Tax
CBIC Rolls Out Automated Return Scrutiny Module For GST Returns In ACES-GGST Backend Application For Central Tax Officers
The Central Board of Indirect Taxes and Customs (CBIC) has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.During the recent review of the performance of the CBIC, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman gave directions to roll out an automated return scrutiny module for GST returns...
Section 14A Disallowance Cannot Be More Than Exempted Income: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that section 14A disallowance cannot be more than exempted income.The bench of G.S. Pannu (President) and Sandeep Singh Karhail (Judicial Member) has directed the AO to restrict the disallowance made under section 14A of the Income Tax Act to the extent of exempt income earned by the assessee.Section 14A is a...
ITAT Allows Income Tax Deduction On The Interest Income Received From The Co-Operative Bank
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the income tax deduction under Section 80P(2)(d) of the Income Tax Act on the entire amount of interest income received from the Co-operative Bank.The bench of Sandeep Singh Karhail (Judicial Member) and S. Rifaur Rahman (Accountant Member) found that CIT(A) granted the relief to the assessee, allowing deduction...
CBIC Lowers The E-Invoicing Threshold To Rs. 5 Crores w.e.f. August 1, 2023
The Central Board of Indirect Taxes and Customs (CBIC) has notified the reduction of the e-invoicing threshold from Rs. 10 crores to Rs. 5 crores w.e.f. August 1, 2023.Currently, businesses having a turnover of more than Rs 10 crore are required to generate e-invoices for business-to-business (B2B) transactions.The e-invoicing threshold was reduced to Rs. 50 crore under the third phase from...
Chhattisgarh High Court Grants 3 Months Time To The Assessee For Depositing Pre-Deposit Before CESTAT
The Chhattisgarh High Court grants 3 months time to the assessee for depositing pre-deposit before the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT).The bench of Justice Parth Prateem Sahu rejected the prayer in respect of the waiver of the mandatory pre-deposit.The petitioner, Nava Raipur Atal Nangar Vikas Pradhikaran, is a statutory body created through a notification...
Bank Officials Failed To Detect Fake Documents, How Can One Expect From CHA To Unearth The Dubious Plan Of Exporter: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the bank officials, despite verification, are not able to detect the fraudulent nature of the documents. How can one expect a Customs House Agent (CHA), who is not even a public official, to unearth the dubious plan of the exporter?The bench of Binu Tamta (a judicial member) has observed that...
No Requirement Of Disallowing Part Of Director’s Remuneration And Depreciation When The Business Was Stopped Due To Temporary Lull: ITAT
The Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no requirement for disallowing part of the director’s remuneration and depreciation when the business is stopped due to a temporary lull.The bench of Dr. S. Seethalakshmi (Judicial Member) and B. R. Baskaran (Accountant Member) has observed that the only condition for allowability of depreciation is that...
Onus Lies On AO To Provide Reasons To Disbelieve The Bank Statements And Supporting Documents For Reopening Assessment: Bombay High Court
The Bombay High Court has held that the onus lies on the AO to provide reasons to disbelieve the bank statements and supporting documents for reopening the assessment.The bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that the AO has acted in excess of the limit of his jurisdiction to reopen the assessment in the exercise of powers under Section 147 read with...
Punjab And Haryana High Court Quashes Income Tax Demand Notice For Non-Compliance Of Section 144-B Procedure
The Punjab and Haryana High Court has quashed the assessment order and consequent notice of demand and penalty proceedings due to non-compliance of procedure enshrined in clauses (vii) and (viii) of Section 144-B(6) of the Income Tax Act.The bench of Justice Ritu Bahri and Justice Manisha Batra observed that the assessment of the orders and demand notices had been passed in violation...
Department Adjusting The Refund Amount Under Amnesty Scheme Without Notice Violates Principles of Natural Justice: Bombay High Court
The Bombay High Court has held that the action of the department in making the adjustment of a refund due to the petitioner while considering the application under the Amnesty Scheme without notice to the petitioner is in utter disregard of the well-established principles of natural justice and has caused grave prejudice to the petitioner.The bench of Justice Nitin Jamdar and Justice Abhay...
18% GST Payable On The Commission If Commission Is Deducted On The Bonus Amount As An Intermediary: AAR
The Telangana Authority of Advance Ruling (AAR) has ruled that 18% of the commission will be deducted from the bonus amount as an intermediary.The bench of Kasi Visweswara Rao and Sahil Inamdar has observed that 5% GST is payable on the rest of the amount, which is arrived at after excluding the commission from the entire bonus, as it would be included as the value of supply of canteen...
Once The Importers/Exporters Are Granted Immunity From Prosecution, Fine, Penalty It Is Unfair To Continue The Proceedings: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that once the importers and exporters have been granted immunity from prosecution, fines, and penalties, and proceedings against them have come to an end, it is discriminatory and unfair to continue the proceedings against the co-notices.The bench of Anil Choudhary (Judicial Member) has observed that...