Tax
There Should Be Finality To Assessment, Can’t Have Repeated Reassessment Proceeding On The Dictate Of Audit Party: Jharkhand High Court
The Jharkhand High Court has held that if the assessing authority is allowed to initiate repeated re-assessment proceedings against an assessee merely on the dictate of the audit party, there would not be finality of assessment. The assessee would have a sword of Damocles hanging over it in perpetuity.The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that, as far...
Section 234B Interest Has To Be Charged On The Assessed Income And Not On The Returned Income: Jharkhand High Court
The Jharkhand High Court has held that interest under Section 234B of the Income Tax Act has to be charged on the assessed income and not on the returned income.The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that, as per Section 234B, interest has to be charged on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance...
Double Taxation Avoidance Agreement Cannot Be Enforced Unless Notified By Centre Under Section 90 Income Tax Act : Supreme Court
The Supreme Court has held that a Double Taxation Avoidance Agreement (DTAA) cannot be given effect to by a court, authority or a tribunal unless it has been notified by the Central Government under Section 90 of the Income Tax Act.The Court held that until the Government of India issues a notification as per Section 90, the DTAA treaty is not enforceable per se in Indian courts.A...
GST | ‘Cannot Go Beyond Your Pleadings’: Allahabad High Court Refuses To Quash Penalty Order Under Section 129
The Allahabad High Court, on Wednesday, refused to quash penalty order passed under Section 129 of the Goods and Service tax Act, 2017 on the ground that petitioner cannot be permitted to argue the case without there being any pleading in support of his arguments.The Court held that the petitioner had failed to make a specific averment in the pleadings before the writ Court regarding...
Delhi High Court Upholds Sales Tax Demand Against Berger Paints On Stock Variations
The Delhi High Court has upheld the sales tax demand against Berger Paints on stock variations.The bench of Justice Yashwant Varma and Justice Dharmesh Sharma has observed that the discrepancies in the sales figures as well as the physical stock were not explained by the appellant. The assessing authority took a fair, just, and reasonable view of the matter in proceeding to carry out a...
Data Recovered From The Pen Drive Does Not Have Any Evidentiary Value To Prove Clandestine Clearance Of Silico Manganese: CESTAT
The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that data recovered from the pen drive does not have any evidentiary value to prove the clandestine clearance of silico manganese.The bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has observed that the department has failed to corroborate the unaccounted clearance available...
GST Act | Registration Can Only Be Cancelled U/S 29 Read With Rule 21, No Aid Can Be Taken From Any Other Statute: Allahabad HC Reiterates
The Allahabad High Court has reiterated that GST registration can only be cancelled under Section 29 of the Goods and Service Tax Act, 2017 read with Rule 21 of the GST Rules, 2017. For the purpose of cancellation of GST registration, no aid can be taken from any other statute.The bench comprising of Justice Piyush Agrawal, referring to the decision of Supreme Court Union of India and others...
GST Exemption On Unbranded Broken Rice, 5% GST On Pre-Packaged And Labelled Ones: AAR
The West Bengal Authority of Advance Ruling (AAR) has ruled that 5% GST is applicable on the supply of broken rice if supplied as “pre-packaged and labelled,", whereas no GST shall be payable on unbranded supply.The bench of Tanisha Dutta and Joyjit Banik has observed that “broken rice” is classifiable under Chapter Heading 1006. Therefore, the rate of tax on the supply of “broken...
CBDT Notifies Income Tax Exemption To Pension Fund The Stichting Pensiononds ABP
The Central Board of Direct Taxes (CBDT) has notified income tax exemption to pension funds, namely, the Stichting Pensioenfonds ABP.The Board empowered under sub-clause (iv) of clause (c) of Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 specified the pension fund, namely, the Stichting Pensioenfonds ABP as the specified person for the purposes of the section...
Gelatin Mass Waste Generated During Manufacturing Is A Waste Product, Demand For Reversal Of CENVAT Credit Is Unsustainable: CESTAT
The Banglore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the product “Gelatin Mass Waste” generated during the course of the manufacture of finished goods is a waste product.The bench of D.M. Misra (Judicial Member) and R. Bhagya Devi (Technical Member) has observed that the demand for reversal of CENVAT credit on the waste product is unsustainable...
Bona Fide Non-Offering Of Interest On Income Tax Refund While Filing ITR Does Not Amount To Under-Reporting Of Income: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the explanation of the assessee for not offering the interest on income tax refund while filing its return of income is bona fide.The bench of Sandeep Singh Karhail (Judicial Member) and Amarjit Singh (Accountant Member) has observed that bona fide non-declaration of interest on income tax refunds cannot be said to...
Transfer Pricing Report, Appellate Authorities Can Adopt Different Method From That Adopted By Assessee: Delhi High Court
The Delhi High Court has held that the appellate authorities are not precluded from adopting a method different from that adopted by the assessee in the transfer pricing report.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the ultimate aim of the transfer pricing exercise is to determine an accurate value of the arms length price for the purpose...