Tax
CBDT Notifies Tolerance Range Of 1% For Wholesale Trading, 3% In All Other Cases For Assessment Year 2023-2024
The Central Board Of Direct Taxes (CBDT) has notified the tolerance range of 1% for wholesale trading and 3% in all other cases for the assessment year 2023-2024.“The Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C of the said Act and the price at which the international transaction or specified domestic transaction...
AO Unclear whether The Notice Is Issued To An Individual Or A Corporate Entity: Delhi High Court Quashes Reassessment Notice
The Delhi High Court has quashed the reassessment notice for non-application of mind by the department.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has directed the AO to recommence the proceeding if deemed necessary after gathering the relevant material that would show that income chargeable to tax has escaped assessment by the petitioner.The petitioner has challenged...
Capital Gain To Be Taxed In Singapore: Bombay High Court Allows Capital Gains Exemption To FII
The Bombay High Court has granted the capital gains exemption to Foreign Institutional Investors (FII).The bench of Justice K.R. Shriram and Justice Firdosh P. Pooniwalla has observed that Singapore authorities have themselves certified that the capital gain income would be brought to tax in Singapore without reference to the amount remitted or received in Singapore. The AO could not have come...
Karnataka High Court Allows Tax Exemption On Voluntary Donation Received By Educational Institution
The Karnataka High Court has allowed a tax exemption on voluntary donations received by educational institutions.The bench of Justice P.S. Dinesh Kumar and Justice T.G. Shivashankare Gowda has observed that the educational institution is carrying out education that is charitable within the meaning of Section 2(15), it has applied or accumulated sums as required by Section 11(1)(a),...
CBDT Approves Patanjali Yog Peeth Nyas As University For Social Science Research Centre To Grant Income Tax Benefits
The Central Board of Direct Taxes (CBDT) has approved Patanjali Yog Peeth Nyas as a university for social science research center to grant income tax benefits.The Central Government has approved ‘M/s Patanjali Yog Peeth Nyas, Delhi for its university unit ‘The University of Patanjali’, Haridwar’ under the category of ‘University, College or Other Institution’ for research in...
Difficult To Submit Complete Reply To The SCN In Less Than 12 Hours: Gujarat High Court Quashes Assessment Order
The Gujarat High Court quashed an assessment order made by the income tax authorities without granting the petitioner an opportunity to be heard. The court found that the show cause notice cum draft assessment order was issued with an extremely short deadline, leaving the petitioner less than 12 hours to respond.The case stems from the petitioner, Dineshkumar Chhaganbhai Nandani's filing of...
Full Credit Available On GST Charge In The Tax Invoice Issued By The Supplier: AAR
The Andhra Pradesh Authority of Advance Ruling (AAR) has ruled that full credit of the GST charge is included in the tax invoice issued by the supplier even if later commercial or financial credit notes are issued.The bench of K. Ravi Sankar and R. V. Pradhamesh Bhanu has observed that there is no requirement for the applicant to reverse the ITC proportionately to the extent of the financial...
Income From The Sale Of RECs Is Capital In Nature, Is Not Subject To Taxation: ITAT
The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT) has held that the income from the sale of Renewable Energy Certificates (RECs) is classified as capital in nature and is not subject to taxation.The bench of Anikesh Banerjee (Judicial Member) and M. L. Meena (Accountant Member) observed that all the modes of incentives were in the nature of entitlements received to improve...
AO Can Make Reference To TPO Only After Selecting Case For Scrutiny Assessment: Bombay High Court
The Bombay High Court has held that the Assessing Officer (AO) can make reference to the Transfer Pricing Officer (TPO) under Section 92CA of the Income Tax Act only after selecting the case for scrutiny assessment.The bench of Justice K.R. Shriram and Justice M.M. Sathaye has observed that when the reference was made to the TPO by the Assessing Officer for determination of arm’s length...
Jammu & Kashmir And Ladakh High Court Dismisses Writ Petition Challenging SCN Regarding Export Of Banned Yarn Shawls
The Jammu & Kashmir And Ladakh High Court has dismissed a writ petition challenging a show cause notice regarding the export of banned yarn shawls.The bench of Justice Vinod Chatterji Koul has observed that the act of respondents in seizing consignments or goods took place in Delhi, followed by other events including the issuance of show cause notices, etc., so it is the courts or forums...
Assessment Order Cannot Be Directed Against Only One Of The Legal Heirs Of Deceased Assessee: Delhi High Court Sets Aside Rs. 10 Crores Demand
The Delhi High Court held that an assessment order cannot be directed against only one of the legal heirs of a deceased assessee.The Bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has set aside an assessment order of Rs. 10 crores passed by the Income Tax Department, solely on the ground that it was passed against only one of the legal heirs of the deceased assessee and not...
Salary Is Out Of The Purview Of Service Tax: CESTAT Quashes Service Tax Demand Against Kellogg
The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has quashed the service tax demand against Kellogg India and held that salary is out of the purview of service tax.The bench of Suvendu Kumar Pati (Judicial Member) and Anil G. Shakkarwar (Technical Member) has observed that the amount that is unpaid to the employee is salary not paid, and the salary not paid...