Tax
Amount Of Arbitration Award Received By Retiring Partner For Relinquishing Claim In The Firm Is Not Taxable: Bombay High Court
The High Court of Bombay has held that an amount of arbitration award received by a retiring partner for relinquishing its claim in the firm is not a taxable income.The bench of Justices K.R. Shriram and Dr. Neela Gokhale held that the amount received by a partner under a consent arbitration award for relinquishing its stake in the firm cannot be treated as an ‘income from other...
Amount Received In Satisfaction Of The Inheritance Rights Is Not A Taxable Income: Bombay High Court
The High Court of Bombay has held that an An amount received in satisfaction of the inheritance rights is not a taxable income.The bench of Justices K.R. Shriram and Dr. Neela Gokhale held that receipt of an amount in lieu of inheritance or pursuant to family arrangement cannot be charged with tax under the Act as arrangement is an agreement between the members of the same family for the...
DGFT Grants One-Time Exemption To Patanjali Ayurved For Export Of Non-Basmati White Rice As Donation To Nepal For Earthquake Victims
The Directorate General of Foreign Trade (DGFT) has granted one-time exemption to Patanjali Ayurved for the export of non-basmati white rice as a donation to Nepal for earthquake victims.The export policy of Non-basmati white rice (Semi-milled or wholly milled rice, whether or not polished or glazed: Other) is prohibited.However, the government empowered under Section 3 read with Section 5 of...
Madras High Court Directs Dept. To Investigate Misuse Of Login ID By Unknown Person Facilitating Tax Evasion
The Madras High Court has directed the state tax officer to investigate the misuse of login IDs by unknown persons facilitating tax evasion.The bench of Justice C. Saravanan has observed that the petitioner alleged that the petitioner's login ID was misused by a third party, who filed returns and passed on a huge input tax credit to the third party.The petitioner/assessee submitted that a...
Wrongful Application Of Foreign Contribution By Trust Not In Accordance With Trust’s Objective: Delhi High Court Upholds Reassessment
The Delhi High Court has upheld the reassessment proceedings against a trust for wrongful application of foreign contribution, which was against the objective of the trust.The bench of Chief Justice Satish Chandra Sharma and Justice Tushar Rao Gedela has observed that the AO based its opinion on tangible and concrete information in the form of the petitioner’s trust deed and the statement...
Bombay High Court Direct JAO To Provide Specific Information Relied Upon To Issue The Section 148A(b) Notice
The Bombay High Court has directed the Jurisdictional Assessing Officer (JAO) to provide specific information relied upon to issue the notice under Section 148A(B) of the Income Tax Act.The bench of Justice K. R. Shriram and Justice Neela Gokhale has quashed the assessment order and directed the JAO to dispose of the matter on or before December 31, 2023.The department agreed to quash...
Rates On Which Power Is Available Through Indian Energy Exchange Can’t Be Applied As It Is Not Rates To Consumers But Rates To DISCOM: ITAT Deletes TP Adjustment
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the Transfer Pricing (TP) Adjustment as rates on which power is available through the Indian Energy Exchange cannot be applied because these are not the rates to the consumers but rates to the DISCOMs.In the Tata Steel Ltd case, the bench of Amit Shukla (Judicial Member) and Padmavathy S (Accountant Member) eliminated...
No Service Tax Payable On Service Of Laying Of Pipeline For Gujarat Water Supply & Sewerage Board: CESTAT
The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is payable on the service of laying a pipeline for the Gujarat Water Supply and Sewerage Board (GWSSB).The bench of Ramesh Nair (Judicial Member) and C. L. Mahar (Technical Member) has observed that the service of laying pipelines for GWSSB does not fall under the service of...
Sun Pharmaceuticals Danazol Eligible For Excise Duty Exemption: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the product ‘Danazol’ of Sun Pharmaceuticals Industries Ltd. is eligible for excise duty exemption.The bench of Sulekha Beevi C.S. (Judicial Member) and M. Ajit Kumar (Technical Member) has observed that since the terms ‘bulk drugs’ and ‘drug and medicines’ have not been defined in...
ITAT Dirests ALP Computation Towards Guarantee Commission @ 0.3523% In Case Of Macrotech Developers
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has directed the ALP Computation Towards Guarantee Commission at a rate of 0.3523% in the case of Macrotech Developers.The bench of Kuldip Singh (Judicial Member) and Padmavathy S. (Accountant Member) has observed that the rate of guarantee commission is required to be determined on the basis of the credit rating of the issuer company...
GST Council Can Recommend Rate But Can’t Determine Classification: Madras High Court Allows Parle Agro’s Petition Challenging Classification Of Flavoured Milk
The Madras High Court has allowed Parle Agro’s petition challenging the classification of flavoured milk.The bench of Justice C. Saravanan has observed that the GST Council cannot impose the wrong classification of “flavoured milk” as a “beverage containing milk” under the residuary item "non-alcoholic "beverages" under Subheading 2202 90 30 of the Customs Tariff Act,...
Bombay High Court Quashes Income Tax Assessments Against Agriculturist And Rickshaw Driver For Improper Sanction
The Bombay High Court has quashed the income tax assessments for the assessment year 2016-2017 against agriculturists and rickshaw drivers for improper sanction.The bench of Justice K.R. Shriram and Justice Neela Gokhale relied on its earlier decision in Siemens Financial Services Private Limited Vs. Deputy Commissioner of Income Tax & Ors. The court held that the approval of the...