Tax
Health Warning On Both Sides Of The Tobacco Product Packages Be Shown : CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has issued an instruction requiring health warnings to be printed on both sides of tobacco product packages, covering 85% of the display area.According to the Ministry of Health and Family Welfare, the Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply,...
Once Assessee Shows Genuineness Of Transactions, No Additions Can Be Made: Gujarat High Court
The Gujarat High Court has held that the assessee has discharged the primary onus to prove the creditworthiness of the transaction.The division bench of Justice Sonia Gokani and Justice Sandeep N. Bhatt has observed that the initial burden, even if not discharged at the level of the assessing officer, can be discharged by the production of documents before the CIT (Appeals), where two...
CBIC To Implement The E-Waste (Management) Rules, 2022 w.e.f. April 2023
The Central Board of Indirect Taxes and Customs (CBIC) has issued instructions regarding the implementation of the E-Waste (Management) Rules, 2022, which supersede the E-Waste (Management) Rules, 2016.The Ministry of Environment, Forestry, and Climate Change has notified the E-Waste (Management) Rules, 2022, in supersession of the E-Waste (Management) Rules, 2016, which shall come into force...
Assessee Entitled For Deduction On Export Benefits On Account Of The Refund Of Excise Duty: Gujarat High Court
The Gujarat High Court has upheld the tribunal’s order, by which it was held that the assessee was entitled to and eligible for deduction on export benefits on account of the refund of excise duty under Section 80IC of the Income Tax Act.The division bench of Justice Sonia Gokani and Justice Sandeep N. Bhatt has observed that the refund of excise duty was pivotal to the activities carried on...
Tribunal Being Fact-Finding Body, Unless Perversity Shown, High Court Can’t Interfere: Calcutta High Court
The Calcutta High Court has held that unless and until the order passed by the Tribunal suffers from any perversity or ignores any vital fact in an appeal under Section 260A of the Income Tax Act, the Court is not expected to interfere with the order.The division bench of Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharya has observed that the issues related to an erroneous and...
CBDT Extends Time Limit For Compliance To Seek Exemption under S. 54 To 54GB Of The IT Act
The Central Board of Direct Taxes (CBDT) has notified the extension of the time limit for compliance to be made for claiming any exemption under sections 54 to 54GB of the Income-tax Act, 1961.The Board had issued a circular dated June 25, 2021, which provided relaxation in respect of certain compliances to be made by taxpayers, including investment, deposit, payment, acquisition,...
Income Tax Act | Writ Petition Can Be Entertained To Examine If Conditions To Issue Section 148 Notice Are Satisfied : Supreme Court
The Supreme Court recently set aside an order of the Punjab and Haryana High Court which dismissed a writ petition filed by an assessee against a notice issued under Section 148A of the Income Tax Act 1961 for reopening assessment.The High Court had dismissed the writ petition on the ground of availability of alternative remedy. Taking exception to the High Court's approach, the Supreme...
Tax Cases Weekly Round-Up: 1 January to 7 January 2023
Supreme Court Non-Banking Finance & Leasing Companies Not Liable To Pay Interest Tax On Instalments Paid Under Hire Purchase Agreement : Supreme Court Case Title: M/s. Muthoot Leasing And Finance Ltd. versus CIT Citation : 2023 LiveLaw (SC) 7 The Supreme Court has held that non-banking finance and leasing companies are not liable to pay tax on the interest component...
Treated Water Obtained From CETP Attracts 18% GST: Gujarat AAR
The Gujarat Authority for Advance Ruling (AAR) has observed that treated water obtained from the Common Effluent Treatment Plant (CETP) attracts 18% GST.The two-member bench of Amit Kumar Mishra and Milind Kavatkar has observed that the applicant is also a common effluent treatment plant engaged in collecting, conveying, treating, and disposing of effluents from its member dyeing and...
Contract For Construction Of New Railway Siding Is Covered Under “Works Contract”, Attracts 12% GST: West Bengal AAR
The West Bengal Authority for Advance Ruling (AAR) has ruled that the contract for the construction of new railway siding is covered under the definition of a "works contract" and attracts 12% GST.The two-member bench of Brajesh Kumar Singh and Joyjit Banik has observed that the work executed by the applicant in connection with the construction of a Railway siding at Jhanjra Area by...
Vedanta Claimed Unutilized ITC Refund, No Scope For Supplementary Refund Application Based On Fresh Calculation: Orissa High Court
The Orissa High Court has held that Vedanta has claimed the refund of the unutilized input tax credit on account of zero-rated supplies by clubbing up all the transactions relating to three units. There is no scope to insist on consideration of a supplementary refund application based on a fresh calculation made by taking individual unit-wise transactions into account.The division bench headed...
It Is A PAN Which Follows The Jurisdiction And Not The Jurisdiction Which Follows PAN: Bombay High Court
The Bombay High Court ruled that the transfer of PAN is a result of the order transferring jurisdiction and that the PAN follows the jurisdiction rather than the other way around.The division bench of Justice Dhiraj Singh Thakur and Justice Valmiki SA Menezes has observed that after the CIT in Mumbai passed an order on December 19, 2014, transferring the assessment jurisdiction from Mumbai...