Tax
For Computing Holding Period For Capital Gain The Period To Be Taken From Date Of Allotment Of The Flat: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that for computing the holding period for capital gain, the period is to be taken from the date of allotment of the flat.The bench of Aby T. Varkey (Judicial Member) and Om Prakash Kant (Accountant Member) has observed that for computing the holding period for capital gain, the period should not be taken from the date of...
Delhi High Court Directs Adjudicating Authority To Process Blackberry’s Claim Of Interest Under Section 11BB Of The Excise Act
The Delhi High Court has directed the adjudicating authority to process Blackberry’s claim of interest under Section 11BB of the Excise Act.The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that there is no cavill that the petitioner would be entitled to interest in terms of Section 11BB of the Excise Act from the date immediately after the expiry of three months from...
Defects In Statement Of Reportable Account Rectified Within The Time Limit: ITAT Deletes Penalty
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty as the defects in the statement of the reportable account were rectified within the time limit.The Bench of V. Durga Rao (Judicial Member) and Manjunatha, G. (Accountant Member) has observed that the provisions of sub-section (4) of Section 285BA of the Income Tax Act mandate that the defect be rectified...
Classification Of Dr.Reddy’s Senquel-AD As A Mouthwash Or A Medicament: Kerala High Court Remands The Matter Back
The Kerala High Court has remitted the issue of the classification of Dr.Reddy’s Senquel-AD as a mouthwash or a medicament for fresh consideration.The bench of Justice A.K. Jayasankaran Nambiar and Justice Mohammed Nias C.P. has directed the authority to follow the decision of the Supreme Court in the case of Collector of Central Excise v/s CIENS Laboratories, in which it was held that if...
CBDT Allows Income Tax Exemption To State Pollution Control Board Odisha
The Central Board of Direct Taxes (CBDT) has notified income tax exemption under clause 46 of Section 10 of the Income-tax Act, 1961, to the State Pollution Control Board, Odisha.The income generated in respect of Regulatory charges under different Environmental Acts & Rules, penalties & Levies collected under governing statutes, grant-in-aid received from Central & State...
CBDT Notifies Income Tax Exemption To Chandigarh Building And Other Construction Workers Welfare Board
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption to Chandigarh Building and Other Construction Workers Welfare Board.The Board has exempted the income of Chandigarh Building and Other Construction Workers Welfare Board arising from Proceeds of the Cess collected under the Building & Other Construction Workers Welfare Cess Act, 1996 and rules and contribution...
Jharkhand High Court Quashes Arbitrary Forfeiture Of Earnest Money By CCL, Orders Release
The Jharkhand High Court has taken a strong stance against the arbitrary cancellation of a contract and the subsequent forfeiture of earnest money by Central Coalfields Limited, a public sector coal supplier, and declared the forfeiture of earnest money by a public sector coal supplier as "indefensible" and "arbitrary."Justice Gautam Kumar Choudhary observed, “It was not that the coal value...
Delhi High Court Stays Income Tax Reassessment Proceedings Initiated Against Oxfam India
The Delhi High Court has stayed the income tax reassessment proceedings initiated against Oxfam India."A counter-affidavit will be filed within the next six (6) weeks. Rejoinder thereto, if any, will be filed at least five days before the next date of hearing. In the meantime, there shall be a stay on the continuation of the reassessment proceeding till further directions of the court," the...
Tax Cases Weekly Round-Up: 6 August To 12 August, 2023
Delhi High Court Depreciation Allowable On Goodwill Though No Actual Cash Payment Made For Acquisition: Delhi High Court Case Title: PCIT Versus M/S Eltek Sgs Pvt. Ltd. Citation: 2023 LiveLaw (Del) 668 The Delhi High Court has held that depreciation is allowable on goodwill arising in a scheme of amalgamation even though no actual cash payment was made for...
Service Tax Not Chargeable On Tour Services For Carrying Out Hajj Pilgrimage In Saudi Arabia By Indian Pilgrims: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not chargeable on tour services for carrying out the Hajj pilgrimage in Saudi Arabia by Indian Pilgrims.The bench of Rachna Gupta (Judicial Member) and P.V. Subba Rao (Technical Member) has observed that the Ministry of External Affairs only allocates 30% of its Hajj pilgrimage...
SEBI (Settlement Proceedings) Amendment Regulations, 2023 | SEBI Empowers Panel Of Whole Time Members For Settlement Proceedings
In a significant development, the Securities and Exchange Board of India (SEBI) has introduced an amendment to the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, via the Securities and Exchange Board of India (Settlement Proceedings) (Second Amendment) Regulations, 2023. The amendment, issued through notification No. SEBI/LAD-NRO/GN/2023/142 on August 10,...
Patna High Court Orders Railways To Refund Illegal VAT Deduction from Contractors' Bills
In a significant ruling, the Patna High Court has directed the Indian Railways to refund an amount of Rs. 38,22,897 to PCM Cement Concrete Pvt. Ltd., following an illegal VAT deduction made from the bills of the contractor.The division bench of Chief Justice K. Vinod Chandran and Justice Partha Sarthy held, “The transaction was purely of an inter-state sale of goods and is not a works...