Tax
Interim Budget 2024: How is the interim Budget different from the Annual Budget?
Today, Finance Minister Nirmala Sitharaman will introduce the Interim Budget 2024. As the finance minister, this will be her sixth budget presentation. Since this is the final budget of the current Lok Sabha, all eyes are on the finance minister. For those who are unaware, this is really an interim budget; the final union budget will be unveiled following the general elections in 2024, which...
Tamil Nadu State Transport Corporation Is State Transport Corporation, Do Not Fall Under Definition Of Rent-A-Cab Scheme Operator: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Tamil Nadu State Transport Corporation is a state transport corporation and does not fall under the definition of a rent-a-cab scheme operator.The bench of S.S. Garg (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the business undertaken by the assessee is to provide...
Sales Tax Subsidy/Incentive Is Capital Receipt: Delhi High Court
The Delhi High Court has held that the sales tax subsidy or incentive received by the assessee under the Dispersal of Industries Package of Incentives, 1993, was a capital receipt.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the common thread running through various incentives provided under the scheme was the setting up of a new unit or...
Dredger Accessories Rules, Vessel Still In Use, No Case Of Unjust Enrichment, Duty Not Leviable: Calcutta High Court
The Calcutta High Court has held that when the goods are still in use, the question of passing the burden of customs duty does not arise, and the question of unjust enrichment will not be applicable.The bench of Chief Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharyya has observed that the appellate authority took note of the certificate issued by the Chartered Accountant in which...
CBDT Notifies ITR-6 For AY 2024-25
The Central Board of Direct Taxes (CBDT) notified the Income Tax Return (ITR) Form ITR-6 for the Assessment Year (A.Y.) 2024-25 with effect from April 01, 2024.The has notified the Income-tax (First Amendment) Rules, 2024 to further amend Income-tax Rules, 1962.The companies which are registered under the Companies Act 2013 or the previous Companies Act 1956 should file ITR 6 Form. Having...
GST | Technical Error Without Any Financial Implications Do Not Attract Penalties: Allahabad High Court
The Allahabad High Court has held that mere technical errors under tax laws without any financial implications should not be grounds for imposition of penalties.While dealing with the case of goods not accompanying e-way bill, Justice Shekhar B. Saraf held,“Mere technical errors, without having any potential financial implications, should not be the grounds for imposition of penalties....
Writ Of Certiorari Not Issued As A Matter Of Course, But Granted At Discretion Of Superior Court: Allahabad High Court
The Allahabad High Court has held that the writ of certiorari is discretion granted to a superior court to review and quash decisions of lower courts, tribunals, or administrative bodies and is not issued as a matter of course.While dealing with the challenge to the order under Section 129 of the Central Goods and Service Tax Act, 2017 and the subsequent order of the first appellate...
GST | Show Cause Notice A Vital Checkpoint, Delineates Boundaries Within Which Any Authority Can Operate: Allahabad High Court
The Allahabad High Court has held that authorities cannot travel beyond the show cause notice to impose penalty on the assesee.The bench comprising Justice Shekhar B. Saraf held,“At its core, a show cause notice represents the initial step in an administrative or legal process, wherein an individual or entity is formally apprised of allegations or discrepancies attributed to them. This...
ITC Admissible On Sale And Buyback Transactions When Payment Is Settled Through Book Adjustment: AAR
The West Bengal Authority of Advance Ruling (AAR) has held that in cases of sale and buyback transactions, the input tax credit is admissible in respect of goods purchased from outsourced vendors when payment is settled through book adjustment against the debt created on outward supplies to those vendors.The bench of Tanisha Dutta and Joyjit Banik has observed that settlement of mutual...
Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding
The Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific finding.The bench of Chief Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharyy has observed that the assessing officer has conducted a due inquiry and thereafter completed his scrutiny assessment. The tribunal also noted that...
Goa Cess Act Is Not Subsumed By GST Laws: Bombay High Court
The Bombay High Court at Goa has held that the Goa Cess Act is not subsumed by the GST laws.“The Goa Cess Act is intra vires Articles 14, 301, and 303 read with Article 304 of the Constitution of India. Also, it is legal and valid, being in no manner subsumed by the GST laws,” the bench of Justice G. S. Kulkarni and Justice Bharat P. Deshpande observed.The petitioner company is in...
Indirect Tax Weekly Round-Up: 21 To 27 January 2024
Delhi High Court GST Registration Can't be Cancelled Retrospectively For Non-Filing Of Returns: Delhi High Court Case Title: Aryan Timber Store Through Its Prop Virender Kumar Versus Sales Tax Officer The Delhi High Court has held that GST registration cannot be cancelled with retrospective effect for mere non-filing of returns. Madras High Court IGST Refund Claim May Be...