Discounts Declared For Small Mid Segment Cars Can't Be Allowed To Luxury Model Cars: CESTAT

The Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the cross-model utilisation of discounts is not admissible.The bench of D.M. Misra (Judicial Member) and R. Bhagya Devi (Technical Member) has observed that the so-called special discount claimed to have been passed on by the appellant to the dealers is not a trade discount at all so as to...

ITAT Allows Deduction To Credit Cooperative Society On Interest Earned/Dividend From Investment Made With Cooperative Bank

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80P of the Income Tax Act to the cooperative bank, which continued to be a cooperative society.The bench of Rahul Chaudhary (Judicial Member) and Amarjit Singh (Accountant Member) has observed that though the cooperative bank, pursuant to the insertion of Section 80P(4), is no longer entitled to...

Foreign Tax Credit Can't Be Denied In Spite Of Accepting Computation: Madras High Court

The Madras High Court has held that the claim of foreign tax credit cannot be denied in spite of accepting the computation.The bench of Justice Senthilkumar Ramamoorthy, on examining the company tax return and the activity statements, appears prima facie that the petitioner has remitted taxes through the Australian branch. It is clear that foreign tax credit in respect thereof was claimed by...

Even If STT Not Paid At Time Of Acquisition, Trust Entitled To Claim LTCG Exemption: ITAT

The 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 long-term capital gain (LTCG) under Section 10(38) of the Income Tax Act. The bench of C.V. Bhadang (President) and B.R. Baskaran (Accountant Member) has observed that as per...

ITAT & AAR Weekly Round-Up: 21 To 27 July 2024

ITATITAT 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...

CESTAT Weekly Round-Up: 21 To 27 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...

Indirect Tax Weekly Round-Up: 21 To 27 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...

Direct Tax Weekly Round-Up: 21 To 27 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...

Different Addresses, Registration Of Premises Not Pre Condition For Availing Cenvat Credit: CESTAT

The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the registration of premises is not a condition precedent for availing cenvat credit.The bench of Suvendu Kumar Pati (Judicial Member) and Anil G. Shakkarwar (Technical Member) has observed that there is no allegation in the show cause notice that the services associated with the invoices in...

Kerala High Court Allows Adjustment Refund Amount Towards Amount payable under Amnesty Scheme

The Kerala High Court has held that it is open to the department to consider an adjustment of the refund amount due to the appellant towards the amounts due from him by way of settlement under the Amnesty Scheme.The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M. has quashed the order passed by the Single Bench in which it was held that the Amnesty Scheme was essentially...

Goods Transported For Own Use, No Intention To Evade Tax, Kerala High Court Deletes Penalty

The Kerala High Court has held that the assessee, immediately after the goods were detained, produced the statutory declarations in Form 16 to demonstrate that the goods that were being transported were for the own use of the assessee.The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M., while upholding the Tribunal's order, observed that there was no intention on the...

Educational Activities Neither Business Nor Profession, Covered Under Section 2 (15) Of Income Tax Act: Delhi High Court

The Delhi High Court has held that the assessee is carrying on educational activities that are covered by the provisions of Section 2 (15) of the Income Tax Act, and it is neither business nor profession of the assessee. The bench of Justice Yashwant Varma and Justice Ravinder Dudeja observed that the mode and manner in which education is imparted would be a concept that would have to...