SBI Not Entitled To Refund Of Krishi Kalyan Cess: CESTAT

The Chandigarh Bench of Customs, Excise, and Service Appellate Tribunal (CESTAT) has observed that SBI is not entitled to refund of Krishi Kalyan Cess (KKC).The bench of S. S. Garg (Judicial Member) has relied on the decision in the case of Bharat Heavy Electricals Ltd. and held by relying on the judgment in the case of Slovak India Trading Co. Pvt. Ltd. that the assessee is eligible for a...

Non-Filing Of GST Return Due To Technical Glitch, Bank Can't Be Penalised: Telangana High Court

The Telangana High Court has held that the petitioner bank could not file its return in the GST portal because of a technical glitch and cannot be saddled with demand, penalty, and interest.The bench of Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao has observed that it was the duty of the department to keep their portal functional. If the portal was not functional or had a...

Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that bank charges and bank guarantee charges do not partake in the character of interest and had been wrongly included as interest while making disallowance under section 14A of the Income Tax Act.The bench of G.S.Pannu (Vice President) and Kul Bharat (Judicial Member) has observed that the assessee had disallowed the...

Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that long-term capital gain on sale of shares by Mauritius Company is not liable to be taxed in India.The bench of Vikas Awasthy (Judicial Member) and Naveen Chandra (Accountant Member) has observed that the assessee had claimed long-term capital gains arising from the sale of shares as exempt from tax in light of Article 13(4)...

Failure To Carry Out Physical Verification Of Veracity Of Exporter Alone Is No Basis To Suspend License Of Custom Broker: Delhi HC

The Delhi High Court held that a custom broker cannot be held guilty of having failed to discharge the obligation placed in terms of Regulation 10(n) of CBLR 2018, simply because he has not carried out physical verification of the veracity of the exporter. As per the Customs Brokers Licensing Regulations, 2018, Section 10(e) states about the obligation of the Custom Broker to...

Extended Limitation Can't Be Invoked If No 'Omission' & Suppression Of Material Facts' To Evade Tax : Calcutta HC

The Calcutta High Court held that no service tax will be levied on activities such as cutting or mineral extraction which are part of mining operations, if mining operations are itself not subjected to service tax on the date of levy. The High Court clarified that if the State seeking to recover tax, cannot bring the subject within the letter of law, then it goes without saying that...

In Absence Of Appellant Or His Lawyer , Appeal Should Be Dismissed In Default Not An Order On Merit : Allahabad High Court

The Allahabad High Court has held that the term “ex-parte” in Rule 63(4) of the Uttar Pradesh Value Added Tax Rules, 2008 can be interpreted as for want of representation of the defendant after service of notice, the case may be decided on merits. However, when the appellant or his counsel is not present, the case may only be dismissed in default. The Court held that in...

Regular Entries In 7th Schedule Of Constitution Can't Be Given Wider Interpretation To Include Taxation Powers : Supreme Court

The Supreme Court has recently held that regular entries under List I and II of the 7th Schedule of the Constitution cannot be given a wider interpretation to include taxation powers which are covered under the domain of specific tax entries under the 7th Schedule. The 9 Judge Constitution Bench led by CJI DY Chandrachud observed this while holding that States have the power to levy tax...

Profit On Sale Of Listed Shares Held For More Than 12 Months To Be Taxed As Long-Term Capital Gains: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the profit on sale of listed shares held for more than twelve months should be taxed as long-term capital gains.The bench of G.S. Pannu (Vice President) and Anubhav Sharma (Judicial Member) has observed that provisions of Section 28(iv) of the Income Tax Act per se do not apply to the disputed transaction, as the assessee...

ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the claim of depreciation on non-competing fees.The bench of Yogesh Kumar U.S. (Judicial Member) and Pradip Kumar Kedia (Accountant Member) has deleted the penalty imposed pursuant to the addition of Rs. 21,89,970 made on account of disallowance of depreciation on noncompeting fees.The assessment order came to be passed...

Attempt To Export SCOMET Item Without Authorization Is Serious Violation; CESTAT Upholds Penalty Against Customs Broker

The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that an attempt to export specialized chemicals, organisms, machinery, equipment, and technology (SCOMET) items without the required authorization is a serious violation.The bench of Justice Dilip Gupta (President) and P. V. Subba Rao (Technical Member) has observed that there is no evidence of...

Interest Can't Be Demanded When Entire Stamp Duty Paid During Pendency Of Appeal: Madras High Court

The Madras High Court has held that interest cannot be demanded when the entire amount as demanded by the authorities has been paid even during the pendency of the appeal.The bench of Justice R. Vijayakumar has observed that the present appeal has been filed under Section 47-A(10) of the Indian Stamp Act, 1899. Only after orders are passed by the Court will the liability get fastened upon...