Income Tax Not Chargeable On Interest Subsidy Received Under Technology Upgradation Fund Scheme: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax is not payable on the interest subsidy received under the technology upgradation fund scheme.The bench of Kuldip Singh (Judicial Member) and Prashant Maharishi (Accountant Member) has observed that interest subsidy received under the technology upgradation fund scheme, though credited in the net off against...

Delhi High Court Quashes SCN For Being Devoid Of Reasons, Restores GST Registration

The Delhi High Court has quashed the show cause notice as it was devoid of reasons and restored the GST registration.The bench of Justice Vibhu Bakhru and Justice Tushar Rao Gadela observed that the show cause notice was deficient. It does not sufficiently disclose the reasons why the petitioner’s GST registration was suspended or was proposed to be canceled. It is well settled that a...

CBDT Liberalises Signing Requirement For Advance Ruling Applications

The Central Board of Direct Taxes and Customs (CBDT) has liberalized the signing requirement for Advance Ruling applications.The CBDT has notified the Income-tax (Ninth Amendment) Rules, 2023, by which it has amended Rule 44E of the Income Tax Rules, 1962.As per the amended Rule 44E of the Income Tax Rules of 1962, applicants seeking advance rulings may send their applications to the Secretary...

CBIC Notifies The Guidelines For Processing Of Applications For GST Registration

The Central Board of Indirect Taxes And Customs (CBIC) notified the guidelines for processing applications for registration.The instances have come to notice regarding unscrupulous elements obtaining fake/ bogus registration under GST and defrauding the Government exchequer. The fake/non-genuine registrations are being used to fraudulently pass on input tax credits to unscrupulous recipients...

Kerala High Court Quashes Property Tax Demand Raised Without The Assessment Of The Property

The Kerala High Court has quashed the property tax demand raised without an assessment of the property.The bench of Justice Anu Sivaraman has observed that the property tax was demanded at the maximum rate possible without considering any relevant aspect, including the age of the building.The petitioner has challenged the demand raised against him for property tax. The petitioner had...

Land To Be Re-assessed For Fixing Basic Tax Rate After Change In The Nature Of Land: Kerala High Court

The Kerala High Court has held that as the nature of the land of the petitioner has been permitted to be changed pursuant to the passing of a statutory order under the Kerala Land Utilisation Order, 1967, the competent authority is bound to re-assess the rate of basic tax and to make necessary entries in the Basic Tax Register after verifying the veracity and genuineness of the...

'Refrain From Issuing Service Tax /GST Notices To Lawyers Rendering Legal Services': Allahabad HC Directs Lucknow GST Commissionerate

The Allahabad High Court has ordered the Commissioner, GST to issue clear direction to the GST Commissionerate in Lucknow that no notices regarding payment of service tax /GST are issued to the lawyers rendering legal service falling in the negative list so far as service tax is concerned. The bench of Justice Alok Mathur and Justice Jyotsna Sharma directed thus while hearing a writ...

CESTAT Allows Service Tax Refund On Advance Amount Returned To The Buyer, Upon The Cancellation Of The Flats Booking

The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed service tax refunds on advance amounts returned to the buyer upon cancellation of the flat booking.The bench of Ajay Sharma (a judicial member) has observed that once the buyer cancelled the booking and the consideration for service was returned, the service contract got terminated, and once it...

GST Registration Cancellation With Retrospective Effect Can’t Be A Ground To Deny GST ITC To The Buyer: Calcutta High Court

The Calcutta High Court, while noting that at the time of the transaction, the name of the supplier as a registered taxable person was already available with the government record, and the buyer/petitioner had paid the amount of the purchased articles as well as tax through the bank and not in cash, remanded the matter back to the department.The bench of Justice Krishna Rao has observed that...

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive owner of multiple residential properties occupied by other family members.The bench of Kavitha Rajagopal (Judicial Member) and Om Prakash Kant (Accountant Member) has observed that the joint ownership of the...

Look Out Circulars Violates Fundamental Right Of Movement, Banks Can’t Make It A Recovery Norm: Calcutta High Court

The Calcutta High Court has held that the Look Out Circulars causes an immediate and irrevocable violation of a person’s fundamental right to movement."Look Out Circulars," which have the effect of restricting a person's free movement and the right to travel, should only be issued in exceptional circumstances. Lookout Circulars cannot be issued at random or at the slightest...

Interest Income Received On Temporary FDs Is Eligible For Exemption: ITAT

The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) has held that interest income received on temporarily fixed deposits is eligible for exemption.The bench of George George K. (Judicial Member) and Laxmi Prasad Sahu (Accountant Member) has relied on the decision of the Karnataka High Court in the case of CIT Vs. Hewllett Packard Soft Ltd. in which it was held that the assessee...