Tax
Delhi High Court Grants Assessee An Opportunity To Adduce Evidence On Qualification, Experience, Work Profile Of Employees To Avoid Section 40A(2) Disallowance
The Delhi High Court has granted the assessee an opportunity to adduce appropriate evidence—documentary or otherwise—before the Assessing Officer in order to establish its claim regarding educational qualification, experience, work profile, and in particular the duties discharged by the concerned persons to justify the claim of the appellant or assessee qua payment of salary to the...
Delhi High Court Quashes Assessment Order Passed Before Expiry Of Time To File A Reply To The Show Cause Notice
The Delhi High Court has quashed the assessment order passed before the time to file a reply to the show cause notice expired.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the show cause notice was issued on March 31, 2023, giving time to the petitioner or assessee to file its reply by May 5, 2023 (15:49 hours). The impugned order was passed on April...
Form No.10-IC Couldn’t Be Uploaded On ITBA Portal Due To Technical Problem: Gujarat High Court Allows Section 115BAA Concessional Tax Benefit
The Gujarat High Court has allowed the benefit of concessional tax under Section 115BAA of the Income Tax Act, as Form No.10-IC could not be uploaded on the Income Tax Business Application (ITBA) portal due to technical problems.The bench of Justice Biren Vaishnav and Justice Mauna M. Bhatt has observed that Form 10-IC was furnished by the assessee on January 29, 2022. Since the assessee...
No Service Tax Payable On Bank Guarantee Provided To Group Of Company: CESTAT
The Chandigarh Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is leviable on the corporate guarantee provided by the appellant/assessee to various banks/financial institutions.The bench of S. S. Garg (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that there is no consideration insofar as the “corporate guarantee‟...
Long-Term Capital Gain Can’t Be Claimed Without Owning Flats for At Least 3 years: ITAT
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that long-term capital gain cannot be claimed without owning flats for at least 3 years.The bench of R.K. Panda (Vice President) and Laliet Kumar (Judicial Member) has observed that PCIT is fully justified in invoking the provisions of Section 263 of the Income Tax Act as the assessee without holding the seven flats for a...
CESTAT Quashes Service Tax Demand On Liquidated Damages Against BHEL
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has quashed the service tax on liquidated damages against Bharat Heavy Electricals Limited (BHEL).The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar (Technical Member) has set aside the demand for service tax on liquidated damages.The appellant/assessee is paying service tax under forward charge on...
Accumulated CENVAT Credit Of EOU Unit Can Be Transferred To DTA Unit After Exit Of EOU Status: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the accumulated CENVAT credit of export-oriented units (EOU) can be transferred to the Domestic Tariff Area (DTA) Unit after the exit of EOU status.The bench of Sulekha Beevic (Judicial Member) and Vasa Seshagiri Rao (Technical Member) observed that the unit has become a DTA after exiting from...
No Requirement To Have A DIN Number In Satisfaction Note Recorded By Assessing Authority: Kerala High Court Upholds Section 153C Proceedings
The Kerala High Court has upheld the proceedings under Section 153C of the Income Tax Act and noted that there is no requirement to have a DIN number in the satisfaction note recorded by the Assessing Authority.The bench of Justice Dinesh Kumar Singh has dismissed the writ petition and stated, “It cannot be said that the impugned notices and assessment orders are without jurisdiction...
State Amendments Made To VAT Acts After GST Came Into Effect Are Invalid : Supreme Court
A Division Bench of the Supreme Court, while deciding the appeals arising from judgments of Telangana, Gujarat and Bombay High Court with respect to the validity of VAT Amendment Act in their respective states, made several significant findings regarding Section 19 of the Constitution (101st Amendment) Act (Amendment), 2016, which allowed the introduction of the Goods and Services...
Physician Samples Distributed Free Of Cost By Medicament Manufacturer, Excise Duty Payable On Transaction Value: CESTAT
The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that physician samples are not sold by affixing the MRP on them; the same has to be distributed free of charge by the medication manufacturer. In those circumstances, the excise duty is payable on transaction value.The bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has...
Delhi High Court Directs Dept. To Refund IGST On Telecommunication Services Rendered By Vodafone Idea To Foreign Telecom Operators
The Delhi High Court has directed the department to refund IGST on telecommunication services rendered by Vodafone Idea to foreign telecom operators (FTO).The Bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that the predecessor of the petitioner (Vodafone India Ltd.) had prevailed before the Customs Excise and Service Tax Appellate Tribunal on the question of whether...
CBDT Condones Delay In Filing Of Form No. 10-IC For Assessment Year 2021-22
The Central Board of Direct Taxes (CBDT) has notified the condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22.Form 10-IC is required to be filed only if a Domestic Company chooses to pay tax at concessional rate of 22% under Section 115BAA of the Income Tax Act, 1961.The Board has received the representations...