Tax
Characterization Of Share Application Money By AO As Unexplained Cash Credit Is Devoid Of Necessary Verifications: ITAT
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that the characterization of the share application money of Rs. 25 lac by the AO as an unexplained cash credit under Section 68 of the Income Tax Act is clearly devoid and bereft of necessary verifications.The bench of Ravish Sood (Judicial Member) has observed that the matter, in all fairness, requires to be restored to...
Husband Entitled To TDS Credit On Interest Earned From Amount Gifted To His Wife: ITAT
The Income Tax Appellate Tribunal's (ITAT), Pune Bench ruled that the husband is entitled to TDS credit on interest earned on the amount gifted to his wife.The two-member bench of R.S. Syal (Vice President) and S.S. Viswanethra Ravi (Judicial Member) has held that where the income on which tax has been deducted at source is assessable in the hands of someone other than the deductee, credit...
Allegations Of Availment Of Fake Credit Cannot Be A Ground For Rejecting The Refund Applications Unless It Is Established: Delhi High Court
The Delhi High Court has held that allegations of availing of fake credit cannot be a ground for rejecting the refund applications unless it is established that the petitioner has not received the goods or paid for them.The division bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that the petitioner would be entitled to the refund of the ITC on goods that have been exported...
Delhi Budget 2023-24: Know The Key Highlights
Kailash Gahlot, the finance minister for Delhi, unveiled the Rs, 78,800 crore budget for the coming financial year 2023–2024. Big announcements were made in the budget in the area of taxation.Establishment of a Tax Policy and Revenue Augmentation UnitThe government has intended to initiate the operationalization of a dedicated Tax Policy and Revenue Augmentation Unit (TPRAU) in the...
Madras High Court Quashes The Criminal Proceedings Against Guarantor Of Assessee, For Assessee’s Failure To Pay Tax; States It's Only Contractual Liability And Not Criminal
The Madras High Court has quashed criminal proceedings against the guarantor of the assessee for failing to pay the tax dues of the latter to the Commercial Tax Department. The Commercial Tax Officer (CTO) filed a private complaint before the Judicial Magistrate against the assessee as well as the petitioner, who stood as a guarantor with respect to the tax arrears of the business done...
Assessee Not Responsible To Explain Recipients Of Receipts Shown In Form No. 26AS: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee is not responsible to explain the recipients of the receipts shown in Form No. 26AS.The two-member bench of Anubhav Sharma (Judicial Member) and N.K. Billaiya (Accountant Member) while deleting the additions observed that the Assessing Officer should have asked the payer, for details of the payee to whom...
Amount Deposited In The Personal Ledger Account Until It Is Not Debited Towards Duties Is Property Of The Assessee: CESTAT
The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the amount deposited in the Personal Ledger Account (PLA) until such time as it is not debited towards duties is the property of the appellant.The bench of Anil G. Shakkarwar (Technical Member) has observed that the amount deposited in PLA is an advance kept by the assesses with the exchequer,...
Central Excise Duty Not Payable On Capital Subsidy Received From State Government In Form Of Sales Tax Challan 37B: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has observed that central excise duty is not payable on capital subsidies received from the state government in the form of sales tax challan 37b.The bench of Justice Dilip Gupta (President) has observed that capital subsidy received from the state government in the form of Sales Tax Challan 37B and...
Reasons Recorded For Reopening The Reassessment To Be Examined On Standalone Basis To Determine The Validity Of Proceedings U/s 147: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has observed that the reasons, as recorded for reopening the reassessment, are to be examined on a standalone basis to determine the validity of proceedings under Section 147 of the Income Tax Act.The two-member bench of Sandeep Singh Karhail (Judicial Member) and M. Balaganesh (Accountant Member) relied on the Bombay High...
Failure Of Kidney A Reasonable Cause Which Prevented Assessee To Supply The Documents And Replies To The AO: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that failure of the kidney was a reasonable cause of ailment that prevented the assessee from supplying the documents and replies to the AO.The two-member bench of Astha Chandra (Judicial Member) and Shamim Tahya (Accountant Member) has directed that the additional evidence and submissions made before the CIT(A) be accepted...
Karnataka High Court Permitted Superintendent of Central Tax To Pass Orders For Revoking Cancellation Of GST Registration On Filing Returns
The Karnataka High Court has permitted the Superintendent of Central Tax to pass suitable orders for revocation of the cancellation of the GST registration, if the petitioner/assessee files returns.The single bench of Justice B. M. Shyam Prasad has observed that the cancellation of GST registration was without due opportunity and was arbitrary.The petitioner submitted that the respondent...
Calcutta High Court Quashes Income Tax Notices Issued In The Name Of Non-Existing Company
The Calcutta High Court has quashed the income tax notice issued in the name of a non-existing company, in spite of the department having notice and knowledge of non-existence of the company.The single bench of Justice Md. Nizamuddin observed that the notice has been issued in the name of the company, which has already been amalgamated on December 12, 2016 with effect from April 1, 2015, and...