Tax
NRIs With Inoperative PANs To Update Residential Status, Clarifies Income Tax Dept.
According to the Income Tax Department, NRIs whose PANs are inoperative are asked to inform their respective Jurisdictional Assessing Officer (JAO) of their residential status and provide any necessary documentation in order to have their residential status updated in the PAN database.It is clarified that an inoperative PAN is not an inactive PAN. One may file the Income Tax Return...
ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), while rejecting the plea of the assessee for cash received in marriage, upheld the addition on account of an unexplained cash deposit made during demonetisation.The bench of Mahavir Singh (Vice President) and Manoj Kumar Aggarwal (Accountant Member) has observed that there is no direct evidence available from the assessee...
CESTAT Allows Import Duty Exemption For Repair Of The Vessel Sagar Sampada
The Banglore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the vessel Sagar Sampada is an Ocean-Going Vessel that is eligible for import duty exemption in respect of spares, parts, and other specific items for the vessel's repair.The bench of P. A. Augustian (Judicial Member) and R. Bhagya Devi (Technical Member) has observed that ocean-going vessels...
Allahabad High Court Dismisses Challenge To Appointment Of Commissioners Of Income-Tax (Appeals)
The Allahabad High Court has held that Sections 116 and 117 of the Income Tax Act, 1961 empower the Central Government to appoint Commissioner of Income-Tax (Appeals). Same pay scale would not make provisions of appointment under other statues applicable to the appointment of authorities under the Act of 1961.“First and foremost, we find that the statute, i.e. the Act of 1961 is a...
Tax Cases Weekly Round-Up: 16 July To 22 July, 2023
Supreme Court Income Tax Act | Completed/Unabated Assessments Cannot Be Reopened by AO If No Incriminating Material Is Found During Search: Supreme Court Case Title: Principal Commissioner of Income Tax vs King Buildcon Pvt. Ltd. Citation : 2023 LiveLaw (SC) 532 The Supreme Court has reiterated that in view of the judgment of the Supreme court in...
Chocolate Peanut Chikkies Attracts 18% GST: AAR
The Karnataka Authority of Advance Ruling (AAR) has held that Chocolate Peanut Chikkies attract 18% GST, whereas other chikkies attract 5% GST.The bench of M.P. Ravi Prasad and Kiran Reddy T. has held that the product "Chocolate Peanut Chickies" contains cocoa powder. Cocoa and Cocoa Preparations are covered under Chapter 18. Chapter heading 1806 covers Chocolate and other food...
18% GST Payable On Service of Charging Of Battery Of Electrical Vehicle: AAR
The Karnataka Authority of Advance Ruling (AAR) has ruled that 18% GST is applicable on the service of charging the battery of an electrical vehicle.The bench of M.P. Ravi Prasad and Kriran Reddy T. has observed that the Electrical Vehicle contains a motor to rotate the wheels that functions out of the energy sourced through the battery, and thus the said vehicle qualifies to be a motor...
No TDS Payable On Dividend Paid By Aircraft Leasing IFSC Unit: CBDT
The Central Board of Direct Taxes (CBDT) has notified that no TDS is deductible On dividends paid by the Aircraft Leasing International Financial Services Centre (IFSC) Unit.The Central Government specified that no deduction of income tax shall be made under Section 194 of the Income-tax Act from any income in the nature of a dividend paid by any unit of an International Financial...
Income-Tax (Thirteenth Amendment) Rules, 2023: CBDT Introduces New Sub-rule For Movable Property Exchange
The Central Board of Direct Taxes (CBDT), Ministry of Finance, has issued Notification No. 51/2023-Income Tax on July 18, 2023, amending Rule 11UAC of the Income-tax Rules, 1962. This new amendment is known as the Income-tax (Thirteenth Amendment) Rules, 2023 and comes into effect immediately. Under the Income-tax (Thirteenth Amendment) Rules 2023, a significant addition has been made...
RBI Includes ‘NongHyup Bank’ In The List Of Scheduled Banks Under Schedule II of RBI Act, 1934
The Reserve Bank of India (RBI) vide Notification DoR.RET.REC.25/12.07.160/2023-24 addressing all banks, has informed about the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934. Nonghyup Bank is an agricultural bank headquartered in Jung-gu, Seoul, South Korea. The bank was established in 2012 as detached from, and is now owned by the NACF. Nonghyup...
DGFT Amends Export Policy Of Non-Basmati White Rice From 'Free' To 'Prohibited'
In a significant move, the Government of India, acting through the Department of Commerce and the Directorate General of Foreign Trade (DGFT), has issued a notification, amending the Export Policy of Non-Basmati rice. The amendment has been made against ITC (HS) Code 1006 30 90 of Chapter 10 of Schedule 2 of the ITC (HS) Export Policy. As per Notification No. 20/2023 DGFT, the export...
Passing Of Project Specific Architectural Drawings And Design With Measurement Doesn’t Amount To ‘Make Available’ Technical Knowledge: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the mere passing of project-specific architectural drawings and designs with measurements did not amount to making available technical knowledge, know-how, or processes.The bench noted that G.S. Pannu (President) and Astha Chandra (Judicial Member) observed that the assessee has not transferred any technical...