Tax
ITAT Allows Deduction To ICICI Bank On Interest Expense On Perpetual Bonds
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed ICICI Bank the deduction on interest expense on perpetual bonds.The two-member bench of Kavitha Rajagopal (Judicial Member) and Amarjit Singh (Accountant Member) has observed that merely that RBI recognises treating the said debt instruments as additional tier/capital would not change the nature of Innovative Perpetual...
CBIC Extends Concessional Custom Duty On Import Of Edible Oil Till March 2023
The Central Board of Indirect Taxes and Customs (CBIC) has extended concessional customs duty on the import of edible oil till March 31, 2023, to keep domestic prices under control.The concessional customs duty on edible oil imports has been extended by another 6 months, which means that the new deadline will now be March 2023. Prices of edible oil have been on a declining trend, driven by a...
Bombay High Court Allows Taxpayer To Utilise Amount Available In Electronic Credit Ledger to Pay Pre-Deposit
The Bombay High Court has held that the taxpayer may utilise the amount available in the Electronic Credit Ledger to pay the 10% of tax in dispute as prescribed under Sub-section (6) of Section 107 of the CGST Act.The division bench of Justice K.R. Shriram and Justice A.S. Doctor restored the appeal on the taxpayer's promise to debit the Electronic Credit Ledger within one week of the order...
Calcutta High Court Directs State Government To Make Scheme Providing Industrial Incentives GST- Compliant
The Calcutta High Court has ruled that industrial units cannot be kept in a limbo and denied the incentives, which were specifically promised to them, on the ground of change of the tax regime from VAT to GST. The Single Bench of Justice Moushumi Bhattacharya held that the issue of legitimate expectation was involved in the case, and hence, the Court directed the Department...
GST Proceedings Initiated By Anti Evasion And Range Office For The Same Period Is Not Permissible: Calcutta High Court
The Calcutta High Court has held that since the audit proceedings under Section 65 of the CGST Act have already commenced, it is appropriate that the proceedings should be taken to their logical end. The proceedings initiated by the Anti-Evasion and Range Office for the same period will not be continued.The division bench of Justice T.S. Sivagnanam and Justice Supratim Bhattacharya has...
Income From Operating And Maintaining IT Park To Be Assessed Under "Income from Business": ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the income from operating and maintaining an IT park is to be assessed under the head "Income from Business".The two-member bench of Vikas Awasthy (Judicial Member) and M. Balaganesh (Accountant Member) has observed that the income from letting out the premises/developing space along with other facilities in an...
Customs Broker Is Responsible For Acts Of The Employees: CESTAT
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that for the act of an employee, direct responsibility is fixed on the customs broker.The bench of Dr. Suvendu Kumar Pati (Judicial Member) has confirmed the penalty and relied on para 13(12) of the CHA Licencing Regulation, 2004 which says, "the customs broker shall exercise such supervision as may...
Andhra Pradesh High Court Quashes Rejection Of GST Refund Application By Axis Bank
The Andhra Pradesh High Court has quashed the rejection of a GST refund application by Axis Bank and remanded the matter back to the original authority.The division bench of Justice C. Praveen Kumar and Justice A.V. Ravindra Babu has referred to a circular dated 25.09.2021 issued clarifying that the insertion of rule (1A) to Rule 89 provides a time limit of 2 years. The two-year time limit...
CBIC Rescinds Notification Extending Due Date To File GST Refund Application From 1 October 2022
The Central Board of Indirect Taxes and Customs (CBIC) has rescinded the notification extending the due date to file Goods and Service Tax (GST) refund applications from 1 October 2022."It is necessary for the recommendation of the Council, hereby rescind the notification of the Government of India, Ministry of Finance (Department of Revenue), No.20/2018-Central Tax, dated the 28th March...
Tax Cases Weekly Round-Up: 25 September To 1 October, 2022
Delhi High Court Physical Verification Of Business Premises For GST Registration Without Issuing Notice Is Violation Of Principle Of Natural Justice: Delhi High Court Case Title: Curil Tradex Pvt. Ltd. Versus The Commissioner Citation: 2022 LiveLaw (Del) 905 The Delhi High Court has held that the physical verification of business premises for GST registration without...
Tax Cases Monthly Round-Up: September 2022
Indirect TaxesSupreme Court Disputes Related To Tax Concessions Are Not Arbitrable: SupremeCourt Case Title: M/s Shree Enterprise Coal Sales Pvt Ltd. Versus Union Of India Citation: 2022 LiveLaw (SC) 774 The Supreme Court has held that disputes related to tax concessions are not arbitrable. The division bench of Justice Dhananjaya Y Chandrachud and Justice Hima Kohli...
Reassessment Notice Issued Against A Dead Person Would Be Invalid: Bombay High Court
The Bombay High Court has held that a reassessment notice against a dead person would be invalid unless the legal representatives submit to the jurisdiction of the Assessing Officer without raising any objection.The division bench of Justice Dhiraj Singh Thakur and Justice Valmiki Sa Menezes has observed that where the legal representatives do not waive their right to a notice under Section...