Tax
No Provision For Taxing Stock Transfer From One Unit To Another Within State: Allahabad High Court Quashes Penalty Order
The Allahabad High Court has held that there is no provision for taxing goods (stock transfer) being transported from one unit of the assesee to another within the State of Uttar Pradesh. The Court further held that intention to evade tax cannot be attributed on movement of assesse's goods from one unit to another.Petitioner's goods were being transported from one unit to another in the State...
Mere Acceptance Of Re-Assessed Value And Payment By Assessee Not Be Sufficient To Confirm Allegations Of Under Valuation: CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that mere acceptance of the re-assessed value and payment by the assessee will not be sufficient to confirm the allegations of undervaluation.The bench of Ravana Gupta (Judicial Member) and Hemambika R. Priya (Technical Member) observed that to avoid any delay and demurrage charges, in case the consignment...
PCIT Precluded From Initiating Proceedings Based On Document Not Forming Part Of Any Proceedings: ITAT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the basis to initiate the proceedings under Section 263 of the Income Tax Act by the PCIT is misplaced as it was based on the document, which was not forming part of any proceedings.The bench of Suchitra Kamble (Judicial Member) and Waseem Ahmed (Accountant Member) has observed that the report from the Departmental...
CBDT Notifies Income Tax Exemption To Punjab Dental Council, Mohali
The Punjab Dental Council, Mohali, has been granted income tax exemption by the Central Board of Direct Taxes (CBDT).The Central Government has notified ‘Punjab Dental Council, Mohali’, which is a Council constituted by the Government of Punjab, in respect of the receipt of registration or renewal received from doctors and interest income on accumulated surplus in the form of F.D.R.s...
Admission Fees Paid To Club For Corporate Membership Is Exclusively For Business Purpose, It Is 'Revenue' In Nature: Bombay HC
The Bombay High Court has held that the admission fees paid to a club towards corporate membership are wholly and exclusively for business purposes, and the same are revenue-generating in nature.The bench of Justice K.R. Shriram and Justice Rajesh S. Patil also observed that the expenditure incurred towards entrance fees and annual membership would be a "revenue expenditure" because it has...
Madras HC Directs Income Tax Dept. To Lift Attachment Of Pension Account Considering Age, Ailment Of Assessee
The Madras High Court has directed the income tax department to lift the attachment of the pension account of the assessee considering his age and ailment.The bench of Justice R. Mahadevan and Justice Mohammed Shaffiq passed this order noting that the entire pension amount, with arrears, is lying in the bank account of the appellant or assessee. It is also seen that only a sum of Rs....
Gujarat High Court Stays Proceedings Concerning GST Imposition On Transfer Of Leasehold Rights Of GIDC Land
The Gujarat High Court stayed the proceedings in respect of the issue related to the imposition of GST on the transfer of leasehold rights to Gujarat Industrial Development Corporation (GIDC) land and issued the notice to the department.The bench of Justice Biren Vaishnav and Justice Mauna M. Bhatt passed this order while presiding over a petition in respect of several notices that had...
ITAT Deletes Addition On Cash Deposit During Demonetisation On Account Of Sale Of Petrol, Diesel And Other Petroleum Products
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition of cash deposits during demonetisation on account of the sale of petrol, diesel, and other petroleum products.The bench of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member) have observed that cash deposits are on account of the sale of petrol, diesel, and other petroleum products....
Hindustan Coca Cola Did Not Recover Excise Duty From Their Customers, Is Not Hit By The Bar Of Unjust Enrichment: CESTAT
The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Hindustan Coca-Cola did not recover excise duty from their customers and is not hit by the bar of unjust enrichment.The bench of Ajay Sharma (Judicial Member) has observed that when duty has been paid during the investigation at the insistence of the department post-clearance of the goods,...
UPGST | For Claiming ITC, Burden On Assesee To Prove Genuineness Of Transaction Beyond Doubt: Allahabad High Court
The Allahabad High Court has held that input tax credit cannot be claimed by an assesee if he has failed to discharge the burden to prove the actual transaction and physical movement of goods beyond doubt.Referring to Section 16 and 74 of the UP Goods and Service Tax Act, 2017, Justice Piyush Agrawal held “it is evident that in the event of wrong availment of input tax credit, the...
Non-Adherence To Mandatory Requirement Of Passing Draft Assessment Order Invalidates Final Assessment Order: Delhi High Court
The Delhi High Court has held that non-adherence to the mandatory requirement of passing a draft assessment order invalidates the final assessment order.The Bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula have observed that the omission to pass a draft assessment order is not merely a procedural oversight but a substantive lapse, which renders the subsequent order...
Subscription Fee Received By Deloitte Exempted From Tax On Principle Of Mutuality: Delhi High Court
The Delhi High Court has held that subscription fees received by Deloitte are exempted from tax on the principle of mutuality.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the expression “mutuality” flows from the expression “mutual”, which indicates reciprocity of arrangement in which the concerned parties have reciprocal rights or understanding...