Tax
Dealer Can’t Undervalue Goods To Escape Tax, Under The Garb of E-Way Bill Isn’t Required For Goods Below Rs. 50,000: Allahabad High Court
The Allahabad High Court has ruled that under the garb of the protection given under Rule 138 of CGST Rules, 2017, dispensing the requirement of E-Way bill for movement of goods valuing below Rs.50,000, a dealer who is a manufacturer, cannot be allowed to send his goods to different consignees by undervaluing the same, and without the Taxing Authorities proceeding to take action against...
Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court
The Orissa High Court has deprecated the Income Tax Authority who, despite being informed that the assessee was in judicial custody, failed to serve a notice upon him through the Superintendent of the concerned jail, in the proceedings initiated against the assessee under Section 263 of the Income Tax Act, 1961. The bench of Chief Justice Dr. S. Muralidhar and Justice M.S. Raman...
CBIC Directs Antecedent Verification To Be Completed Within 45 Days
The Central Board of Indirect Taxes and Customs (CBIC) has issued the circular directing that the antecedent verification be completed within 45 days of receipt of the application.The Board has noted that antecedent verification is facing unreasonable delays at certain field formations. In order to ensure that verification is completed in a timely manner, it has been decided to amend...
Renting Dharamshala On Nominal Rent For Marriages Not Commercial, No Property Tax: Punjab and Haryana High Court
The Punjab and Haryana High Court has held that if Dharamshala is provided at a nominal rent for conducting marriages, it will not amount to a commercial purpose.The division bench of Justice Rintu Bahri and Justice Manisha Batra has observed that Dharamshalas are not liable to pay the property tax.The petitioner's tax on lands and buildings was assessed, and the assessee was served with a...
Misplacing FD Is Not The Ground For Deleting Addition Of Interest: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the addition of interest on fixed deposits (FDs).The two-member bench of Anubhav Sharma (Judicial Member) and N.K. Billaiya (Accountant Member) has observed that the bank, in Form No. 26AS, has acknowledged the fixed deposits with it and has credited interest by deducting tax at source. Even if the fixed deposits...
CBDT Prescribes New Form Of Report Of Audit For Trust, University, Educational Institutions, Hospital, Medical Institutions
The Central Board of Direct Taxes (CBDT) has announced the new Forms 10B and 10BB that charitable or religious trusts, institutions, universities, or other educational institutions are required to submit in accordance with Sections 10(23C) and 12A of the Income Tax Act.The Board has notified the Income-tax Amendment (3rd Amendment) Rules, 2023, which will take effect on April 1, 2023.Form 10...
Jharkhand High Court Stays Show-Cause Notices Issued By Two Different Authorities In Respect Of The Same Subject Matter
The Jharkhand High Court has stayed the show-cause notices issued by two different authorities in respect of the same subject matter as being outside its jurisdiction.The division bench of Acting Chief Justice Aparesh Kumar Singh and Justice Deepak Roshan has listed the matter on 29.03.2023 for the next date of hearing.The petitioner has challenged the show-cause notice issued by the...
Fabrication Of Bills Worth Rs.367 Crores, Accused In Custody For 18 Months: Punjab and Haryana High Court Grants Bail
The Punjab and Haryana High Court granted bail to the person accused of forging bills worth Rs. 367 crores and evading GST payments worth Rs. 26 crores.The single bench of Justice Deepak Sibal has observed that the petitioner has already undergone actual custody for nearly one year and five months. Even if he is convicted, the maximum sentence that can be imposed on him is five years. At...
Setting-Up Naval Communication Network By Subcontractor For BSNL, Attracts 12% GST: Maharashtra AAAR
The Maharashtra Appellate Authority of Advance Ruling (AAAR) has ruled that 12% GST is applicable on setting up the Naval Communication Network as a subcontractor for the Indian Navy on behalf of Bharat Sanchar Nigam Limited (BSNL).The two-member bench of Dr. D. K. Srinivas and Rajeev Kumar Mital, while allowing the appeal, observed that the Navy (under the Ministry of Defense, a...
Availability Of Interest-Free Surplus Fund To Make Investment: Bombay High Court Deletes Addition On Interest Expenditure
The Bombay High Court has upheld the CIT’s order in deleting the addition made on account of interest expenditure as the assessee, Godrej & Boyce, had sufficient interest-free surplus funds to make the investment.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that the AO has neither examined the claim in respect of expenditure incurred in relation...
49th GST Council Meeting: Know The Key Recommendations Relating To GST Rates On Goods and Services
The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.Here are recommendations relating to GST rates on Goods and Services:GST Rate ReductionThe GST Council has reduced the GST rate on rab from 18% to 5% if sold prepackaged and labeled and nil if sold otherwise. The GST rates on pencil sharpeners have...
49th GST Council Meet: Final GST Appellate Tribunal Agreement To Be Drafted
The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman stated that the final GST Appellate Tribunal agreement is yet to be drafted.The second appeals forum for GST is the GST Appellate Tribunal (GSTAT), also known as the Appellate Tribunal. This means that any unsatisfactory order made by the First...