Budget 2024-25: CBIC Issues Advisory On Changes In ICES

Under the Central Board of Indirect Taxes & Customs, the Directorate General of Systems and Data Management has released an advisory regarding the impending Union Budget 2024–25.The Union Budget 2024-25 is expected to be presented in the Parliament on February 01, 2024. Consequent to the same, the exercise of updation of Notifications and Tariff Directories in ICES would be undertaken...

Determination Of Value Of Excisable Goods For Assessment Falls Within Exclusive Jurisdiction Of Supreme Court: Jharkhand High Court

The Jharkhand High Court has held that the determination of the value of the excisable goods for the purpose of assessment falls within the exclusive jurisdiction of the Supreme Court of India under Section 35L of the Central Excise Act, 1944.The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that the appeals are not maintainable, and the same would lie before...

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that exemption under Section 54F of the Income Tax Act is not available on property predominantly being used for religious purposes.The bench of R.K. Panda (Vice President) and Laliet Kumar (Judicial Member) has observed that the property is predominantly being used for religious purposes, namely mosques, orphanages, and...

Revised Returns Filed Waiving Claim And Paid Taxes: Karnataka High Court Quashes Section 276C(1) Prosecution For Wilful Tax Evasion

The Karnataka High Court has quashed the prosecution under Section 276C(1) of the Income Tax Act for wilful tax evasion.The bench of Justice M. Nagaprasanna has observed that the assessees filed revised returns, waiving their claim for short-term capital loss and long-term capital gains, and also paid taxes, the moment the search was conducted and the assessment proceedings commenced.In...

GSTN Issues Advisory On Payment Through Credit Card/Debit Card And UPI

The Goods and Service Tax Network (GSTN) has issued an advisory on payment through a credit card (CC) or debit card (DC) and the Unified Payments Interface (UPI).To facilitate payment through a credit card (CC) or debit card (DC) and the Unified Payments Interface (UPI), two new facilities of payment have now been provided under e-payment in addition to net banking.Payment through CC/DC/UPI...

In Absence Of Consignment Note Transport Services Can't Be Considered As GTA Services: CESTAT

The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that in the absence of a consignment note, transport services cannot be considered goods transport agency (GTA) services.The bench of Binu Tamta (Judicial Member) has held that the goods were transported locally from the mines to the factory site, and since the distance to be covered is short, no...

Change Of Opinion Does Not Constitute Justification To Believe Income Chargeable To Tax Has Escaped Assessment: Bombay High Court

The Bombay High Court has held that a change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that once a query is raised during the assessment proceedings and the assessee has replied to it, it follows that the query raised was a subject...

CESTAT Quashes Service Tax, Interest And Penalty On Virgin Atlantic Airways On Passenger Service Fee, Airport Taxes

The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has quashed the service tax, interest, and penalty on Virgin Atlantic Airlines passenger service fees and airport taxes.The bench of Justice Dilip Gupta (President) and P.V. Subba Rao (Technical Member) has remanded the matter to the Commissioner for verification of whether the appellant had collected...

No Escapement Of Income By Singaporean Entity On Repatriating Rs.203.56 Cr. Arising From Redemption Of NCDs: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the Singaporean Entity has not escaped the income on repatriating Rs.203.56 Cr. arising from redemption of non-convertible debentures (NCDs).The bench of Astha Chandra (Judicial Member) and B. R. R. Kumar (Accountant Member) has observed that the Assessing Office has not examined the relevant records before them wherein...

Assessee Attempted To Drag Matter Knowing Well That Assessment Will Be Time Barred: Calcutta High Court Upholds Reassessment

The Calcutta High Court has held that the assessee had repeatedly sought adjournments, which would show that the assessee attempted to drag the matter along, knowing well that the assessment would be time-barred.The bench of Chief Justice T.S. Sivagnanam and Justice Supratim Bhattacharya have observed that the provision of Section 148A of the Act has been scrupulously followed by the...

Fees Received For Sub-Licensing Sports Broadcasting Rights Attributable To 'Live Feed', Not Taxable As Royalty: Delhi High Court

The Delhi High Court has held that fees received by assessees for sub-licensing sports broadcasting rights attributable to 'live feed' is not taxable as royalty.The bench of Justice Yashwant Varma and Justice Girish Kathpalia has observed that once the Court came to the conclusion that a live telecast would not fall within the ambit of the expression “work”, it would be wholly erroneous...

UPGST | Invoice Contains Vehicle Details, Error In Not Filling Part-B Of E-Way Bill Technical: Allahabad High Court Quashes Penalty Order

The Allahabad High Court has held that if the invoice accompanying the goods contains all the details of the vehicle then not filing of Part-B of the e-way bill is a technical error without any intention to evade tax. The court quashed the penalty order under Section 129(3) of the UP Goods and Service Tax Act, 2017.Petitioner approached the High Court against the order under Section 129(3) of...