Tax
Savoury Oats And Silk Oats Are Classified As ‘Cereal’, Does Not Attract Excise Duty: CESTAT
The Chennai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that savoury oats and silk oats are classified as ‘cereal’ and do not attract excise duty.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that savoury oats and silk oats are classifiable under Chapter Heading 1104-1200.The...
Interconnectivity Utility Charges From Indian Customers/End Users Can’t Be Considered As Royalty/FTS: CESTAT
The Banglore Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that payments received by the assessee towards interconnectivity utility charges from Indian customers or end users cannot be considered royalties or fees for technical services (FTS).The bench of Beena Pillai (Judicial Member) and Chandra Poojari (Accountant Member) has observed that the...
Delhi High Court Quashes Income Tax Penalty Notice Issued On The Strength Of A Non-Existent Assessment Order
The Delhi High Court has quashed the penalty notice issued on the strength of a non-existent assessment order.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the department had issued a show cause notice for penalty under Section 271 F on the strength of an assessment order dated May 9, 2023, which was already set aside by the Division Bench of the Delhi...
Notice Lacked Reasons to Show Wrongful Availment Of ITC: Delhi High Court Releases Seized Currency, Other Valuable Assets
The Delhi High Court has directed the release of the currency and other valuable assets seized from the petitioner during the search proceedings.The bench of Justice Vibhu Bakhru and Justice Purushaindra Kumar Kaurav has observed that the notice under Section 74 of the CGST Act does not specify any particular reasons to show that "input tax credit has been wrongly availed of or...
Provisional Attachment Of Bank Accounts Adversely Impact Assessee’s Business: Delhi High Court Imposes Rs. 5k Cost On Superintendent Anti-Evasion
The Delhi High Court has imposed a cost of Rs. 5,000 on the department and observed that the provisional attachment of bank accounts adversely impacts the assessee’s business.The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that the communication seeking to place a debit freeze on the petitioner’s account emanated from Superintendent Anti-Evasion and not from...
DPIIT Issues Standard Mark in Electric Ceiling Type Fans, Rolls out Electric Ceiling Type Fans (Quality Control) Order, 2023
The Ministry of Commerce and Industry, through its Department for Promotion of Industry and Internal Tradehas issued mandatory quality norms for electric ceiling fans to ensure quality control for electric ceiling fans for domestic manufacturers including MSMEs.A notification in this regard was issued by the DPIIT on 09.08.2023 in exercise of the powers conferred by sub-sections (1) and (2)...
DGFT Extends Deadline for Export Quota Application to Bhutan Upto August 21
The Directorate General of Foreign Trade (DGFT) under India’s Ministry of Commerce & Industry has recently issued a circular pertaining to the procedure for allocation of quota for export of Wheat, Wheat Flour (Atta) and Maida/Semolina on humanitarian and food security grounds, based on requests received from Government of Bhutan.The Directorate, has partially amended Trade Notice...
DGFT Extends Application Deadline For Export of Broken Rice To Senegal, Gambia, And Indonesia
The Directorate General of Foreign Trade (DGFT) under India’s Ministry of Commerce & Industry has recently issued a circular pertaining to the procedure for allocation of quota for export of broken rice on humanitarian and food security grounds, based on requests received from Governments of other Countries.As per the circular, in compliance with the Order dated 10.08.2023 of the High...
Ministry Of Finance Increases Windfall Tax On Crude Oil, Diesel, and Aviation Turbine Fuel
In a significant move, the Ministry of Finance has issued Notification No. 26/2023-Central Excise and Notification No. 27/2023-Central Excise on August 14, 2023, announcing an upward revision of the windfall tax rates on domestically produced crude oil, diesel, and aviation turbine fuel.According to the notifications, the windfall tax on domestically produced crude oil is set to undergo...
CBDT Issues Circular On Constitution and Functioning Of Dispute Resolution Committee
In response to the enactment of the e-Dispute Resolution Scheme, 2022, under section 245MA of the Income Tax Act, the Central Board of Direct Taxes (CBDT), (Ministry of Finance), has recently issued a significant office order on August 14, 2023, outlining the constitution and operational procedures of the Dispute Resolution Committee (DRC).The circular, bearing the reference of Rule 44DAA of...
Mandatory Electronic Filing Of Non-Preferential Certificate Of Origin (CoO) Deadline Extended by DGFT
The Directorate General of Foreign Trade (DGFT) under India’s Ministry of Commerce & Industry has issued a final notice regarding the mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the e-CoO platform.​​This Directorate, vide Trade Notice No. 27/2022-2023 dated 28.03.2023, has extended transition period upto 31st December 2023 for mandatory filing...
Interest Income Earned On Deposits By Clubs In Banks Which Are Corporate Members Taxable; Principle Of Mutuality Not Applicable: Supreme Court
The Supreme Court has ruled that the interest income earned on fixed deposits (FDs) made by Clubs in the banks which are members of those Clubs has to be treated like any other income from other sources within the meaning of Section 2(24) of Income Tax Act, 1961. The bench of Justices B.V. Nagarathna and Prashant Kumar Mishra said that the principle of mutuality would not apply to interest...