Tax
S.153A Income Tax Act| Can Assessments Be Reopened If No Incriminating Material Is Found During Search? Supreme Court Reserves Judgment
The Supreme Court on Thursday reserved its judgment on whether in an assessment under section 153A of the Income Tax Act, besides the incriminating material found during search, such materials which the Assessing Officer has on hand and the third party records available can be relied on to assess total income, or whether the assessment has to confined only to the incriminating material...
Madras High Court Dismisses Plea By AR Rahman, GV Prakash and Santhosh Narayan Challenging GST Department’s Order Claiming Service Tax
The Madras High Court has recently dismissed the pleas filed by music composers AR Rahman, GV Prakash and Santhosh Narayan challenging the proceedings initiated by the Commissioner of the GST Department levying service tax on transfer of copyright in musical work for the period between 2013 and 2017. The department had asserted that the music composers were not the owner of the...
Tax Cases Monthly Round-Up: January 2023
Indirect Taxes Supreme Court Sabka Vishwas Scheme : Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC Moratorium Case Title: Shekhar Resorts Limited vs Union of India Citation : 2023 LiveLaw (SC) 15 No one can be expected to do the impossible, the Supreme Court remarked while granting relief to a company which could not avail the benefit of settlement...
Budget 2023 | Outlay Of ₹7,000 Crores For Phase-III Of E-Courts Project
In her speech while presenting the Budget for 2023-2024, the Finance Minister, Nirmala Sitharaman, has announced an outlay of Rs. 7,000 Crores for launching Phase-3 of the E-Courts project. “For efficient administration of justice, Phase-3 of the E-Courts project will be launched with an outlay of 7,000 crore,” the Finance Minister said in her speech. The eCourts...
Rebate Rate Hike, Slab Changes Applicable Only In New Tax Regime: Know The Difference
In her Budget 2023-24 speech, Union Finance Minister Nirmala Sitharaman has announced that the increase in the income tax rebate limit from Rs. 5 Lakhs To Rs. 7 Lakhs in the new tax regime. For the middle class person, the proposal under the new income tax regime has been a huge relief. This would mean that an individual with an annual income of up to Rs 7 lakh will not be required...
Sales Tax or VAT Dues Payable Can't Be Claimed As Priority Over Dues Of Secured Creditor: Gujarat High Court
The Gujarat High Court has held that Sales tax or VAT dues payable cannot be claimed as priority over dues of the secured creditor.The division bench of Justice N.V. Anjaria and Justice Bhargav D. Karia has observed that the charge in respect of the property in question created for sales tax dues is of no avail and has no efficacy in law.The petitioner has challenged the order dated passed...
Key Aspects And Analysis Of Union Budget 2023
The Union Finance Minister Ms.Nirmala Sitharaman has presented the budget for the year 2023-24, the last full budget before the 2024 polls. Various amendments have been proposed for the taxpayers specifically the middle and the salaried class such as altering the tax slabs and increase of rebate for taxpayers paying tax under the new tax regime.Major direct-tax amendments as proposed in Finance Bill, 2023 are as follows:1. Rates of...
Aircraft Imported For Private Purposes, No Customs Duty Exemption Allowed: Delhi High Court
The Delhi High Court has held that the aircraft was imported for private purposes and not for providing non-scheduled passenger or charter services. Therefore, the condition for customs duty exemption was not available to the assessee. The division bench of Justice Vibhu Bhakhru and Justice Amit Mahajan has observed that the appellant has not used the aircraft for providing air...
Know 9 Legislative GST Changes In Budget 2023-24
The Finance Minister Nirmala Sitharaman has presented the Budget 2023-24.Here are 9 Legislative GST Changes that budget 2023-24 brings:1. DecriminalisationSection 132 and section 138 of CGST Act are being amended, inter alia, to raise the minimum threshold of tax amount for launching prosecution under GST from one crore to two crore, except for the offence of issuance of invoices without...
Finance Minister Proposes To Ease Deduction Claim On Amortisation Of Preliminary Expenditure
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman has proposed to ease claiming of deduction on amortisation of preliminary expenditure.At present for claiming amortisation of certain preliminary expenses, the activity is to be carried out either by the assessee or by a concern approved by the Board. In order to ease the process of claiming amortisation of these...
Finance Minister Proposes 15% Concessional Tax To Promote New Manufacturing Co-Operative Society
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed 15% concessional tax to promote new manufacturing co-operative society. In order to promote the growth of manufacturing in co-operative sector, a new co-operative society formed on or after 01.04.2023, which commences manufacturing or production by 31.03.2024 and do not avail of any specified incentive...
Finance Minister Proposes To Carry Forward Accumulated Losses & Unabsorbed Depreciation Allowance In Case Of Amalgamation After Strategic Disinvestment
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman announced the measures for facilitating certain strategic disinvestments. To facilitate certain strategic disinvestments, it was proposed to allow carry forward of accumulated losses and unabsorbed depreciation allowance in the case of amalgamation of one or more banking company with any other banking institution or...