Tax
Gujarat High Court Allows Section 54 Deduction On Cash Transaction Of Sell And Purchase Of Residential Property
The Gujarat High Court has allowed the deduction under Section 54 of the Income Tax Act on the cash transaction of the sale and purchase of residential property.The bench of Justice Bhargav D. Karia and Justice Niral R. Mehta, while quashing the order of the Interim Board for Settlement Commission, denied the deduction of Rs. 2.4 crore with respect to the cash transaction of the sale and...
Calcutta High Court Stays Demand Order Confirming Payment Reversal Of ITC Due To Cancellation Of Supplier's Registration
The Calcutta High Court stayed the demand order confirming the payment reversal of the ITC due to the cancellation of the supplier's registration.The bench of Justice Raja Basu Chowdhury has observed that the prima facie case was made by the petitioner/assessee, and there shall be a stay of the demand raised by the proper officer as is reflected in the order, subject to the...
Undervaluation Can't Lead To Seizure Of Goods In Transit By Inspecting Authority: Karnataka High Court
The Karnataka High Court has held that undervaluation cannot be a ground for seizure of goods in transit by the inspecting authority.The bench of Justice Krishna S. Dixit and Justice Ramachandra D. Huddar upheld the single bench order in which the obligation to pay tax and penalty has been quashed coupled with a direction to release the vehicle.The conveyance bearing Registration No....
Providing Capital Goods To Contractor For Use In Captive Mines Doesn't Amount To 'Removal': CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Hindustan Zinc is not required to reverse credit availed as merely providing capital goods to contractors for use within captive mines does not amount to 'removal'.The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) has observed that there is no sale and no removal...
Section 80P(2)(d) Deduction Allowable To Co-operative Society On Interest Earned From Co-operative Bank: Delhi ITAT
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that the deduction under Section 80P(2)(d) of the Income Tax Act is allowable to the co-operative society on interest earned from co-operative banks.The bench of Kul Bharat (Judicial Member) has observed that the assessee is a Co-operative society and it has earned interest and dividend income by making deposits with the Delhi...
Screening Of Films Can't Be Categorised Under Business Support Service: CESTAT Quashes Service Tax Demand PVS Multiplex India
The Allahabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), while quashing the service tax demand against the PVS Multiplex India, held that screening of films cannot be categorised under business support service.The bench of P.K. Choudhary (Judicial Member) and Sanjiv Srivastava (Technical Member) has relied on the decision of Allahabad Bench of CESTAT in the case...
Hybrid/Pure Matrix Cards For PTN Equipment Classifiable Under CTI 8517 70 10: CESTAT Quashes Customs Duty Against Vodafone Idea
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Hybrid/Pure Matrix Cards for PTN Equipment would be classifiable under CTI 8517 70 10 as “parts of goods, and Small Form Factor Pluggable for Packet Transport Network (PTN) Equipment would be classifiable under CTI 8517 70 90.The bench of Justice Dilip Gupta (President) and P.V. Subba Rao...
Direct Tax Cases Monthly Round Up: June 2024
Delhi High CourtInterest Received By Indian PE On Deposit Maintained With Head Office/Overseas Branch Is Not Taxable In India: Delhi High CourtCase Title: The Commissioner Of Income Tax-International Taxation-3 Versus The Bank Of Tokyo-Mitsubishi UFJ Ltd.The Delhi High Court has held that interest received by the Indian PE on deposits maintained with the Head Office/Overseas Branch is not...
Indirect Tax Cases Monthly Round Up: June 2024
Bombay High CourtNon-Communication Of SCN To Call Book Is Fatal; Bombay High Court Quashes SCNs Against ICICI Home FinanceCitation: 2024 LiveLaw (Bom) 305Case Title: ICICI Home Finance Company Ltd. Versus UOIThe Bombay High Court, while quashing the show cause notices against ICICI Home Finance Company Ltd., held that non-communication of show cause notices transferred to the call book...
CESTAT Monthly Round Up: June 2024
Minimum Import Price Paid On Prime Pre-painted Steel Coils; CESTAT Quashes Redemption Fine, PenaltyCase Title: M/s Hindustan Distributors Versus Commissioner of Customs, LudhianaThe Chandigarh Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the minimum import price (MIP) paid on prime pre-painted steel coils is not payable; therefore, a redemption fine...
ITAT Cases Monthly Round Up: June 2024
Salary Reimbursements Of Seconded Employees Is Not Taxable As Fees For Technical Services: ITATCase Title: IBM Canada Limited Versus DCITThe Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that salary reimbursements of seconded employees are not taxable as fees for technical services.ITAT Quashes Assessment Order Against Bret Lee As Reassessment Notice Not Served...
GST Regime At Nascent Stage; Bombay High Court Quashes Order Rejecting IGST Refund
The Bombay High Court has quashed the order rejecting Integrated Goods and Service Tax (IGST) on the grounds that the order was passed without any reason and without application of mind.The bench of Justice K.R. Shriram and Justice Jitendra Jain have observed that the CGST Commissioner does not have the power to condone the delay, but the writ court does. The bench further observed,...