Tax
Calcutta High Court Upholds Constitutional Validity Of Explanation to Section 10AA(1) Inserted By Finance Act 2017
The Calcutta High Court has upheld the constitutional validity of the explanation to Section 10AA(1) of the Income Tax Act inserted by the Finance Act 2017.The bench of Justice Md. Nizamuddin has observed that the principle of legitimate expectation is not applicable to the case of the petitioner, and the explanation after Subsection (1) of Section 10AA of the Income Tax Act, 1961, inserted...
CBDT Notifies Income Tax Exemption To Punjab Nurses Registration Council
The Central board of Direct Taxes (CBDT) has notified the income tax exemption to Punjab Nurses Registration Council under section 10 (46) of the Income-tax Act, 1961.The Punjab Nurses Registration Council which is a council constituted by the Government of Punjab. The income tax exemption shall be allowed on fees from Nursing students and affiliated nursing institutions; and...
No Basis Of Allocation Or Actual Cost Incurred For Affiliates: ITAT Confirms Additions For Cost Reimbursement As FTS
The Mumbai Bench of Income Tax Appellate Tribunal, while confirming the additions for cost reimbursement as fees for technical services (FTS), noted that the assessee had no basis of allocation or actual cost incurred for affiliates.The bench of Aby T. Varkey (Judicial Member) and S. Rifaur Rahman (Accountant Member) has observed that the assessee has entered into a support services agreement...
Activity Of Fitting Power Lens Into Spectacle Frames Does Not Amount To Manufacture, Excise Duty Demand Not Sustainable: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the activity of fitting power lenses into frames does not amount to manufacture, and the demand for excise duty is not sustainable.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that post-manufacture of the spectacle frames and lenses, the...
Dept. Failed To Produce New Or Tangible Information To Justify The Reopening Of Assessment Against IDFC: Madras High Court
The Madras High Court has quashed the reassessment proceedings against the IDFC as the department failed to produce any new or tangible information to justify the reopening of the assessment.The bench of Justice Anita Sumanth has observed that the information already on file that was examined in the first instance cannot satisfy the legislative requirement under Section 148 Explanation 1,...
CBDT Notifies Income Tax Exemption To National Farmers Welfare Program Implementation Society
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption to National Farmers Welfare Program Implementation Society under section 10 (46) of the Income-tax Act, 1961.The exemption shall be granted to National Farmers Welfare Program Implementation Society on Government Grant, Miscellaneous receipts from RTI, Tender Fee, Fines & Penalties and sale of...
Delhi High Court Quashes Order Exempting Indian Trade Promotion Org. From Entertainment Tax On Trade Fairs
The Delhi High Court has quashed the order of the Financial Commissioner exempting the Indian Trade Promotion Organization from entertainment tax on trade fairs.The bench of Justice Yashwant Varma and Justice Dharmesh Sharma has observed that entry to the Pragati Maidan is regulated and the visitors are allowed entry on payment of an admission fee. Once they are inside the complex, they can...
Tax Cases Weekly Round-Up: 1 To 7 October, 2023
Delhi High Court EPF Contribution Paid Next Day After National Holiday, Delhi High Court Allows Deduction As Due Fell On National Holiday Case Title: PCIT Versus Pepsico India Holding Pvt. Ltd. The Delhi High Court has allowed the deduction for the employee’s contribution towards the provident fund as the due date fell on a national holiday. Bombay High...
Tax Cases Monthly Round Up: September 2023
Direct Tax Supreme Court Material Disclosed To Income Tax Settlement Commission Needn't Be Something Which Wasn't Discovered By Assessing Officer : Supreme Court Case Title: KOTAK MAHINDRA BANK LIMITED vs COMMISSIONER OF INCOME TAX BANGALORE AND ANR Citation : 2023 LiveLaw (SC) 822 The Supreme Court has ruled that Section 245H of the Income Tax Act,...
GST Council Recommends Conditional Duration IGST Exemption To Foreign Flag Foreign Going Vessel When It Converts To Coastal Run
The GST Council recommends conditional and limited duration IGST exemption to foreign flag foreign going vessels when it converts to coastal run.Foreign-going vessels are liable to pay 5% IGST on the value of the vessel if it converts to a coastal run.GST Council recommends conditional IGST exemption to foreign flag foreign going vessel when it converts to coastal run subject to its...
52nd GST Council Meet: Nil GST Rate For Food Preparation Of Millet Flour In Powder Form
The GST Council recommended nil rate for food preparation of millet flour in powder form and containing at least 70% millets by weight when sold in loose form.GST rates on “Food preparation of millet flour in powder form, containing at least 70% millet by weight”, falling under HS 1901, with effect from the date of notification. 0% if sold in other than pre-packaged and labelled form and...
GST Council Recommends To Keep ENA Used For Manufacturing Alcoholic Liquor For Human Consumption Outside GST
The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman recommended keeping Extra Neutral Alcohol (ENA) used for the manufacture of alcoholic liquor for human consumption outside GST.The Law Committee will examine suitable amendments in law to exclude ENA for use in the manufacture of alcoholic liquors for human...