Tax
DGFT Allows Import Of Yellow Peas After Registration Under Monitoring System
The Directorate General of Foreign Trade (DGFT) has allowed the import of yellow peas after registration under a monitoring system.“Import of Yellow Peas under ITC (HS) Code 07131010 is “free” without the MIP condition and without port restriction, subject to registration under the Import Monitoring system, with immediate effect for all import consignments where a Bill of Lading (Shipped...
UPGST | Search And Seizure Of Godown Can't Result In Penalty Proceedings U/S 129 Of Act: Allahabad High Court Reiterates
The Allahabad High Court has reiterated that search and seizure of a godown of an assesee cannot be penalised in proceedings under Section 129 of the Uttar Pradesh Goods and Services Tax Act, 2017.Section 129 of the Act provides procedure for detention, seizure and release of goods and conveyances which have been intercepted in transit and are found to be in contravention of the...
Notion Of Earning 90% Profit Is Unimaginable, Is Contractual Loot Under Guise Of Alleged Development Activities: ITAT
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the notion of earning 90% profit is unimaginable and is contractual loot under the guise of alleged development activities.The bench of R.K. Panda (Vice President) and Laliet Kumar (Judicial Member) has observed that the government funds meant for development should be used for development and not for the growth...
Share Premium Received By Issuance Of Shares Is On Capital Account And Gives Rise To No Income: Bombay High Court
The Bombay High Court has held that the share premium received by the issuance of shares is on the capital account and gives rise to no income.The bench of Justice K. R. Shriram and Justice Dr. Neela Gokhale has observed that even if the assessee had violated the provisions of the Companies Act, 1956, it would be penalized by the provisions of that Act, and it would never turn a capital...
Possession Of Transport Vehicles Is Sufficient Than Legal Ownership For S. 194C-TDS Exception: ITAT
The Jodhpur Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee, the legal owner, is not required to TDS under Section 194C, where a declaration under Section 194C(6) along with a PAN is obtained from the payees who are in possession of the vehicle, though they are not registered owners.The bench of S. Seethalakshmi (Judicial Member) and Rathod Kamlesh Jayantbhai...
Delhi High Court Quashes SCN & Order Lacking Reasons For Retrospective Cancellation Of GST Registration
The Delhi High Court has quashed the show cause notice, which was lacking reasons for retrospective cancellation of GST registration.The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja noted that there was no reasoning in the show cause notice or in the order as to why the cancellation has been done retrospectively, nor has the petitioner been put to notice that the registration...
Subscription To Legal Database Can't Be Construed Transfer Of Copyright, Subscription Fee Is Not Royalty: Delhi High Court
The Delhi High Court has held that subscription to legal databases cannot be construed as a transfer of copyright.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the subscription fees of the legal database LexisNex piad by an Indian subscriber neither comprise a transfer of copyright nor do they include a transfer of a right to apply technology...
Larger Period Of Limitation Not Applicable Where De-Bonding Was Done After Verification, Issuance Of No Dues Certificate: CESTAT
The Ahmedabad bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that where debonding was done after verification by Central Excise and issuance of a no-dues certificate, the larger period of limitation cannot apply.The bench of Ramesh Nair (Judicial Member) and RAJU (Technical Member) has observed that prior to de-bonding, the factory was visited by the...
GST & Central Excise Superintendent Has No Jurisdiction To Pass Order Exceeding Rs.10,00,000: Allahabad High Court
The Lucknow bench of Allahabad High Court has quashed the order by the GST and Central Excise Superintendent for lack of jurisdiction.The bench of Justice Alok Mathur has observed that according to the circular dated February 9, 2018 issued by the Government of India, Ministry of Finance, and Department of Revenue, the power of the Superintendent, Central Goods and Service Tax, and Central...
Indirect Tax Cases Weekly Round-Up: 18 To 24 February 2024
Kerala High Court Yoga And Meditation Charges Are Subjected To Tax Under Kerala Tax On Luxuries Act: Kerala High Court Citation: 2024 LiveLaw (Ker) 125 Case Title: Bethsaida Hermitage & Tourism (P) Ltd Versus State Tax Officer The Kerala High Court has held that yoga and meditation charges are subjected to tax under the Kerala Tax on Luxuries Act. Allahabad High...
Direct Tax Cases Weekly Round-Up: 18 To 24 February 2024
Supreme Court 'Enemy Property' Not Exempt From Municipal Taxes As It Is Not Vested With Union Govt : Supreme Court Case Details: Lucknow Nagar Nigam & Others Versus Kohli Brothers Colour Lab. Pvt. Ltd. & Others Citation : 2024 LiveLaw (SC) 156 The Supreme Court held that the 'enemy property' vested in the possession of the Union Government-appointed 'custodian',...
Burden To Prove Escaped Assessment Lies On Assessing Authority: Allahabad High Court Quashes Reassessment Order Against Flipkart
The Allahabad High Court has quashed the reassessment order against Flipkart and held that the burden to prove escaped assessment lies on assessing authority.The bench of Justice Saumitra Dayal Singh and Justice Shiv Shanker Prasad has observed that the burden of establishing the existence of recorded reasons was entirely on the department. Neither the petitioner was obligated to provide...