Tax
Acceptance GSTR-3B Returns With Late Fee Will Not Condone Delay In Claiming ITC: Andhra Pradesh High Court
The Andhra Pradesh High Court has held that mere acceptance of Form GSTR-3B returns with a late fee will not exonerate the delay in claiming the Input Tax Credit (ITC).The bench of Justice U. Durga Prasad Rao and Justice T. Mallikarjuna Rao has observed that ITC being a concession, benefit, or rebate, the legislature is within its competency to impose certain conditions, including a...
Revenue Needs To Be Consistent, Can’t Accept Proposition In One Case And Challenge In Another : Patna High Court
The Patna High Court has upheld the principle of consistency in taxation matters, asserting that the Revenue cannot challenge a declaration of law accepted in one case while challenging its correctness in another case without just cause. Quoting several judgments of the Apex Court, the Court held, "The established principle is that, if the Revenue has not challenged...
EPFO Declares 8.15% Interest Rate For EPF Accounts In FY 2022-23
In a recent circular dated July 24, 2023, the Employees' Provident Fund Organisation (EPFO) declared the interest rate as 8.15% for Employees' Provident Fund (EPF) accounts for the financial year 2022-23. The EPFO circular read, "The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees'...
GSTN Introduces New Functionality Of E-Invoice Exemption Declaration Functionality For Business Facilitation
The Goods and Service Tax Network (GSTN) has introduced the new functionality of e-invoice exemption declaration for business facilitation.The functionality is specifically designed for taxpayers who are by default enabled for e-invoicing but are exempt from implementing it under the CGST (Central Goods and Services Tax) Rules.The e-Invoice Exemption Declaration functionality is voluntary and...
District Mining Officer Liable To Collect TCS On Compounding Fee Received From Illegal Miners: ITAT
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee, the District Mining Officer, is liable to collect tax at source on the compounding fee received from illegal miners even in the absence of a valid lease or licence of mines.The bench of Ravish Sood (Judicial Member) and Arun Khodpia (Accountant Member) has observed that even in the absence of any...
Vodafone Idea Not Liable To Deduct TDS On Inter-Connectivity Usage & Bandwidth Charges: Karnataka High Court
The Karnataka High Court has held that the assessee, Vodafone Idea, is not liable to deduct TDS on interconnectivity usage and bandwidth charges.The bench of Justice P.S. Dinesh Kumar and Justice Ramachandra D. Huddar has observed that since the assessee was entitled to the benefits under the Double Taxation Avoidance Agreement (DTAA), it was not liable to deduct tax at source.The court...
GST | Show Cause Notice Must Contain Foundation Of Case On Which Action Is Necessitated: Allahabad High Court
The Allahabad High Court has held that show cause notice must contain the foundation of the case based on which action is being necessitated. In case, the show cause notice is sufficient, assessee has remedy of filing reply/objections before the concerned authorities. A bench comprising of Justices Siddhartha Varma and Arun Kumar Singh Deshwal held that there are two primary requirements...
Capital Gains Can’t Be Added As Unexplained Cash Credit For Sale Of Penny Stock: Bombay High Court
The Bombay High Court held that capital gains cannot be added as unexplained cash credit for the sale of penny stock.The bench of Justice K.R. Shriram and Justice Firdosh P. Pooniwalla has observed that since the shares were purchased on the floor of the stock exchange and not from a broker, payment was made through the banking channel, deliverables were taken in the DEMAT account where...
Special Effects & 3D Conversion Services Are Not ‘Video-Tape Production’ Services Under S. 65(120) Of Finance Act, 1994: Supreme Court
The Supreme Court has upheld the order of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) that the 3D conversion services provided by the assessee, including services such as ‘imparting special effects’, ‘post production service’, ‘digital asset management and content service’ and ‘digital restoration service’, will not fall under the ambit of...
AO’s Duty To Adjust Brought Forward Unabsorbed Depreciation: Bombay High Court Quashes Reassessment
The Bombay High Court, while quashing the reassessment, held that the Assessing Officer had in his possession all the primary facts and it was for him to draw a proper inference as to whether the brought forward unabsorbed depreciation should be adjusted against capital gains or profit and gains from business or profession.The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla...
ITAT Deletes Addition On Security Deposits From Distributors/Retailers Against Coca Cola Bottles
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition against Hindustan Coca-Cola Beverages on the Security Deposits made by distributors and retailers against Coca-Cola bottles.The bench of Anubhav Sharma (Judicial Member) and N.K. Billaiya, (Accountant Member) has relied on the decision of the Supreme Court in the case of Sugauli Sugar Works [P] Ltd., in which...
No specific ICDS, ITAT Disallows Deduction On Marketing & Sales Expenses To Real Estate Developer
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has disallowed the deduction of marketing and sales expenses accumulated in work-in-progress as per accounting standards and revenue recognition policy.The bench of Rajpal Yadav (Vice President) and Girish Agrawal (Accountant Member) has observed that no specific Income Computation and Disclosure Standards (ICDS) have been notified...