Tax
Statutory Scheme Determining Taxable Turnover Of Works Contract Under KVAT Act Doesn't Suffer From Any Defect: Kerala High Court
The Kerala High Court has held that the statutory scheme for determining the taxable turnover of a works contract under the Kerala Value Added Tax Act (KVAT Act) does not suffer from any defect so as to render it unworkable to effectuate the charge to tax on a works contract. The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V. M. has observed that it was incumbent upon...
Bombay High Court Upholds ITAT's Order Directing Vodafone India To Deposit Rs.230 Crores For Staying Income Tax Demand
The Bombay High Court has upheld the order passed by the Income Tax Appellate Tribunal (ITAT) directing Vodafone India to deposit Rs. 230 crores for staying income tax demand.The bench of Justice G. S. Kulkarni and Justice Somasekhar Sundaresan directed the petitioner, Vodafone India, to deposit an amount of Rs. 230 crore, being the lowest or minimum amount of 20% of the disputed tax...
ITC Wrongfully Availed But No Fraud/Misstatement Proven; Madras High Court Imposes Token Penalty
The Madras High Court has imposed a token penalty of Rs. 10,000 on the assessee instead of a higher penalty as the assessee wrongfully availed of the input tax credit (ITC), but the department could not prove fraud or misstatement on the part of the assessee.The bench of Justice C. Saravanan has observed that the assessee reversed the ITC. Penalties under Section 74 deal with situations...
Mark Engraved On Gold Coins Is House Mark And Not Brand Name, No Excise Duty Payable: Chennai CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that excise duty is not payable on the mark engraved on gold coins as it is just a house mark and not a brand name.The bench of Sulekha Beevi C. S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that a mark intended for identifying the manufacturer cannot be considered to be...
Olectra Greentech Eligible For DFIA Scheme Benefits On Imported Lithium Ion Battery For Agriculture Tractor Export: CESTAT
The Hyderabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the assessee, Olectra Greentech, is eligible for Duty-Free Import Authorization (DFIA) Scheme benefits on imported lithium-ion batteries for agriculture tractor export. The bench of Somesh Arora (Judicial Member) and A.K. Jyotishi (Technical Member) has observed that the lithium-ion battery...
Seized Documents Lack Information About Receipt Of Money: Mumbai ITAT Deletes Addition
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition of Rs. 1.61 crores on the grounds that the seized documents lack information as to date and mode of receipt of “on money.”.The bench of Anikesh Banerjee (Judicial Member) and B.R. Baskaran (Accountant Member) has observed that the entries made in the document fall short of certain material...
Income Tax Disallowance Based On Presumptions Of Earning Dividend Income In Future Is Not Sustainable: Mumbai ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax disallowance based on presumptions of earning dividend income in the future is not sustainable.The bench of Raj Kumar Chauhan (Judicial Member) and Padmavathy S (Accountant Member) has observed that the AO has proceeded for disallowance made on the basis of presumptions that the investment was made from...
Kerala High Court Allows Dealer To Correct Copy Of Stock Inventory Uploaded Along With Returns
The Kerala High Court has allowed the dealer to correct a copy of stock inventory uploaded along with returns.The bench of Justice Gopinath P. has observed that the mistake on the part of the petitioner-dealer was that she uploaded the stock inventory as of May 28, 2015, instead of the stock inventory as of March 31, 2015. The provisions of sub-rule (4A) of Rule 22 should be interpreted...
No Provision Mandating Assessee To Install All Capital Goods In Year Of Procurement Itself To Avail Cenvat Credit: Gauhati High Court
The Gauhati High Court has held that it is not mandatory for the assessee to install all capital goods in the year of procurement itself so as to avail CENVAT credit.The bench of Chief Justice Vijay Bishnoi and Justice Suman Shyam has observed that as long as the CENVAT credit is availed during the period of exemption available under the Notification dated July 8, 1999, the claim of the...
Purchasing Of Agricultural Land Is Outside Definition Of Capital Asset; Delhi ITAT Deletes Addition
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee has purchased agricultural land, which is outside the definition of a capital asset; therefore, the deeming provision under Section 56(2)(x) of the Income Tax Act cannot be invoked.The bench of Sudhir Pareek (Judicial Member) and S.Rifaur Rahman (Accountant Member) has observed that the assessee...
Submission Of Form-67 Is Not Mandatory For Availing Foreign Tax Credit: Delhi ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that submission of Form-67 is not mandatory for availing foreign tax credit (FTC).The bench of Sudhir Pareek (Judicial Member) and S. Rifaur Rahman (Accountant Member) has observed that filing Form-67 is a procedural or directory requirement and is not a mandatory requirement. Therefore, a violation of procedural norms does...
Income Tax Addition On Unaccounted Sales And Purchases Can't Be Solely Based On Loose Slips: ITAT Bangalore
The Banglore Bench of Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition of Rs. 1.36 crore on alleged unaccounted sales and purchases that were solely based on loose slips.The bench of Keshav Dubey (Judicial Member) and Chandra Poojari (Accountant Member) has observed that the onus lies upon the Department to collect cogent evidence to corroborate the notings on the...