need Not Contain Reference Disclosing Satisfaction On 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...
University Income From Rentals, Not Exempted From Service Tax: Karnataka High Court
The Karnataka High Court has held that the university is liable to pay service tax on the income earned from the rentals of buildings leased or licensed for banking facilities.The bench of Justice Krishna S. Dixit and Justice Ramachandra D. Huddar has observed that when the university rents out its property for running a bank, the profit motive is abundant. It is not the case of the...
Indirect Tax Cases Monthly Round Up: July 2024
Supreme CourtCustoms Act | Owner Of Goods Liable To Pay Customs Duty Even After Confiscated Goods Are Redeemed Paying Fine : Supreme CourtCase Title: M/S Navayuga Engineering Co. Ltd. Versus Union Of India & Anr.Citation : 2024 LiveLaw (SC) 504In a notable ruling relating to the Customs Act of 1962, the Supreme Court on Tuesday (July 23) held that the importer would be liable to pay...
Wrong Assessment U/s 44ADA By AO Attracts Revisionary Interference: Punjab & Haryana HC Upholds Revision By PCIT U/s 263
The Punjab & Haryana High Court recently upheld the revisional order passed by the Principal CIT u/s 263 by setting aside the assessment wrongly passed by the AO u/s 44ADA. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial to the interest of the revenue. Whereas, Section 44ADA of the...
Direct Tax Cases Monthly Round Up: July 2024
Supreme CourtState Not Liable To Collect Tax At Source While Giving Contractors Permit To Vend Liquor At Fixed Retail Price : Supreme CourtCase Details : THE EXCISE COMMISSIONER KARNATAKA & ANR. v. MYSORE SALES INTERNATIONAL LTD. & ORS CIVIL APPEAL NO. 2168 OF 2007Citation : 2024 LiveLaw (SC) 496The Supreme Court recently held that any vendor who buys liquor from state...
ITAT Tax Cases Monthly Round Up: July 2024
ITAT Allows Depreciation Claim On Non Compete Fee, Deletes PenaltyCase Title: Metro Tyres Limited Versus ACITThe Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the claim of depreciation on non-competing fees.Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITATCase Title: M/s. Superb Mind Holdings Ltd. Versus Assistant...
CESTAT Tax Cases Monthly Round Up: July 2024
No Service Tax Payable By CIPLA On Manufacturing And Exporting Of Pharmaceutical Products: CESTATCase Title: Commissioner, Central Excise And Service Tax Versus CIPLAThe Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is payable by Cipla on the manufacturing and export of pharmaceutical products.Samsung India Entitled To Customs...