Punjab & Haryana High Court Allows CENVAT Credit To Maruti Suzuki On Training And Coaching Service, IT (Software) Services

The Punjab and Haryana High Court has allowed the cenvat credit to Maruti Suzuki on training and coaching services, IT (software) services (CHA), cargo handling services for export, warehouse and storage services, land survey services, and hotel Broadway services.The bench of Justice G.S. Sandhawalia and Justice Harpreet Kaur Jeewan has observed that the service is required as it is not only...

Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court

The Delhi High Court has held that senior officers like ACIT and PCIT are expected to apply their minds to such requests and, only after that, approve the initiation of reassessment proceedings.The bench of Justice Rajiv Shakdher and Justice Anish Dayal has observed that the reopening of the concluded scrutiny assessment is a serious business. The Act provides for a layered approach precisely...

RBI Raises UPI Transaction Limit For Hospitals and Educational Institutions To Rs. 5 Lakh

The Reserve Bank Of India (RBI) has raised the UPI transaction limit for hospitals and educational institutions to Rs. 5 lakhs from Rs. 1 lakh.It was announced by RBI Governor Shaktikanta Das at the bimonthly Monetary Policy Committee (MPC) meeting.The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit...

Indian Tax Authorities Favoured: Supreme Court Rules On The 'Most Favoured Nation' Controversy

In a ground-breaking judgment in the case of Assessing Officer Circle (International Taxation) 2(2)(2) New Delhi v. Nestle SA, the Supreme Court of India (“SC”) has definitively addressed the contentious issues surrounding the Most Favoured Nation (“MFN”) clause in Double Taxation Avoidance Agreements (“DTAA”). Background of the Controversy A DTAA is an agreement between two or more countries designed to prevent the double taxation of income by establishing rules for...

Prior Sanction Of Approval From Competent Authority Mandatory Before The Reopening Of Assessment: ITAT

The Dehradun Bench of the Income Tax Appellate Tribunal (ITAT) has held that prior sanction of approval under Section 151 of the Income Tax Act from the competent authority is mandatory before the reopening of the assessment.The bench of Kul Bharat (Judicial Member) and M. Balaganesh (Accountant Member) has observed that no approval under Section 151 of the Income Tax Act is on record for...

Income Tax | Form-10 Under Rule 17(2) Supplied After Limitation But Before Completion Of Assessment to Be Considered By AO: Allahabad High Court

The Allahabad High Court has held that if Form-10 under rule 17(2) for claiming exemption has been supplied to the assessing authority after the prescribed period but before completion of assessment, it ought to be considered by the Assessing Authority for granting benefit of exemption under Section 11(2) of the Income Tax Act, 1961 in original assessment proceedings.Placing reliance on...

CBDT Grants Income Tax Exemption To Godavari River Management Board, Hyderabad

The Central Board of Direct Taxes (CBDT) has notified the income tax exemption under section Sec.10(46) of the Income Tax Act for Godavari River Management Board, Hyderabad.Godavari River Management Board, Hyderabad' is a Board constituted by the Central Government in pursuance of section 85 of the Andhra Pradesh Reorganisation Act, 2014, in respect of the various income arising to...

Explanations 6 & 7 Appended To Section 9(1)(i) Income Tax Act To Be Given Retrospective Effect: Delhi High Court

The Delhi High Court has held that Explanations 6 and 7 appended to section 9(1)(i) Of the Income Tax Act, 1961 to be given retrospective effect.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that Section 9(1)(i) of the Income Tax Act inter alia seeks to impose tax albeit via a deeming fiction qua all income accruing or arising, whether directly or...

CBDT Extends Time For Processing 'Non-Scrutiny ITRs' For AYs 2018-19 To 2020-21

The Central Board of Direct Taxes (CBDT) has extended the time for processing 'non-scrutiny ITRs' for AYs 2018-19 to 2020-21 till January 2024.It has been brought to the notice of the Central Board of Direct Taxes that due to certain technical issues or for other reasons not attributable to the assessees concerned, several returns for assessment years (AYs) 2018-19, 2019-20 and 2020-21,...

Tax Can't Be Imposed Presuming Possible Order Of The Small Causes Court: Bombay High Court

The Bombay High Court has held that one cannot tax the amount that has not accrued to the assessee and has not been received by the assessee on the assumption and presumption that in the future, the small Causes court will at least order the said sum in favour of the appellant or assessee.The bench of Justice G.S. Kulkarni and Justice Jitendra Jain has observed that the determination of...

Bombay High Court Dismisses Petition Filed By Serum Institute Of India Challenging 2016 Amendment To Income Tax Act

The Bombay High Court has dismissed a petition filed by Serum Institute of India Pvt. Ltd. challenging a 2016 amendment to the Income Tax Act.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the amendment to Section 2(24) by insertion of the impugned sub-clause that includes various subsidies and concessions only indicates the well-established jurisprudential...

Provisions For Self-Assessment Are More Onerous Than Regular Assessment Regime: Kerala High Court

The Kerala High Court has held that filing an untrue or incorrect return assumes more rigour in the teeth of the onerous obligation, resulting in the imposition of a penalty.The bench of Justice Dinesh Kumar Singh has observed that provisions for self-assessment create an obligation on the assessee to file a correct return, which is more onerous than in a regime that mandates regular...