Tax
CBDT Extends Due Date For Filing Various Reports Of Audit For AY 2022-23 To October 7
The Central Board of Direct Taxes (CBDT)has extended the timeline for filing various reports of audit for Assessment Year 2022-23 under the Income Tax Act, 1961, for certain categories of assessees. The CBDT, vide Circular No. 19/2022, dated 30.09.2022, has extended the due date from 30th September, 2022 to 7th October, 2022. "On consideration of difficulties faced by the...
GST Not Payable On Renting Of A Residential Dwelling For Personal Use: Delhi High Court
The Delhi High Court has held that Goods and Service Tax is not payable on renting a residential dwelling for personal use.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh has observed that the rental of a residential dwelling to a proprietor of a registered proprietorship firm who rents it in his personal capacity for use as his own residence and not for use in the...
Limitation Period Starts After Affixing Signatures On GST Registration Cancellation Order: Bombay High Court
The Bombay High Court has held that the limitation period would start only after the affixing of signatures on the GST registration cancellation order."Only on the date on which the signature of Respondent issuing authority was put on the order dated November 14, 2019, for the purpose of attestation, would time to file an appeal commence," the division bench of Justice K.R. Shriram and...
Issuance Of Notice To Unrelated Mail Address Does Not Constitute Due Despatch: Delhi High Court
The Delhi High Court has held that the issuance of e-mail-attaching electronic notice to an unrelated e-mail address does not constitute due despatch and, therefore, the notices cannot be said to have been issued on 31st March 2021.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has observed that since an authenticated copy of the notice was placed on the...
Revenue Can't Characterize Preference Shares As Debt Instrument Ignoring Legal Consequences: ITAT
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has reiterated that premium on redemption of preference shares is exigible to tax under the head 'Income from Capital Gains', liable to tax to the extent actually received on the redemption of shares. The Bench of N.V. Vasudevan (Vice President) and Padmavathy S (Accountant Member) held that the revenue authorities...
Rajasthan High Court Dismisses Writ Petitions Challenging Levy Of GST On Royalty
The Rajasthan High Court has dismissed a batch of writ petitions challenging the levy of GST on reverse charge basis on royalty of mining extraction. Noting that the Coordinate Benches of the Rajasthan High Court, in several cases, have dismissed the writ petitions challenging the levy of GST on royalty, the Division Bench of Acting Chief Justice Manindra Mohan Shrivastava and...
AO Treated Sundry Creditors As Bogus Based On His personal belief: ITAT Deletes Addition
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that AO treated the sundry creditors as bogus at the instance of the report of the inspector for a few sample cases was based on AO's personal belief and not by virtue of any concrete facts and evidence placed on record.The two-member bench of Rajpal Yadav (Vice-President) and Girish Agrawal (Accountant Member) has...
Calcutta High Court Allows Pharma Company To Avail CENVAT Credit On Sales Promotion Services
The Calcutta High Court has allowed the pharma company to avail CENVAT credit on sales promotion services.The division bench of Justice T.S. Sivagnanam and Justice Supratim Bhattacharya has observed that the commission paid by the pharma company to the commission stockist is included in the assessable value of the goods on which excise duty has been paid by the respondent on the...
GST Refund Application: Andhra Pradesh High Court Excludes Period From 1st March, 2020 to 28th February, 2022 For Limitation
The Andhra Pradesh High Court has relied on the notification dated 05.07.2022 and held that the period from 1st March, 2020 to 28th February, 2022, for the computation of the period of limitation for filing refund applications shall stand excluded.The division bench of Justice C. Praveen Kumar and Justice A.V. Ravindra Babu has observed that the application for refund was not made beyond...
Recovery Of Annual Report And Share Certificate From the Assessee's Premises Are Not Incriminating Documents: Delhi High Court
The Delhi High Court has held that the recovery of the annual report and the share certificate of the assessee premises cannot be considered to be incriminating documents.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has observed that the genuineness of the share capital has been accepted both by CIT (A) and ITAT and that there is no live link between the...
Govt. Extends Foreign Trade Policy For 6 Months
The Ministry of Commerce & Industry has notified the extension of the foreign trade policy for 6 months."The government has always involved all stakeholders in formulating policy. In view of this, it has been decided to extend the Foreign Trade Policy 2015-20, valid till Sept 30, 2022, for a further period of six months, w.e.f. October 1st, 2022," the government said.The government...
No PMLA Proceedings After Quashing Of FIR Against Accused: Delhi High Court Set Aside Proceedings Against IHFL And Its Employees
The Delhi High Court has set aside the proceedings under the Prevention of Money Laundering Act, 2002 against Indiabulls Housing and Finance Limited (IHFL) and its employees.The division bench of Justice Anish Dayal and Justice Mukta Gupta relied on the decision of the Supreme Court in the case of Vijay Madanlal Choudhary & Ors Vs. Union of India & Ors. The supreme court held...