Tax
Income Tax Demand On OYO For 1,140 Cr: Delhi High Court Directs CIT To Give Personal Hearing
The Delhi High Court has directed the Commissioner of Income Tax (CIT) to accord a personal hearing to OYO for the stay on the income tax demand of Rs. 1,140 crores.The division bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that the CIT has not dealt with its application, which was preferred before him, in respect of the order passed by the Assessing Officer...
Bombay High Court Quashes Income Tax Proceedings On The Ground That S. 148 Notice Was Served On Secondary Email Id Provided In PAN
The Bombay High Court has set aside the proceedings initiated by the revenue authorities against the assessee for non-compliance of the reassessment notice issued under Section 148 of the Income Tax Act, 1961, on the ground that the notice was served on the secondary email id registered with the PAN database instead of the registered primary email id or the updated email id mentioned by...
GST Payable On Additional Surcharge Collected From Open Access Consumer Under Electricity Act: AAR
The Karnataka Authority for Advance Ruling (AAR) has held that the additional surcharge collected from open-access consumers as per Section 42 of the Electricity Act, 2003, is taxable under the GST Act.The two-member bench of M.P. Ravi Prasad and Kiran Reddy T. has observed that Chamundeshwari Electricity Supply Corporation Limited cannot be considered either a "governmental authority" or...
ITAT Deletes Addition On Cash Deposits During Demonetisation
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition of cash deposits during demonetization.The bench of R.S. Syal (Vice President) has observed that the assessee sold their ancestral agricultural land in 2013 for a sum of Rs. 38 lakhs along with his brother. The assessee’s share was Rs. 19 lakh. The assessee's share of Rs. 19 lakhs in cash was kept with...
Dealers, Applying For Government Tenders To Verify GSTIN Status Through Peridot App: Jammu & Kashmir Govt.
The Finance Department of Jammu and Kashmir has issued a circular directing the dealers or contractors applying for government tenders to verify their GSTIN status and authenticate their GST return through the Peridot App.The government stated that dealers and contractors whose GSTINs have been canceled or deactivated are applying for government tenders with the submission of fake or forged...
Supply Of Ready To Eat And Ready To Cook Food Products Attracts 18% GST: Karnataka AAR
The Karnataka Authority for Advance Ruling has ruled that 18% GST is applicable on the supply of ready-to-eat and ready-to-cook food products.The two-member bench of M.P. Ravi Prasad and Kiran Reddy T. has observed that all kinds of food mixes, including instant food mixes, soft drink concentrates, Sharbat, the betel nut product known as "Supari," sterilized or pasteurized millstone,...
Assessment Can’t Be Reopened Based On Another Director’s Disclosure Of Income Differently Received: Bombay High Court
The Bombay High Court has held that the fact that a different director of the same company disclosed the income received in a different way cannot be used as justification to reopen the assessment.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata observed that the reopening of the assessment was based on a change of opinion, conjectures, and assumptions, as well as...
Reassessment Proceedings For AY 2013-14, 2014-15 Initiated After 1 April 2021 Have To Be Closed Irrespective Of Income Escaping Assessment: Allahabad High Court
The Allahabad High Court ruled that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA) cannot be used to conduct the reassessment proceedings beyond March 30, 2021. The time limit outlined in Section 149(1)(b) (as amended beginning April 1, 2021) cannot be extended by the department after March 30, 2020.The division bench of Justice Sunita Agarwal...
Stadium Provided By Tamil Nadu Cricket Association For IPL Matches, Not Taxable As ‘Infrastructural Support Service’ To BCCI: CESTAT
The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled that the Chepauk Stadium provided by the Tamil Nadu Cricket Association for conduct of the Indian Premier League (IPL) matches, does not attract service tax. The Tribunal dismissed the Revenue Department’s contention that the same was in the nature of infrastructural support service provided...
Tax Cases Weekly Round-Up: 19 February To 25 February 2023
Bombay High Court GST Act Can’t Be Interpreted To Deny Right To Carry Trade And Commerce By Citizens: Bombay High Court Case Title: Rohit Enterprises Versus The Commissioner State GST Bhavan Citation: 2023 LiveLaw (Bom) 108 The Aurangabad Bench of the Bombay High Court has held that the provisions of the GST enactment cannot be interpreted so as to deny the right to carry...
DGFT Amends Import Policy For Raw Cashew Nuts Exempting EOU, Processing Units Operating From SEZ From MIP Norm
The Director General of Foreign Trade has modified the import regulations for raw cashew nuts so that processing facilities operating within Special Economic Zones (SEZ) and export-oriented units (EOUs) are exempt from the minimum import price (MIP) requirement.The notification stated that imports by 100% EOUs and SEZs units would not be subject to the Minimum Import Price (MIP) on Cashew...
Selling Of Alcoholic Liquor For Human Consumption Is A “Non-Taxable Supply”: AAR
The West Bengal Authority for Advance Ruling (AAR) has observed that the activities of selling alcoholic liquor for human consumption by the applicant would be treated as a "non-taxable supply" and therefore fall under the category of "exempt supply" under the GST Act.The two-member bench of Brajesh Kumar Singh and Joyjit Banik has ruled that the applicant is required to reverse input tax...