NCLT Ahmedabad Directs Income Tax Department To Refund Tax To Corporate Debtor; Section 53 Of IBC Overrides Sec. 194-IA Of Income Tax Act

The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has held that Income Tax deducted and paid by the auction purchaser amounts to recovery of tax from Corporate Debtor (which is under liquidation), on priority with other creditors as mentioned in Section 53 of IBC,...

Patna High Court Allows Appeal Beyond Stipulated Time based on CBIC Notification

In a recent ruling, the Patna High Court has provided relief to individuals facing delayed appeals under Sections 73 and 74 of the BGST Act.The judgment, arising from a petition challenging the rejection of an appeal due to a five-day delay, underscores the significance of a recent notification by the Central Board of Indirect Taxes and Customs. According to Notification No. 53 of...

Without Pointing Out Any Specific Defect In Audited Books Of Accounts AO Can't And Should Not Make Any Estimated Addition: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that without pointing out any specific defect in the audited books of accounts, the AO cannot and should not make any estimated addition.The bench of Kul Bharat (Judicial Member) and N. K. Billaiya (Accountant Member) has observed that the expenses claimed by the assessee were also test-checked, and while making the addition, the...

Hero Cycle Not Required To Pay Automobile Cess On E-Bike As It Was Already Paid At The Time Of Import: CESTAT

The Chandigarh bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Hero Cycle is not required to pay automobile cess on an e-bike as it was already paid at the time of import.The bench of S. S. Garg (Judicial Member) has observed that the entire information regarding the clearance of the e-bike was reflected in the ER-1 return submitted to the...

Incentives Received Under “Atma Nirbhar Gujarat Sahay Yojna” Can't Be Considered As Subsidy, GST Applicable: Gujarat AAAR

The Gujarat Appellate Authority of Advance Ruling (AAAR) has held that incentives received under the “Atma Nirbhar Gujarat Sahay Yojna” dated May 16, 2020, declared by the Gujarat Government could not be considered subsidies, and GST is applicable.The bench of B V Siva Naga Kumari and Sameer Vakil has upheld the AAR's order in which it was held that the incentive received by the...

Fire Incidence Beyond Control Of ONGC Petro, CESTAT Allows Customs Duty Remission

The Ahmedabad bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed the customs duty remission on the goods that were destroyed as a result of the fire incident beyond the control of the assessee, ONGC Petro.The bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) observed that the fire incident had taken place in the appellant's factory located...

Payment Under IPL Playing Contract, CESTAT Quashes Service Tax Demand Against Cricketer R. Ashwin

The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has quashed the service tax demand against cricketer R. Ashwin.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that payment received under the IPL playing contract is remuneration for work, not consideration for brand promotion.The appellant/assessee,...

Decision To Cancel GST Registration With Retrospective Effect Must Be Based On Some Objective Criteria: Delhi High Court

The Delhi High Court has held that the decision to cancel the GST registration with retrospective effect must be based on some objective criteria.The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that the petitioner's GST registration was cancelled on account of non-filing of returns for a period of six months. There was no reason for the petitioner's GST registration to...

GST Evasion Prosecution Does Not Depend Upon Completion Of Assessment: Kerala High Court

The Kerala High Court has held that prosecution for offences under Section 132 of the CGST Act does not depend upon the completion of the assessment.The bench of Justice Mohammed Nias C.P. refused to grant bail on the grounds that there is an alleged evasion of more than Rs. 6.5 crore against the petitioner. A serious allegation is made, which warrants a thorough investigation. When...

S. 69A Of Income Tax Act Can Only Be Invoked Where Books Of Account Are Maintained: Delhi High Court

The Delhi High Court has held that Section 69A of the Income Tax Act can only be invoked where books of account are maintained.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the assessee is a non-resident Indian, and his source of income in India is interest on bank accounts and interest on income tax refunds. He is not obliged to maintain any books of...

12% GST Applicable On Renting Residential Dwelling Units On Monthly Rental Basis: Karnataka AAR

The Karnataka Authority of Advance Ruling has held that 12% GST is applicable to renting residential dwelling units on a monthly rental basis.The bench of M.P. Ravi Prasad and Kiran Reddy has observed the renting of residential dwellings to students and working women for residential purposes, along with amenities and facilities such as food, furniture, appliances, cleaning, security,...

No Upward Adjustment Required To Be Carried Out For Amount Received By Sony India From Its AE: Delhi High Court

The Delhi High Court has held that no upward adjustment concerning advertising, marketing, and promotion expenses (AMP) ought to have been made as the comparables chosen by the Transfer Pricing Officer (TPO) had a net margin lower than that registered by the assessee, Sony India.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that according to the TPO's...