Tax
Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the disallowance under Section 14A of the Income Tax Act is not warranted if no exempt income is earned.The two-member bench of Anubhav Sharma (Judicial Member) and Anil Chaturvedi (Accountant Member) has observed that Section 14A envisages that there should be actual receipt of income, and hence Section 14A of the Act...
Assessee Filed ITR of Company Being A Director, But Failed To File Individual ITR; Mumbai Court Upholds Conviction Under S. 276CC of ITA
While upholding the conviction for offence under Section 276CC of the Income Tax Act, 1961, for wilful failure to furnish income tax return, a Mumbai Court has remarked that presumption of a culpable mental state can be derived from the admission of the assessee, who having filed the Income Tax Return of the Company of which he is a director, failed to file his individual Income...
Exemption Of Newspaper’s Income Utilised For Charity: Supreme Court Remands The Matter To AO
The Supreme Court has remanded the appeal in respect of the exemption of newspaper income used for charity.The division bench of Justice S. Ravindra Bhat and Justice Dipankar Datta has relied on the decision of CIT vs. Ahmedabad Urban Development Authority and remitted the matter to the AO for fresh consideration of the nature of receipts in the hands of the assessee, which is engaged,...
Authorised Dealer Not Liable To Pay Service Tax On Incentives Out Of Dealership Agreement: CESTAT
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the authorized dealer was not liable to pay service tax on various incentives that it received from Tata as per the dealership agreement.The two-member bench of Justice Dilip Gupta (President) and P.V. Subba Rao (Technical Member) has observed that as per the dealership agreement, the appellant...
CBDT Sets Up Offices in Delhi And Mumbai For Operationalising Board For Advance Rulings
The Central Board of Direct Taxes (CBDT) has notified the setting up of offices in Delhi and Mumbai for operationalizing the Board for Advance Rulings.The Board For Advance Ruling (BAR) will have any additional income-tax authorities, ministerial staff, executives, or consultants it deems necessary to assist its members.The Principal Chief Commissioner of Income-tax concerned, who is...
CESTAT Allows Service Tax Refund To Developer Of Residential Flats On Cancellation Of Booking
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has allowed the service tax refund to the developer of residential flats on cancellation of the booking.The bench of Anil Choudhary (Judicial Member) has observed that the appellant was entitled to a refund in view of the Cenvat credit no longer being available, and in spite of being entitled to the same under...
No Excise Duty Payable On Manual Segregation Of Scrap: CESTAT
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that excise duty is not levied on manual segregation of scrap.The two-member bench of Binu Tamta (Judicial Member) and P. V. Subba Rao (Technical Member) has observed that the respondent was neither manufacturing nor producing the plastic scrap. The plastic scrap already exists, and the respondent is...
CBIC Issues Instructions For Import Of High Risk Food Products At Specific Ports
The Central Board of Indirect Taxes and Customs (CBIC) has issued instructions for the Import of High-risk food products at specific ports.On the basis of a reference from an FSSAI order dated October 17, 2022, with effect from February 1, 2023, attention is drawn to Board's Instruction No. 31/2022 dated November 14, 2022, regarding the restriction on the entry of Food Items only through...
TDS Payments Do Not Amount To An Acknowledgement Of Debt: NCLT
The Mumbai Bench of the National Company Law Tribunal (NCLT) has ruled that TDS (tax deducted at source) payments do not amount to an acknowledgment of debt.The two-member bench of Justice P.N. Deshmukh (Judicial Member) and Shyam Babu Gautam (Technical Member) has relied on the decision of NCLAT in the case of P.M. Cold Store Pvt. Ltd. v. Goouksheer Farm Fresh Pvt. Ltd. & Anr., in which...
When The Test Reports Are On Record, No Need To Go To The Websites And Wikipedia: CESTAT
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that when the test reports are available on record, there is no need to go to the website or Wikipedia.The two-member bench of Ramesh Nair (judicial member) and Raju (technical member) has observed that the exemption under the notification was provided to "Boron Ore." The product's test report...
Road Construction Services Are Excluded From The Taxable Service: CESTAT Quashes Service Tax Demand
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has quashed the demand for service tax and held that the service provided for road construction is excluded from the taxable service, namely "Commercial or Industrial Construction Service."The two-member bench of Ramesh Nair (Judicial Member) and Raju (Accountant Member) has observed that the appellant...
Unmarried Daughter’s Jewllery And Mother’s Jewellery Can Be Kept In Family Home: ITAT Deletes Addition
The Allahabad Income Tax Appellate Tribunal (ITAT) has deleted the addition as the jewellery belonging to unmarried daughters will be kept along with the assessee’s jewellery in a family home where they are living together.The two-member bench of Vijay Pal Rao (Judicial Member) and Ramit Kochar (Accountant Member) has observed that the assessee has discharged her primary burden by...