Tax
Issuance Of Bonus Shares Does Not Amount To Transfer Of Property And Does Not Attract Section 56(2)(vii)(c): ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that in the issue of bonus shares, the money remains with the company and nothing comes to the shareholders as there is no transfer of the property and the provisions of Section 56(2)(vii)(c) of the Income Tax Act.The bench of Anubhav Sharma (Judicial Member) and M. Balaganesh (Accountant Member) has observed that when...
UP VAT | Burden To Prove Purchase From Registered Dealer On Assesee: Allahabad High Court
In a revision preferred by the Tax Department, the Allahabad High Court has held that the burden to prove that purchases were made from registered dealer lies on the Assesee claiming the same. The Department cannot be made to discharge a negative burden to prove that the sales were made from unregistered dealers. Perusing Section 16 (Burden of Proof) of the Uttar Pradesh Value Added Tax...
Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that assessment invalid on account of a mechanical non-speaking approval under Section 153D of the Income Tax Act.The bench of Kuldip Singh (Judicial Member) and S. Rifaur Rahman (Accountant Member) has observed that the assessing officer has passed a draft assessment order making huge additions, and such huge additions...
CBDT Notifies Income Tax Exemption To Multi Commodity Exchange Investor (Client) Protection Fund Trust
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption to Multi Commodity Exchange Investor (Client) Protection Fund Trust under Section 10(23EC) of the Income Tax Act.“In exercise of the powers conferred by sub-section (23EC) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Multi Commodity Exchange Investor...
Cognizant Technology Liable For Dividend Distribution Tax On Buyback Of Rs 19,000-Crore Shares: ITAT
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that Cognizant Technology is liable to pay dividend distribution tax on the buyback of Rs. 19,000 crore shares.The bench of Mahavir Singh (Vice President) and Shrimanjunatha. G (Accountant Member) has observed that the purchase of its own shares through a scheme sanctioned by the jurisdictional HC in terms of provisions of...
Activity Of Collection, Cleaning, Segregation And Stacking Of Blasted Raw Magnesite Is Classifiable As ‘Mining Services’: CESTAT
The Chennai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the activity of collection, cleaning, segregation, and stacking of blasted raw magnesite is classifiable under the category ‘Mining Services’.The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar (Technical Member) has observed that the activities of collection, cleaning, segregation,...
Patna High Court Upholds Constitutional Validity Of Section 16(4) Of CGST Act, 2017
The Patna High Court upheld the constitutional validity of Section 16(4) of the CGST/BGST Act, 2017 and did not find Section 16(4) to be violative or inconsistent with the fundamental rights guaranteed under the constitution.The bench of Justice Chakradhari Sharan Singh and Justice Madhuresh Prasad observed that concession of ITC under sub-section (1) of Section 16 of the CGST/BGST Act...
CBDT Expands The List Of Securities Eligible For Tax Exemption On A Recognised Stock Exchange In IFSC
The section 47(viiab) exemption's scope has been expanded by the Central Board of Direct Taxes (CBDT).The Income Tax Act of 1961, Section 47(viiab), exempts transfers of capital assets made by non-residents on recognised stock exchanges situated in any International Financial Services Centre (IFSC) from paying capital gains tax.The exemption is now available to units of investment trust, units...
Govt. Constitutes State Benches For GST Appellate Tribunal
The establishment of 31 benches for the Goods and Services Tax Appellate Tribunals (GSTAT) has been announced by the central government. The action is anticipated to assist firms in effectively resolving a range of disputes.The GST Council advised that GSTAT be established with one Principal Bench and several State Benches.The notification states that Uttar Pradesh will get three benches,...
Refusal To Condone Delay In ITR filing , Consideration After 20 Years, Allahabad High Court Quashes Order
The Allahabad High Court has quashed the order refusing to delay condonation in filing ITRs for lack of records after more than 20 years of filing the condonation applications.The bench of Justice Siddhartha Varma and Justice Manoj Bajaj has observed that when the delay condonation application was filed on March 30, 1998, the applications ought to have been decided within the time provided by...
Benefit Of Vera Samadhan Yojana-2019 Cannot Be Denied Due To Erroneous Payment Figure In Tax Intimation: Gujarat High Court
While handing down a verdict in favor of Planet Automotive Pvt. Ltd., which had sought relief under the "Vera Samadhan Yojana-2019," a tax amnesty scheme introduced by the State of Gujarat, the Gujarat High Court, has affirmed that a minor error in the intimation should not prevent the petitioner from availing the benefits of the scheme, especially when they have met the essential criteria...
Mirror And Sari Guard, Part Of Final Product- Motorcycle, CESTAT Allows Cenvat Credit To Hero MotoCorp
The Chandigarh Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), while allowing Cenvat Credit to Hero Motocorp, held that it is the statutory obligation of two-wheeler manufacturers to clear motorcycles from the factory with mirror assembly and sari guard.The bench of S. S. Garg (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that mirror assembly...