Tax
Transporting Goods In A Vehicle Without Proper E-Way Bill Is A breach, Reasons Irrelevant: Calcutta High Court Upholds Penalty
The Calcutta High Court upheld the penalty and stated that there was no requirement in law to verify the reason for transporting goods in a vehicle without a proper e-way bill.The bench of Justice Amrita Sinha has observed that the vehicle in which the goods stood transferred for being transported allegedly to the pre-recorded destination, did not have an e-way bill. The provision of Section...
Bombay High Court Directs Release Of Seized Gutka And Pan-Masala On Furnishing The Bank Guarantee Of Rs. 27.84 Lakhs
The Bombay High Court has directed to release the Gutka and Pan-Masala, which were banned in the state of Maharashtra, after furnishing the bank guarantee of Rs. 27,84,000The single bench of Justice Kishore C. Sant has modified the order passed by the Revisional Court by adding an additional condition that the respondent shall furnish the bank guarantee in the sum of Rs. 27,84,000 instead...
Supply Of Ice Cream From The Outlets Cannot Be Considered As Supply Of “Restaurant Services”: AAR
The Gujarat Authority for Advance Ruling (AAR) has ruled that the supply of ice cream from the outlets cannot be considered as the supply of restaurant services.The two-member bench of Amit Kumar Mishra and Milind Kawatkar has observed that the readily available ice creams that are not prepared in the outlets and sold over the counter are supplies of goods. However, an ice cream that is...
Vouchers Are Neither Goods Nor Services, No ITC Available To Myntra: AAAR
The Karnataka Appellate Authority of Advance Ruling (AAAR) has held that input tax credit (ITC) is not available on the vouchers and subscription packages procured by Myntra from third-party vendors.The two-member bench of Ranjana Jha and Shikha C. has relied on the decision of the Karnataka High Court in the case of M/s Premier Sales Promotion Pvt Ltd versus Union of India & Ors., in...
Cenvat Credit Allowable On The Service Of Repair & Maintenance During Warranty Period: CESTAT
The Ahmedabad Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that cenvat credit is allowable on the service of repair and maintenance during the warranty period.The two-member bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Judicial Member) observed that Rule 2(l) of the Cenvat Credit Rules, 2004, particularly in the inclusion clause, covers...
Service Tax Not Payable On Services Of Advertisement In Print-Media: CESTAT
The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not applicable to the service of advertisement in print media.The two-member bench of Justice Dilip Gupta (President) and Hemambika M. Priya (Technical Member) has observed that the services of advertisement in respect of print media are exempted in terms of the negative list of...
Assesses Failed To File Affidavit Proving Repayment Of Loans: Orissa High Court Sustains Addition On “Unsecured Loan”
The Orissa High Court has sustained the addition of unsecured loans under Section 68 of the Income Tax Act, 1961.The division bench of Chief Justice S. Muralidhar and Justice M.S. Raman has observed that the direction issued by the ITAT in the first round was to the effect that the AO should verify whether the assessee had repaid the amount "by calling all the creditors". Therefore, it is the...
TDS Not Deposited By Employer, Can’t Be Adjusted Against Future Refund Due To Assessee: Delhi High Court
The Delhi High Court has ruled that the revenue department cannot adjust the withheld tax (TDS) which has not been deposited by the deductor (employer) in the Central Government Account, against the refund due and payable to the deductee/assessee. The bench of Justices Rajiv Shakdher and Tara Vitasta Ganju held that adjustment of demand against future refund amounts to an...
CESTAT Allows Interest On Refunded Amount Deposited During Investigation
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has allowed interest on the amount refunded, which was deposited during the investigation.The bench of Anil Choudhary (Judicial Member) has observed that interest on refund of amounts deposited during an investigation or deposited during the pendency of an appeal is allowable under Section 35EE of the Act and...
Charger Sold Along With Mobile Phone Can’t Be Differently Taxed: Karnataka High Court
The Karnataka High Court has held that the charger, which is sold along with the mobile phone in one set, is taxable at the rate of 5%.The division bench of Justice P.S. Dinesh Kumar and Justice T.G. Shivashankare Gowda has observed that the main intention of a purchaser or seller while buying or selling a "mobile set" is to buy or sell the mobile phone and not the charger alone. The supply...
Insolvency and Bankruptcy Board of India Eligible For Income Tax Exemption On Grant-In-Aid, Fine, Fee, Interest Income: CBDT
The Central Board of Direct Taxes (CBDT) has notified that the Insolvency and Bankruptcy Board of India shall be eligible for the income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961.The grants-in-aid received from the Central Government, the fees and fines received under the Insolvency and Bankruptcy Code, 2016, and interest income accrued by the Insolvency...
Section 50C Cannot Be Applied On Compulsory Acquisition Of A Capital Asset: Calcutta High Court
The Calcutta High Court has held that in cases of compulsory acquisition of a capital asset (land or building, or both), the provisions of Section 50C of the Income Tax Act cannot be applied as the question of payment of stamp duty for effecting the transfer does not arise.The division bench of Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharyya has observed that the property was...