Tax
Can't Examine Officials Of Tax Dept. On Enquiry Report Based On F-Forms Submitted By Dealer: Andhra Pradesh High Court
The Andhra Pradesh High Court has held that the assessee or petitioner does not have a right to cross-examine the officials of the Tax Department of Bombay on the F-Forms submitted by the dealer.The bench of Justice Ravi Nath Tilhari and Justice Harinath Nunepally has observed that the tax proceedings are of a quasi-judicial nature. The tax authorities are bound to comply with the principles...
Claim For Sales Tax Exemption In Respect Of Transit Sales To Be Justified By Showing Sale As Having Occurred In Transit: Kerala High Court
The Kerala High Court has held that a claim for exemption in respect of transit sales must be justified by showing the sale as having occurred in transit.The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M. has observed that the petitioner/assessee cannot establish the transit sales by showing the sale as having occurred in transit since the E1 Forms relied on by...
No Disallowance Under Section 14A Of Income Tax Act Is Warranted In Respect Of Investments Not Yielding Tax Free Income: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that disallowance has to be worked out on the basis of investment which yielded dividend during the year and not by factoring in the total amount of investment.The bench of Amit Shukla (Judicial Member) and Renu Jauhri (Accountant Member) has observed that no disallowance under section 14A of the Income Tax Act is warranted...
ITAT Quashes Assessment Order Against Bret Lee As Reassessment Notice Not Served Within Limitation Period
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the royalty is not included in the transaction value of the imported raw materials to demand any differential customs duty.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the royalty payment is only for providing technical assistance for...
CESTAT Cases Weekly Round-Up: 26 May To 01 June 2024
Set Top Boxes Satisfy Definition Of 'Inputs', Dish TV Entitled To 100% Credit: CESTATCase Title: M/s Dish TV India Ltd. Versus Commissioner of CGST, NoidaThe Allahabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT)has held that Dish TV is entitled to 100% credit as the set top boxes satisfy the definition of 'Inputs'.Dept. Can't Re-Determine MRP Of Laptops Imported By...
Royalty Not Includible In Transaction Value Of Imported Raw Materials To Demand Any Differential Customs Duty: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the royalty is not included in the transaction value of the imported raw materials to demand any differential customs duty.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the royalty payment is only for providing technical assistance for...
Indirect Tax Cases Weekly Round-Up: 26 May To 01 June 2024
Madras High CourtNo Embargo On Commercial Tax Dept. From Summoning To Furnish Records Even If Assessment Is Completed: Madras High CourtCase Title: M/s.V.R.Muthu & Bros. Versus State Tax OfficerCitation: 2024 LiveLaw (Mad) 225The Madras High Court has held that merely because the assessment is deemed to have been completed in both cases, it does not mean that the officers are precluded...
Ignoring GSTR-9 Causes Prejudice To Taxpayer's Rights When Errors Committed Are Revenue Neutral: Calcutta High Court
The Calcutta High Court has held that ignoring GSTR-9 causes prejudice to taxpayers's rights when errors committed are revenue neutral.The bench of Chief Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharyya has remanded the matter back to the adjudicating authority, viz., the Assistant Commissioner, State Tax, Taltala, and New Market Charge, to consider the submissions made by the...
Salary Reimbursements Of Seconded Employees Is Not Taxable As Fees For Technical Services: ITAT
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that salary reimbursements of seconded employees are not taxable as fees for technical services.The bench of Beena Pillai (Judicial Member) and Chandra Poojari (Accountant Member) has observed that the conduct of assessees is bona fide, though it was not agreed upon by the department, and it is also noted that assessees have...
Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings
The Delhi High Court, while quashing the reassessment proceedings initiated by the income tax department against the Caterpillar Group, held that once the issue of arm's length remuneration was settled by the Transfer Pricing Officer (TPO), the question of ascertaining the existence of a permanent establishment (PE) was academic.The bench of Justice Yashwant Varma and Justice Purushaindra...
Direct Tax Cases Weekly Round-Up: 26 May To 01 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...
ITAT Cases Weekly Round-Up: 26 May To 01 June 2024
Date Of Possession Of New Property To Be Considered As Date Of Acquisition; ITAT Allows DeductionCase Title: Sunil Amritlal Shah Versus The Income Tax Officer(IT)The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the date of possession of new property to be considered as date of acquisition and the assessee is entitled to deduction under Section 54 of the Income Tax Act on...