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...

U.P. Trade Tax Act | 'Tinted Glass' To Be Taxed As “Goods Or Wares Made Of Glass”, As it is Different from 'Plain Glass': Supreme Court

The Supreme Court has held that 'Tinted Glass Sheet' is different from 'Plain Glass sheet' and is thus liable to be taxed as “goods or wares made of glass” under Entry 4 of Notification No.5784 dated 07.09.1981, issued by State Government. Accordingly, the manufacturer of Tinted Glass is liable to pay tax @15% on such goods. The Bench comprising Justice S. Ravindra Bhat and Justice...

Issue Of New Shares Is Not Transfer, Section 56(2)(vii)(c) Income Tax Act Not Invokable : Gujarat High Court

The Gujarat High Court has held that the shares that have been allotted to the assessee were not “received from any person,” which is the fundamental requirement for invoking Section 56(2)(vii)(c). The property must pre-exist for application of Section 56(2)(vii)(c), which is clear from the intention of the legislature”.The division bench of Justice Biren Vaishnav and Justice Bhargav...

Output VAT Refund Received By Hyundai Motor Towards Investment Promotion Subsidy Is Non-Taxable Capital Receipt: ITAT

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that the output VAT refund received by Hyundai Motor towards investment promotion subsidy is a non-taxable capital receipt.The bench of V. Durga Rao (Judicial Member) and Manjunatha G (Accountant Member) has observed that the output VAT incentive (investment promotion subsidy) granted for the purpose of setting up or expanding...

Amount Paid Upfront As Premium For Lease Of Hospital For 30 years Or More, Exempt From GST: Allahabad High Court

The Allahabad High Court has held that premium for plots allocated for hospitals under lease extending up to 30 years or more falls under the definition of ‘amount paid upfront’ and is exempt from Goods and Service Tax.While quashing the demand letter by Yamuna Expressway Industrial Development Authority issued to the petitioner, bench comprising of Justices Saumitra Dayal Singh and...