CBDT Notifies Rule 21AHA And Form 10-IFA For New Manufacturing Co-Operative Societies To Opt For 15% Concessional Tax Rate

The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Twenty-Third Amendment) Rules, 2023.The new rule 21AHA is in respect of the Exercise of option under section 115BAE(5). The option to be exercised in accordance with the provisions of sub-section (5) of section 115BAE by a person, being a cooperative society resident in India, for any previous year relevant to the...

Income From Nursery Activities Of Growing Various Types Of Lawns, Flower Plants And Vegetable Plants Is Agricultural In Nature: ITAT

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that income from nursery activities such as growing various types of lawns, flower plants, and vegetable plants is agricultural in nature.The bench of Suchitra Kamble (Judicial Member) and Annapurna Gupta (Accountant Member) has observed that the activity of an agricultural nature in respect of engaging in nursery activities...

Uttarakhand High Court Set Aside Reassessment Proceedings Initiated against Amalgamated Company As It Became Non-Existent

The Uttarakhand High Court has held that PAN activation by a transferor company does not entitle revenue to issue a reassessment notice after the appointed date of amalgamation.The bench of Justice Ravindra Maithani has observed that the reassessment notice was given to the transferor company, which is a non-existent entity, after the appointed date, i.e., April 1, 2018. The order under...

'Court Not An Expert In Chemistry Or Environment': Allahabad HC Relegates Person Seeking Exemption Under Insecticide Act To Statutory Authority

The Allahabad High Court recently held that Court is not an expert body to decide whether Ethephon (an insecticide) falls within the exemption claimed by the petitioner under Section 38(1)(b) of the Insecticide Act, 1968. Though the Court noted that petitioner had failed to discharge its burden to prove that exemption was rightly claimed, it directed the petitioner to appear before the...

CBDT Notifies Form 6D For Furnishing ‘Inventory Valuation Report’ U/s 142(2A) of Income Tax Act

The Central Board of Direct Taxes (CBDT) has notified the Form 6D for furnishing of ‘Inventory Valuation Report’ under section 142(2A) of the Income Tax Act.The Board has notified Income-tax (Twenty-Second Amendment) Rules, 2023.A new rule, Rule 14A has been inserted which deals with the Forms for a report of an audit or inventory valuation under section 142(2A). The report of the audit...

ITAT Deletes Penalty Of Rs.132 Cr. For Misreported Income Against Jaypee Cement

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty of Rs. 132 crore for misreported income against the assessee, Jaypee Cement.The bench of Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) has observed that there was absolutely no mala fide intention on the part of the assessee to claim an excess deduction under Section 32AC. In the facts,...

CBIC Extends Exemption From Maintaining Deposits In ECL Under Customs Act Till 30th November, 2023

The Central Board of Indirect Taxes and Customs (CBIC) has extended the exemption from maintaining deposits in the Electronic Cash Ledger (ECL) under the Customs Act till 30 November 2023.As per Section 51A of the Customs Act, 1962, every assessee has to maintain an electronic cash ledger in the customs portal. Every deposit made using an authorized mode of payment towards duty,...

Freight Inward Charges Are Part And Parcel Of Purchase Of Goods, TDS Not Deductible: ITAT

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has observed that freight inward charges were part and parcel of the purchase of the goods. It is settled law that the provisions of the TDS cannot be attracted to the transaction of the purchase and sale of the goods.The bench of Suchitra Kamble (Judicial Member) and Waseem Ahmed (Accountant Member) has observed that the assessee...

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...