Tax
Gold In Any Form Fails Pass Test Of Second-Hand Goods, Marginal Scheme Benefit Not Applicable: AAR
The Kerala Authority of Advance Ruling (AAR) has ruled that the benefit of the marginal scheme is not applicable to gold, as gold in any form fails to pass the test of second-hand goods.The bench of Dr. S.L. Sreeparvathy and Abraham Renn S. has observed that the applicant cannot determine the value of gold as per Sub Rule 5 of Rule 32 of the CGST, Rules 2017, which restricts Input Tax...
Rapigro Is A Plant Growth Regulator, Attracts 18% GST: AAR
The Ahmedabad Bench of the Authority of Advance Ruling (AAR) has ruled that Rapigro attracts 18% GST.The bench of Amit Kumar Mishra and Milind Kavatkar has observed that ‘Rapigro’ is classifiable as a Plant Growth Regulator and not a fertilizer.The applicant, M/s. Isagro was engaged in the manufacture of the product Rapigro and was classifying it under TI 3507 of CETA '85 as a...
While Company Has MD, Non-Executive Director Can’t Be Person In Default: SEBI
The Securities and Exchange Board of India (SEBI) has held that a non-executive director is not an ‘officer who is in default’ and therefore cannot be held liable for refunds under Section 73 of the Companies Act.The bench of Ananth Narayan G. has observed that no liability could be imposed on a non-executive director in his capacity as ‘officer who is in default’ where a company had...
Wired Headset Not A Part Of Any Mobile Phone: CESTAT Allows Customs Duty Exemption
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed the customs duty exemption on Earphones.The bench of Dr. Rachna Gupta (Judicial Member) and P. V. Subba Rao (Technical Member) has observed that all goods falling under CTH 8518 are exempted by S. No. 18 of the notification, excluding some ‘parts of the cellular mobile phones’...
Reassessment Can’t Be Initiated On Grounds Of Subsequent Contradictory Ruling By AAR: Bombay High Court
The Bombay High Court has held that reassessment can’t be initiated on the grounds of a subsequent contradictory ruling by the Authority of Advance Ruling (AAR).The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla has observed that merely because the AAR in the case of another Applicant has taken a different view, it cannot be a sufficient basis on which the department...
Vague Arrest Memo, Allahabad High Court Grants Bail To Accused In Fake GST ITC Worth Rs.88 Crores
The Allahabad High Court has granted bail to the person allegedly involved in the creation of 92 fake GST Forms and the passing of fake Input Tax credits (ITC) to the tune of Rs. 88 crore.The bench of Chief Justice Pritinker Diwaker and Justice Ashutosh Srivastava has observed that even in the arrest memo, the Department is not sure as to what offence has been committed by the petitioner,...
Delhi High Court Excludes Comparable On Grounds Of Functional Dissimilarity & Amalgamation
The Delhi High Court has held that the Software Development Services offered by TCS International could not be used as a comparable since the assessee was in the business of Indian Information technology-enabled services (ITES) or business process outsourcing (BPO).The division bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that TCS International is in the business...
12% GST Payable On ‘Solar Home Lighting System’: AAR
The Uttar Pradesh Authority of Advance Ruling (AAR) has held that 12% GST is payable on solar home lighting systems.The bench of Rajendra Kumar and Harilal Prajapati has observed that ‘solar home lighting systems are classified as solar-based devices covered under HSN Code 94055040.The applicant intends to supply a solar home lighting system consisting of Solar photovoltaic Modules, a...
No Excise Duty Applicable On Residual Fuel Gas Cleared By Haldia Petrochemicals: CESTAT
The Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no excise duty is applicable on Residual Fuel Gas (RFG) cleared by Haldia Petrochemicals.The bench of P.K. Choudhary (Judicial Member) and K. Anpazhakan (Technical Member) has quashed the demand for excise duty on intermediate excisable goods, i.e., Residual Fuel Gas (RFG), which was cleared by...
Plastic Waste Management Falls Under Preservation Of Environment: ITAT Allows Income Tax Exemption
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the Income Tax exemption for the Punjab Plastic Waste Management Society and observed that plastic waste management falls under the preservation of the environment.The bench of A.D. Jain (Vice President) And Vikram Singh Yadav (Accountant Member) has quashed the order of the Commissioner of Income Tax...
J&K Roads Development Agency Is Exempted From TDS Deduction On TD Account Interest: Jammu & Kashmir High Court
The Jammu & Kashmir High Court has held that the J&K State Rural Roads Development Agency (JKSRRDA) is exempt from TDS deduction on interest income accrued on Term Deposit Accounts.The bench of Justice Sanjeev Kumar and Justice Puneet Gupta has observed that JKSRRDA is a society registered under the J&K Societies Registration Act, 1998, and is a body wholly financed by the...
Excess Claim Of Depreciation By Axis Bank, Voluntary Surrendered, No Case For Penalty: Gujarat High Court
The Gujarat High Court has held that the department has failed to establish that there was concealment of particulars of the income of the assessee, Axis Bank. The department has also failed to establish that the assessee furnished inaccurate particulars of its income.The bench of Justice Vipul M. Pancholi and Justice D. M. Desai has upheld the ruling of the Income Tax Appellate Tribunal...