Tax
Addition For Deemed Dividend Made Can Be Done In Hands Of Shareholder Only: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that addition for a deemed dividend made under Section 2(22)(e) of the Income Act can be done in the hands of the shareholder only.The bench of Yogesh Kumar (Judicial Member) and Shamim Yahya (Accountant Member) has observed that the assessee is not a registered shareholder in the loan-given company, so the addition to...
ITAT Deletes Penalty For Default In Not Deducting TDS On Foreign Remittances
The Jaipur Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty levied for default in not deducting TDS on foreign remittances.The bench of Sandeep Gosain (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) has observed that the assessee has deliberately not avoided TDS and there is no contumacious conduct on the part of the assessee.The ITO has passed an...
No Incriminating Material Was Found During Search: Delhi High Court Quashes S. 153A Proceedings
The Delhi High Court has held that the assessment for the assessment year 2011–12 was finalized on January 20, 2012, and no notice under Section 143(2) of the Income Tax Act was issued. As such, no assessment was pending on the date of the search action, i.e., October 29, 2013.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that during the search action against...
Tax Cases Weekly Round-Up: 3 To 9 December, 2023
Supreme CourtIncome Tax Act | To Compute Deduction Under S. 80-IA, Market Value Of Electricity Is The Rate At Which State Board Supplies Power : Supreme CourtCase Title: Commissioner Of Income Tax v M/s Jindal Steel & Power LimitedCitation: 2023 LiveLaw (SC) 1048The Supreme Court has held that for the purpose of computing deduction under Section 80 IA of the Income Tax Act, 1961, the rate...
West Bengal Passes Bill To Impose 28% GST On Online Gaming, Horse Racing, Casinos
The West Bengal government has passed a bill to impose 28% GST on online gaming, horse racing and casinos.The state government has notified the West Bengal Goods and Services Tax (Second Amendment) Bill, 2023.A measure to increase the GST from the current 18% to 28% on internet gaming, horse racing, and casinos was approved by the Bengal legislature on Thursday. As of October 1, 2023,...
Delhi High Court Quashes Order In Revision In Respect Of Rs.1,000 Cr. LTCG Exemption Passed Against Buyer Of Non-Existing Seller
The Delhi High Court has held that a revisionary order under Section 263 of the Income Tax Act could not be passed against a non-existing seller entity by invoking Section 163 against the buyer.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the expression “agent” suggests that there is a principal in existence on whose behalf the agent acts. However,...
DGFT Amends Export Policy Of Onion From “Free” To “Prohibited” Till March 31, 2023
The Directorate General Of Foreign Trade (DGFT) has amended the export policy for onions. The HS Code 0703 10 19, which was previously categorised as 'Free,' has been revised to 'Prohibited' until March 31, 2024.The Notification will come into effect from December 08, 2023. The provisions as under Para 1.05 of the Foreign Trade Policy, 2023 regarding transitional arrangement shall not...
CBIC Exempts Imports Of Yellow Peas From BCD And AIDC Till March 31, 2024
The Central Board of Indirect Taxes and Customs (CBIC) has exempted the imports of yellow peas from basic customs duty (BCD) and Agriculture Infrastructure and Development Cess (AIDC) up to March 31, 2024.The exemption, effective from December 8, 2023, to March 31, 2024, is deemed necessary in the public interest as per the powers conferred by the Customs Act, 1962, and the Finance Act,...
Plea Challenging GST SCN Issued To Online Gaming Company Playerzpot Media: Bombay High Court Issues Notice Dept.
The Bombay High Court has issued the notice to the department on a plea challenging the GST show cause notice (SCN) issued to online gaming company Playerzpot Media.The bench of Justice G. S. Kulkarni and Justice Jitendra Jain has ordered the GST authorities to refrain from passing any final orders on the SCN without leave of the Court.The petitioner or assessee has assailed the SCN on...
Income Tax Act | To Compute Deduction Under S. 80-IA, Market Value Of Electricity Is The Rate At Which State Board Supplies Power : Supreme Court
The Supreme Court has held that for the purpose of computing deduction under Section 80 IA of the Income Tax Act, 1961, the rate at which the State Electricity Board supplies power to the consumers has to be taken as the market value of electricity. Section 80-IA of the Income Tax Act deals with deductions in respect of profits and gains from industrial undertakings or enterprises engaged...
ITAT Directs Reconsideration Of Form No.10AB For S. 80G Registration By Giving Proper Opportunity Of Being Heard To Assessee Trust
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has directed the department to reconsider Form No.10AB for final registration under section 80G of the Income Tax Act by giving the proper opportunity of being heard to the assessee trust.The bench of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed, (Accountant Member) have observed that the time is extended up till...
Availability Of Cash With Different Companies Is Sufficient To Explain Cash Found At The Time Of Search: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the availability of cash with different companies is sufficient to explain the cash found at the time of the search.The bench of Astha Chandra (Judicial Member) and N.K. Billaiya (Accountant Member) has observed that the very same Assessing Officer assessed the nine group concerns and companies and accepted the availability...