Andhra Pradesh High Court Directs Municipal Corporation To Decide Representation On Waiver Of Interest On Property Tax Arrears

The Andhra Pradesh High Court, while restraining the Municipal Corporation from taking coercive steps against the petitioner, directed the corporation to decide representation on a waiver of interest on property tax arrears.The bench of Justice Ravi Cheemalapati has observed that the petitioner seems to have been paid an amount of Rs. 25,09,386 which includes penalty and interest on the...

Maharashtra Govt's Action In Levying Stamp Duty On 'DO' Is Within Legislative Competence Of State: Bombay High Court

The Bombay High Court has held that the action of the Maharashtra Government in levying stamp duty on delivery orders (DO) is within the legislative competence of the state.The bench of Justice G.S. Patel and Justice Neela Gokhale has observed that the action of the State of Maharashtra in levying stamp duty on Delivery Orders (DO) as provided in Article 29 of Schedule I of the Maharashtra...

CBDT Notifies Changes In ITR-V And Acknowledgement Forms

The Central Board of Direct Taxes (CBDT) has notified the changes in ITR-V and acknowledgement forms.The Board has notified the Income-tax (Fifth Amendment) Rules, 2024 which shall come into effect from 1 April, 2023.The taxpayers will find additional instructions in the recently notified ITR-V.The taxpayer shall e-verify the electronically transmitted return data using Aadhaar OTP or Login...

Assessment Order Passed In The Name Of Non-Existent Entity Is Void Ab Initio: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that an assessment order passed in the name of a non-existent entity is void ab initio.The bench of Saktijit Dey (Vice President) and Dr. B.R.R. Kumar (Accountant Member) has observed that the merger of Boeing International Corporation India Ltd. with Boeing India Pvt. Ltd. was very much in the knowledge of the Assessing...

CESTAT Classifies 'Brush Cutters' As Hand Held Agricultural Tool

The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has classified the 'brush cutters' as hand-held agricultural tools.The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar (Technical Member) has observed that goods, which are handheld machines, would, at first sight, and by their popular name, 'brush cutter', be more suitable to be classified under CTH...

ITAT Restores Matter Back To AO To Verify ICSI's Income Tax Exemption Claim

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has restored the matter back to the AO to verify the Institute of Company Secretaries of India's (ICSI) income tax exemption claim.The bench of Astha Chandra (Judicial Member) and N.K. Billaiya (Accountant Member) has observed that the claim of the assessee needs verification. It would be judicially expedient to restore the matter back...

Revisionary Jurisdiction U/s 263 Can't Be Invoked If AO Has Formed Plausible View After Carrying Out Necessary Enquiry: Chandigarh ITAT

Finding that the assessee has carried out seasonal trade in hosiery items duly supported by documentary evidence, which was duly examined by the AO accepting the said transactions and resultant profit has been brought to tax, the Chandigarh ITAT held that the PCIT cannot be permitted to invoke his jurisdiction u/s 263 merely because he believes that there is certain deficiency in...

Vehicle Commercially Used For Purpose Of Business Of Company, Eligible For Benefit Of Depreciation : Ahmedabad ITAT

Relying on the decision of the Jurisdictional High Court in the case of PCIT vs. Asian Mills (P.) Ltd., the Ahmedabad ITAT that vehicle exclusively used by an entity for its commercial purpose becomes eligible for claim of depreciation. The Bench of Waseem Ahmed (Accountant Member) and Madhumita Roy (Judicial Member) observed that “car is commercially used for the purpose...

No Customs Duty Exemption Available To Battery Fuse Units, CESTAT Dismisses Bharti Airtel's Appeal

The Bangalore bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), while dismissing the appeal filed by Bharti Airtel, held that no customs duty exemption is available to battery fuse units (BFU).The bench of D.M. Misra (Judicial Member) and R. Bhagya Devi (Technical Member) has observed that the BFU is not an integral part of the communication system as claimed by...

Receipt Of Huge Sale Consideration In Cash Is Violative To Sec 269SS, And Calls For Levy Of Penalty U/s 271D: Chennai ITAT

The Chennai ITAT recently clarified that receipt of sale consideration of huge amount of Rs. 1.60 Crores in cash, which is, in violation of the provisions of section 269SS (this section restricts cash receipts over & above twenty thousand) of the Income tax Act, rightly deserves levy of penalty u/s 271D. The Bench of V. Durga Rao (Judicial Member) & Manjunatha, G....

Taxpayer Should Acquire Residential House Within Three Years From Date Of Transfer Of Old House, For Claiming Benefit Of Capital Gains U/s 54: Delhi ITAT

Finding that the assessee has not fulfilled either of the conditions mentioned in Section 54 of the Income tax Act, the New Delhi ITAT held that there is no infirmity in the orders of the I-T Authorities in denying the benefit of deduction of long term capital gains to the assessee u/s 54. The Division Bench of N.K. Billaiya (Accountant Member) and Yogesh Kumar U.S (Judicial...

Once Insurance Policy Is Assigned By Employer To Employee, Value Received By Employee Can't Be Taxed In View Of Sec 10(10D): Delhi ITAT

The New Delhi ITAT recently reiterated that once insurance policy is assigned by the employer to employee, the insurance policy gets converted into an ordinary policy, and in that case, the value received by employee would not be subjected to tax in view of section 10(10D) of the Act. Referring to the decision of Delhi High Court in the case of CIT vs Rajan Nanda [2012] 18...