Time Period For Claiming ITC Extended: CBIC amends GSTR-9 Instructions

The Central Board of Indirect Taxes and Customs (CBIC) has updated the GSTR-9 instructions to reflect the extended time period for claiming Input Tax Credit (ITC).The words "April to September 2022" have been replaced by "April 2022 to October 2022 filed up to November 30th, 2022."The period for claiming Input Tax Credit (ITC) has been extended to November 30, 2022.The Board has notified...

Mandatory Registration is needed For Export Of Milk, Meat, Egg powder, Infant Food, Nutraceuticals : CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has mandated the registration of foreign food manufacturing facilities for exports of milk, meat, egg powder, infant food, and nutraceuticals with effect from February 1, 2023.The Food Safety and Standards Authority of India (FSSAI) has decided that from February 1, 2023, registration of foreign food manufacturing facilities falling...

Employees' Contribution To PF And ESI Should Be Remitted Before The Due Date To Allow Income Tax Deduction: ITAT

The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) has held that the employees' contribution to PF and ESI should be remitted before the due date for it to be allowable under Section 43B of the Income Tax Act.The two-member bench of George George K (Judicial Member) and Laxmi Prasad Sahu (Accountant Member) relied on the decision of the Supreme Court in the case of Checkmate...

Appeal By Assessee Prior To Declaration Under VSVS Act, Shall Revive On Failure To Pay the Tax Determined: ITAT

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that if the assessee violates the conditions prescribed under the Direct Tax Vivad Se Vishwas Act, 2020 (DTVSVS Act) by not paying the tax determined by the designated authority, the appeal filed by it prior to filing a declaration under the DTVSVS Act, disputing the tax liability raised against it, shall revive...

CESTAT Allows Interest On Delay In Refund Of Excess Reversal Of CENVAT Credit

The Ahmedabad bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has ruled that Reliance Industries is entitled to interest on delay in refund of excess reversal of CENVAT credit. The bench of Judicial Member Ramesh Nair dismissed the contention of the revenue department that since the assessee- Reliance Industries, was entitled to adjust the excess amount...

DGFT Cannot Amend Foreign Trade Policy; Can't Restrict The Benefit Of SHIS Scheme: Madras High Court

The Madras High Court has ruled that the Director General of Foreign Trade (DGFT), in exercise of its power to clarify the doubts regarding the interpretation of the Foreign Trade Policy (FTP), as formulated by the Central Government, cannot amend the very policy itself. The single bench of Justice N. Sathish Kumar noted that the FTP 2009-2014 provided for grant of Status Holder...

Import of High Risk Food Products Restricted To 61 Ports: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has restricted the entry of food items into specific ports.The Food Safety and Standards Authority of India (FSSAI) has decided that, with effect from February 1, 2023, imports of high-risk products shall be permitted only through 61 ports, which are directly manned and managed by FSSAI officials.The high-risk products include milk and...

Source of cash deposits can't be discarded if shown On Cashbook Entries: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that a cash flow statement based on the entries made in the cash book reveals the source of cash deposited in the bank account and cannot be discarded by the authorities below.The two-member bench of Kul Bharat (Judicial Member) and N.K. Billaiya (Accountant Member) has directed the Assessing Officer to delete the addition...

ITC Can't Be Availed By Housing Society On Works Contract Services Of Repairs, Renovations, Rehabilitation: AAAR

The Maharashtra Appellate Authority of Advance Ruling (AAAR) has ruled that the housing society is ineligible to claim input tax credit (ITC) on contract services received from their appointed contractor due to the housing society's ineligibility to claim ITC on repairs, renovations, and rehabilitation works.The two-member bench of Ashok Kumar Mehta and Rajeev Kumar Mital has observed that...

Service Tax Leviable On Policy Administration Charges From 1 May, 2011: CESTAT

The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax is leviable on policy administration charges with effect from 01.05.2011.The two-member bench of Anil Choudhary (Judicial Member) and P.V. Subba Rao (Technical Member) has observed that in view of the clarification by the Board in TRU Circular dated 26.02.2010, 2010, policy...

Interest Earned On FDs Kept As Security For PG Is Taxable As Business Income: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the interest income earned on fixed deposits kept as security for performance guarantees is taxable as business income and can be set off against project expenses.The single bench of Saktijit Dey (Judicial Member) has directed the Assessing Officer to refund the TDS amount to the assessees.The assesses/appellants...

Addition/Disallowance Can't Be Made Merely On Assessee's Admission During Search: Delhi High Court

The Delhi High Court has held that the statement recorded during the course of the search, on a standalone basis, without any reference to material found during the search, would not empower the AO to make additions/disallowance merely on the assessee's admission."The Appellant-Revenue has not placed reliance on or even referred to any statement recorded under Section 132(4) of the Act, 1961....