TDS Provisions Not Applicable To Commission Paid To Bank: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that TDS provisions are not applicable to commissions paid to banks.The two-member bench of Saktijit Dey (Judicial Member) and Dr B.R.R. Kumar (Accountant Member) has observed that commission paid to partners is not covered under Section 194H of the Income Tax Act as there is no employer and employee or...

Extracts of Land Revenue Records, Not Sufficient Evidence To Prove Agricultural Activity: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld that the assessee is against the addition made on account of short-term capital gains by treating the land as a capital asset.The two-member bench headed by Pramod Kumar (Vice President) and Sandeep Singh Karhail (Judicial Member) has observed that apart from the purchase and sale deeds of conveyance and 7/12 extracts...

Minimum 30 Days Time To Be Granted To File Reply To GST SCN: Bombay High Court

The Bombay High Court has held that Section 73(8) of the Maharashtra Goods and Service Tax Act (MGST Act) permits a person chargeable with tax for a period of 30 days from the issuance of the show-cause notice to make payment of such tax along with interest payable. If he does not wish to make payment, then within the 30 day period he could file a reply to the show-cause notice.The division...

CESTAT Allows Vodafone Idea To Avail CENVAT Credit Against Debit Notes

The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has allowed Vodafone Idea Limited to avail CENVAT credit on the debit notes issued to it, pertaining to reimbursements of diesel and electricity costs, on which service tax liability under Finance Act, 1994 had been discharged. The Bench of Ajay Sharma (Judicial Member) and C J Mathew...

Change In Taxation Regime Should Not Affect Credit Availment Right Of Assessee: CESTAT

The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that a change in the taxation regime should not affect the credit availment right of the assessee.The bench of Rachna Gupta (Judicial Member) observed that, under Section 174(2)(c) of the CGST Act, the appellant's right, privilege, and right to credit cannot be affected solely because the refund...

ITAT Allows 60% Depreciation On ATM machines As Applicable To Computer Software

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the 60% depreciation on ATM machines as applicable to computer software.The two-member bench of Sonjoy Sharma (Judicial Member) and G. Manjunatha (Accountant Member) has observed that once the assessee is entitled to 60% of depreciation on ATM machines, the Assessing Officer has to work out the depreciation right from...

Hike In GST Rate On Renewable Energy Devices, Imposition of Basic Customs Duty On Cells To Be Treated As Change In Law: MNRE

The Ministry of New & Renewable Energy (MNRE) has issued a circular stating that the increase in the rate of GST on renewable energy devices and the imposition of Basic Customs Duty (BCD) on cells and modules would be treated as changes in the law.BCD at the rate of 25% has been imposed on imports of solar PV cells and BCD at the rate of 40% has been imposed on imports of solar PV...

Service Tax Not Leviable On Business Exhibition Service Performed Outside India: CESTAT

The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not leviable on business exhibition services performed outside India.The two-member bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) observed that as per Rule 3 of Sub Rule (II) of the Taxation of Services (Provided from Outside India and Received in India)...

Self-Certified Copies Of Documents Are Sufficient For Claiming Exemption Under Section 12AA of the Income Tax Act: ITAT

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has held that the self-certified copies of documents are sufficient for the purpose of claiming exemption under section 12AA of the Income Tax Act.The two-member bench of Dr.S. Seethalakshmi (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) have observed that CIT(E) has erroneously passed the order without...

DGFT Issues Clarification On Export Policy of Rice

The Director General of Foreign Trade (DGFT) has issued a trade notice regarding the export policy of rice.The government changed the export policy for broken rice from "free" to "prohibited" with immediate effect by notification dated September 8, 2022, which was followed by trade notices dated September 28, 2022.The DGFT received complaints about rice (5% and 25%) have been made, claiming...

ITAT Disallows Cost of improvement As Assessee Did Not Produce Supporting Bills, Vouchers, Source Of Funds

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has disallowed the cost of improvement as the assessee failed to produce supporting bills, vouchers, sources of funds, etc.The two-member bench of Sandeep Singh Karhail (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the claim of the assessee was denied by the lower authorities in the absence of proof with regard...

CBIC Issues Clarification On Extended Timelines For GST Compliance

The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the extended timelines for GST compliance.The CBIC has issued the notification dated 28.09.2022 by which it appointed 01.10.2022 as the date on which the provisions of sections 100 to 114, except clause (c) of section 110 and section 111, of the Finance Act, 2022, shall come into force.Section 100(b) of...