Tax
No Demand Under CICS or CRCS Could Survive Against Works Contract Involving Composite Contracts Prior To 01.06.2007: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that if works contract service was undertaken prior to June 1, 2007, involving contracts of composite nature, no demand under Commercial or Industrial Construction Service (CICS) or Construction of Complex Service (COCS) could survive.The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar...
Income With Respect To Contribution Received From Recognized Stock Exchange Is Eligible For Section 10 (23EC) Exemption: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the income of the assessee with respect to contributions received from recognized stock exchanges and the members thereof is eligible for exemption under Section 10 (23EC) of the Income Tax Act.The bench of Rahul Chaudhary (Judicial Member) and Prashant Maharishi (Accountant Member) has noted that the assessee has received...
Govt. Extends RoDTEP Scheme For Exports
The Ministry of Commerce & Industry has extended the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme for exports.The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) support which was notified till 30th September 2023 is now being extended till 30th June 2024 at the same rates as the existing export items.This will help our...
Transporters/Contractors Rendering Transport Services In Mines Cannot Be Said To Be GTA In Absence Of Consignment Note: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that in the absence of a consignment note, transporters or contractors rendering transport services in mines cannot be said to be goods transport agencies (GTA).The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar (Technical Member) has observed that the essential requirement is the issuance of...
Assessee Entitled To The Benefit Of VsV Act During The Pendency Of Prosecution Not Involving 'Tax Arrears': Bombay High Court
The Bombay High Court has directed the department to decide the application filed by the assessee in conformity with the Direct Tax Vivad Se Vishwas Act 2020.The bench of Justice K. R. Shriram and Justice N. K. Gokhale has observed that the assessee had paid self-assessment tax but has not paid the demand made due to reassessment or reopening of the assessment and has challenged the order...
ITAT Excludes Infosys From The List Of Comparables Under Software Development Services Segment
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld the exclusion of Infosys from the list of comparables under the software development services segment.The bench of Saktijit Dey (Vice President) and Dr. Brr Kumar (Accountant Member) has observed that departmental authorities themselves have excluded Infosys for AYs 2014–15, 2015–16, and 2016–17.The...
CBDT Classifies NBFCs Into Top, Upper, And Middle Layers
The Central Board of Direct Taxes (CBDT) has classified all the Non-Banking Financial Companies (NBFCs) into top, upper, and middle layers.The top, upper, and middle layers of the NBFCs will be eligible for provision of the Income Tax Act related to certain deductions to be only on actual payment.A Non-Banking Financial Corporation (NBFC) is a company that is registered under the Companies...
GST Registration Cancellation: Superintendent Of Central Tax To Take Independent Decision Without Influenced By Direction Of DGGI: Kerala High Court
The Kerala High Court has held that the Superintendent of Central Tax should take an independent decision without being influenced by the direction of the DGGI, Kochi Zonal Unit.The bench of Justice Dinesh Kumar Singh has observed that the DGGI, Kochi Zonal Unit, has already taken the decision to cancel the GST registration of the petitioner. The competent authority was only required to form...
Bogus Capital Gain By Sale Of Shares, Assessee Not A Beneficiary, ITAT Deletes Addition
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition on account of bogus capital gain by the sale of shares of a penny stock company in the absence of incriminating material.The bench of Siddhartha Nautiyal (Judicial Member) and Waseem Ahmed (Accountant Member) has held that no material has been brought on record to suggest that the assessee was involved in...
Rajasthan High Court Seeks A Mechanism Matching Supplier's Credit Note With ITC Reversal, From Authorities
The Rajasthan High Court has asked for suggestions from the authorities with respect to a mechanism for matching a supplier's credit note with input tax credit (ITC) reversal.The bench of Justice Manindra Mohan Shrivastava and Justice Praveer Bhatnagar has found that in the absence of any statutory obligation cast on the respondent to undertake a matching exercise if the petitioner is willing...
Presumptive Taxation, Income From Profession Can’t Be In Absence Of Notified Professional Qualification: ITAT
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that income from professions against which TDS is deducted cannot be taxed at 50% in the absence of notified professional qualification.The bench of Narender Kumar Choudhry (Judicial Member) and B.R. Baskaran (Accountant Member) has observed that the assessee is just a 10th grader who passed matriculation and does not...