Tax
CBIC Waives Interest On Customs Duty Payable By Importers And Exporters Through ECL Till April 13, 2023
The Central Board of Indirect Taxes and Customs (CBIC) has extended the interest waiver on customs duty payable by importers and exporters through the Electronic Cash Ledger (ECL) till April 13, 2023.The Board has notified the Customs (Waiver of Interest) Third Order, 2023.The waiver contained in the order shall take effect if the three conditions are fulfilled.Firstly, the duty and interest...
Service Tax Under RCM Not Payable By Company If Personal Property Rented Out By The Directors To The Company: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax under the Reverse Charge Mechanism (RCM) is not payable by the company if personal property is rented out by the directors to the company.The bench of Justice Dilip Gupta (President) and P. V. Subba Rao (Technical Member) has noted that the Commissioner (Appeals) assumed that...
Transfer Pricing | High Courts Not Precluded From Scrutinising ITAT’s Determination Of Arm’s Length Price : Supreme Court
The Supreme Court has ruled that the High Court is not precluded from considering the determination of the arm’s length price determined by the Income Tax Appellate Tribunal (ITAT), in exercise of its powers under Section 260A of the Income Tax Act, 1961.Dismissing the proposition that in every case where the Tribunal determines the arm’s length price, the same shall attain finality,...
Value Of Bought Out Items Supplied Along With Manufactured Goods Cannot Be Included In Assessable Value Of Manufactured Goods: CESTAT
The Ahmedabad Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the value of bought-out items supplied along with manufactured goods cannot be included in the assessable value of the manufactured goods.The bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Technical Member) has observed that the manufacture of lattice masts is an independent...
Service Tax Exemption On Handling Of Agriculture Produce By A Cargo Handling Agency: CESTAT
The Ahmedabad Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax is exempted from the handling of agricultural produce by a cargo handling agency.The bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Technical Member) has noted that as per Notification No. 10/2002-Service Tax dated. 01.08.2002, the government exempts the taxable...
Adjustment Of Difference In Depreciation To The Profits Eligible For Income Tax Exemption: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that adjustment of the difference in depreciation to the profits makes them eligible for income tax exemption.The bench of Amit Shukla (Judicial Member) and Padmavathy S. (Accountant Member) has observed that the adjustment of the difference in depreciation to the profits eligible for exemption under Section 10A will not...
Assessment Order Issued Without DIN, Invalid; S. 292B Of ITA Not Applicable: Delhi High Court
The Delhi High Court has upheld the order of the Income Tax Appellate Tribunal (ITAT) where it had set aside the assessment order issued by the Income Tax Department without quoting the Document Identification Number (DIN). The court remarked that in view of the CBDT Circular no. 19/2019, dated 14.08.2019, all assessments, appeals, orders, which find mention in paragraph 2 of the...
Once Additions Made Under Black Money Act The Same Addition Cannot Be Made Under Income Tax Act: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that once additions have been made under the Black Money Act, the same additions cannot be made under the Income Tax Act on the same set of facts.The bench of C.N. Prasad (Judicial Member) and N.K. Billaiya (Accountant Member) has upheld the order of the CIT(A), in which it was held that the addition so made by the AO amounts...
DGFT Lays Down Procedure For Applying For Amnesty Scheme For One-Time Settlement Of Default In Export Obligation
The Director General of Foreign Trade (DGFT) has laid down the procedure for applying for the amnesty scheme for one-time settlement of default in export obligations by Advance and Export Promotion Capital Goods (EPCG) authorization holders.The application for AA/EPCG discharge or closure shall be filed online by logging onto the DGFT website.The applicant shall select the checkbox for...
Chhattisgarh High Court Allows Reimbursement Of Additional Tax Liability On Companies Involved In Construction In Pre-GST Regime
The Chhattisgarh High Court has allowed the reimbursement of additional tax liabilities on companies involved in construction in the pre-GST regime.The bench of Justice Rajani Dubey has directed that the petitioners shall make a fresh claim before the respondent authorities, agitating their grievance, and upon the claim being made, the respondent authorities shall proceed ahead with the...
Penalty Leviable Under S. 45 of the Gujarat Sales Tax Act, 1969 Is Statutory And Mandatory; Commissioner/AO Has No Discretion: Supreme Court
The Supreme Court has ruled that the penalty and interest leviable under Sections 45(6) and 47(4A) of the Gujarat Sales Tax Act, 1969, respectively, are statutory and mandatory in nature and there is no discretion vested in the Commissioner/Assessing Officer to levy or not to levy the penalty and interest other than as prescribed.The bench of justices M.R. Shah and B.V. Nagarathna held that...