GST Payable On Transfer Of Land Development Rights Under Joint Development Agreement: Telangana High Court

The Telangana High Court has held that Goods and Service Tax (GST) is payable on the transfer of land development rights under a joint development agreement (JDA).The bench of Justice P. Sam Koshy and Justice Laxmi Narayana Alishetty has dismissed the writ petition filed by the real estate developer assailing the imposition of GST on the transfer of land development rights (TDR) on JDA...

Gauhati High Court Stays SCN Seeking Reversal Of ITC On Account Of Default At Supplier's End

The Gauhati High Court has granted the interim stay of Show Cause Notice in the case of Surya Business Private Limited, seeking reversal of ITC on account of default at the supplier's end.The bench of Justice Manish Choudhury has observed that the petition challenging the Show Cause Notice seeking reversal of ITC requires further examination and directed that the department shall not act upon...

Legal Services Provided By Individual Advocate, Partnership Firm Of Advocates Exempted From Service Tax: Bombay High Court

The Bombay High Court has held that the service provided by an individual advocate, a partnership firm of advocates, by way of legal services is exempt from levy of service tax.The bench of Justice G. S. Kulkarni and Justice Kishore C. Sant has observed that the taxable service in respect of services provided or to be provided by the individual advocate for a firm of advocates has been set out...

SEBI Issues Circular Setting Guidelines For Clarity in Draft Offer Documents, Ensuring Timely Processing

The Securities and Exchange Board of India (SEBI) has issued crucial guidelines through Circular dated February 6, regarding the processing of draft offer documents, emphasizing the necessity of clear, concise, and compliant disclosures for the vibrancy of the primary market.In its circular, SEBI underscored the importance of adequate disclosures by issuers and the timely processing of...

S107 CGST | Appellate Authority Does Not Have Power To Remand Case Back To Adjudication Authority: Allahabad High Court

The Allahabad High Court has held that the appellate authority exercising jurisdiction under Section 107 of the Central Goods and Service Tax Act, 2017 does not have the power to remand the case back to the adjudication authority. It only has the power to confirm or modify or annul the order under appeal.Section 107 of the CGST Act provides the remedy of appeal to an assesee aggrieved by...

Dept. Not Authorised To Retain Service Tax Paid Which Is Otherwise Not Payable, CESTAT Directs Refund With 12% Interest

The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that there is a lack of authority to collect such service tax by the appellant. It would not give the Department authority to retain the amount paid, which otherwise was not payable by the appellant. Nothing may act as an infringement on the right of the appellant to demand a refund of payments made by...

AO Can't Take Recourse To Re-open Assessment To Remedy Error Resulting From His Oversight In Assessment Proceeding: Bombay High Court

The Bombay High Court has held that the assessing officer cannot take recourse to reopen the assessment to remedy the error resulting from his oversight in the assessment proceeding.The bench of Justice K. R. Shriram and Kamal Khata have observed that the assessment cannot be reopened by reason of the omission or failure on the part of the assessee to disclose fully and truly all material...

Jharkhand High Court Upholds Income Tax Addition On Failure To Prove Genuineness Of Creditors Who Gave Cash Loan

The Jharkhand High Court has upheld the income tax addition as the assessees have failed to prove the identity, creditworthiness, or genuineness of the creditors, who have given cash loans.The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that usually the matter would have been remitted to the AO for mentioning the correct provision and proceeding in accordance...

Profit Element Embedded In Unexplained Sales Can Only Be Treated As Undisclosed: Rajkot ITAT

While rejecting the estimation of profit at 12.5% deduced by AO on account of undisclosed sales, the Rajkot ITAT held that there has to be a reasonable basis for applying a particular net profit rate in each case.The Bench of Annapurna Gupta (Accountant Member) & Madhumita Roy (Judicial Member) observed that “It is basic common sense that net profit to be applied is to be at...

Requirement Of 'Commencement Of Activity' Does Not Apply To Trusts Already Started Charitable Activity Before Obtaining Provisional Registration: Pune ITAT

Finding that the Assessee Trust had applied for registration within the time allowed under the Income Tax Act, the Pune ITAT directed the CIT(E) to treat the application being filed within statutory time after verifying assessee's eligibility for deduction u/s 80IA(4) as per act.The Bench comprising of Satbeer Singh Godara (Judicial Member) And Dipak P. Ripote (Accountant Member) observed...

Proviso To Sec 80IA(12) Applies Only In Case Of Transfer Of Operation & Maintenance Of Industrial Park, Clarifies Chennai ITAT

Referring to CBDT Circular no. 10/2014, the Chennai ITAT emphasized that if an undertaking is transferred to another undertaking other than by way of amalgamation and demerger and in other cases, the transferee undertaking shall be eligible for deduction for remaining unexpired period u/s 80IA(4)(iii) of the Income Tax Act.The Bench comprising of Manomohan Das (Judicial Member) and Manjunatha....

Funds Received By Charitable Trust Under Swachh Bharat Abhiyan In Fiduciary Capacity Is Not Their Income: New Delhi ITAT

On finding that the assessee society is not the owner of the funds but holding the same in fiduciary capacity, the New Delhi ITAT upheld the CIT(A)'s decision in deleting the addition made by AO of the funds received by assessee under “Swach Bharat Abhiyan”.The Bench comprising of Challa Nagendra Prasad (Judicial Member) and B.R.R. Kumar (Accountant Member) referred to CIT(A)'s...