Income Tax Act - Date Of Panchnama Last Drawn Starting Point Of Limitation For Completing Block Assessment Proceedings: Supreme Court

The Supreme Court has held that the date on which the Panchnama was last drawn is the starting point of the two-year limitation for completing the block assessment proceedings under the Income Tax Act 1961.The division bench of Justice M.R. Shah and Justice C.T. Ravikumar has upheld the order of the Delhi High Court in which it was held that the date of the Panchnama last drawn would be...

Supply Of The Aircraft Type Rating Training Is Exigible To GST: AAR

The Karnataka Authority for Advance Ruling (AAR) has held that the supply of aircraft-type rating training is eligible for GST.The two-member bench of M.P. Ravi Prasad and Kiran T. Reddy has observed that the supply of aircraft type rating training services to commercial pilots, in accordance with the training curriculum approved by the Directorate General of Civil Aviation for obtaining...

Transaction Of Transfer/Sale Of One Of The Independent Running Business Divisions Attracts 18% GST: AAR

The Karnataka Authority for Advance Ruling (AAR) has held that the transfer or sale of one of the independently running business divisions attracts 18% GST.The two-member bench of M.P. Ravi Prasad and Kiran T. Reddy has observed that the transaction of transfer or sale of one of the independent running business divisions as a whole, along with all the assets and liabilities of the...

VAT Act, Madhya Pradesh High Court Directs Dept. To Refund Pre-Deposit With 6% Interest

The Madhya Pradesh High Court has directed the state/commercial tax department to refund the pre-deposit amount paid during the appeal with 6% interest to the assessee.The division bench of Justice Sushrut Arvind Dharmadhikari and Justice Prakash Chandra Gupta has observed that even though there is no provision for payment of interest on the refund of amounts so collected under the VAT Act,...

Supply Of Goods To The Overseas Customer Is Neither A Supply Of Goods Nor A Supply Of Services: Karnataka AAR

The Karnataka Authority for Advance Ruling (AAR) has ruled that the supply of goods to an overseas customer is treated neither as a supply of goods nor as a supply of services.The two-member bench of M.P. Ravi Prasad and Kiran T. Reddy has observed that there are two transactions involving the applicant. The first transaction is the supply of goods by the manufacturer to the applicant, and...

Tax Cases Weekly Round-Up: 19 March To 25 March 2023

Supreme Court Only Retail Sale Can Claim Assessment Benefits Under Section 4A Of Central Excise Act : Supreme Court Case Title: Commissioner Of Central Excise & Service Versus M/S. A.R. Polymers Pvt. Ltd. Etc. Citation: 2023 LiveLaw (SC) 223 The Supreme Court has held that mere affixation of MRP does not make goods eligible for central excise duty exemption, and what...

DGFT Allows Import Of Urea Through India Potash Till March 2024

The Director General Of Foreign Trade (DGFT) has notified the amendment in the import policy of urea which allowed the import of urea through India Potash Limited (IPL) till March 2024.As per the existing import policy the import of Urea is also allowed through IPL for a period up to March 31, 2023.Now, as per the revised policy import of Urea is allowed through IPL for a period up to March...

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...