Concealment Of Income Above Rs.50 Lakhs, Extended Period Of Limitation Would Apply: Delhi High Court

The Delhi High Court has held that an extended period of 10 years would apply in serious tax evasion cases where there was evidence of concealment of income above Rs. 50 lakhs.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that, as per the Memorandum, in “normal cases”, no notice was intended to be issued if 3 years had elapsed from the end of the relevant...

Filing Of Form-67 After Filing ITR But Before Issuance Of Intimation, Amounts To Due Compliance: Madras High Court Allows Foreign Tax Credit Claim

The Madras High Court has allowed the Foreign Tax Credit (FTC) claim on the grounds that filing Form-67 after filing the Income Tax Return (ITR) but before the issuance of an intimation amounts to due compliance.The bench of Justice Krishnan Ramasamy has observed that the returns were filed without FTC; however, the same was filed before passing the final assessment order. The filing of FTC...

Telangana High Court; GST Exemption Doesn't Cover Affiliation Fee And Inspection Fee Paid By Colleges To University

The Telangana High Court has held that GST exemption as granted under Notification No.12 of 2017 of the GST Act, 2017 to the institutions providing education services does not cover Affiliation fee and Inspection fee paid by the College to the University. "we are of the firm view that firstly, the Notification No.12 of 2017, dated 28.06.2017, cannot be made applicable upon inspection...

Authenticity Of Transaction Cannot Be Disputed If E-Way Bill Not Cancelled Within Time: Allahabad HC

The Allahabad High Court held that once e-way bill has been generated by the assessee and the same has not been cancelled within the time prescribed in the Goods and Service Tax Act, 2017, movement of goods and genuineness of a transaction cannot be disputed by the Department.While quashing the penalty order issued under Section 129(3) of the GST Act, Justice Piyush Agrawal held “The purpose...

Activity Of Giving Investment Advices To The Client Abroad Amounts To Export Of Services: CESTAT

The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the activity of giving investment advice to a client abroad amounts to the export of services.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the decision to accept the advice rests with the foreign client. The client who is abroad can...

Assessee Willfully Concealed Income: Madras High Court Refuses To Quash Prosecution

The Madras High Court has dismissed the assessee’s criminal original petition and held that the assessee was found to have suppressed and concealed the income, and the mens rea is categorically proved against the assessee since he failed to disclose a major portion of the income in his return.The bench of Justice G. K. Ilanthiraiyan has observed that the provision makes it punishable...

Section 80P(2)(d) Deduction Available On Interest Earned From Investments Made In A Co-Operative Bank: Madras High Court Quashes Reassessment

The Madras High Court, while quashing the reassessment proceedings, held that Section 80P(2)(d) of the Income Tax Act is not available on interest earned from investments made in a cooperative bank.The bench of Justice Krishnan Ramasamy relied on a division bench decision in the case of Salem Agricultural Producers Co-operative Marketing Society, in which it was held that the co-operative...

TRU Can’t Issue Clarification Regarding Classification Of Polypropylene Woven And Non-Woven Bags Under Customs Tariff Act, 1975: Delhi High Court

The Delhi High Court has held that the Tax Research Unit (TRU) cannot issue clarification regarding the classification of polypropylene woven and non-woven bags under the Customs Tariff Act, 1975.The bench of Justice Yashwant Varma and Justice Dharmesh Sharma has observed that the department could not point out any provision of the CGST Act, in terms of which the TRU could be said to have...

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...