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 Exe​​mption To National Farmers Welfare Program Implementation Society

The Central Board of Direct Taxes (CBDT) has notified the income tax exe​​mption 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...

GST Council Recommends Reducing GST On Molasses From 28% to 5% In Relief To Cane Farmers For Faster Clearance Of Dues And To Reduce Cost Of Manufacturing Cattle Feed

The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman recommends reducing GST on molasses from 28% to 5% in relief to cane farmers for faster clearance of dues and to reduce the cost of manufacturing cattle feed.Reducing GST on molasses from 28% to 5% will increase liquidity with mills and enable faster clearance of...

52nd GST Council Recommends Amendments In Conditions Of Appointment Of President And Member Of Proposed GST Appellate Tribunals

The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman is in New Delhi today.The council recommended the amendments in conditions of appointment of president and member of proposed GST Appellate Tribunals.The Council has recommended amendments in section 110 of the CGST Act, 2017 to provide that an advocate for ten...

[Section 220 Income Tax Act] Cannot Escape Payment Of Interest Merely Due To Wrong PAN Number In Order: Madras High Court

The Madras High Court recently observed that PAN particulars are only one of the modes to identify an individual and merely because a wrong PAN number was given in the order by the Adjudicating officer of SEBI, a person could not escape payment of interest. Justice N Seshasayee observed that when the penalty itself was paid, the petitioner could not escape payment of interest...

Madras High Court Allows Company To File Statutory Appeal After Limitation Period Noting That It Could Not Check GST Portal Due To Lack Of Employees

The Madras High court recently allowed a company to file a Statutory Appeal against the Assessment Order passed by the Assistant Commissioner (ST) (FAC) even though the limitation period to file an appeal had expired after noting that the company failed to access the notice in the GST portal. Justice C Saravanan observed that though the Supreme Court has held that orders could not...