Tax
Timelines For Uploading TRAN-1 For Seeking Credit And Revision Of Credit Cannot Be One: Madras High Court
The Madras High Court has held that the timelines for uploading of TRAN 1 for seeking credit as well as seeking revision of the credit cannot be one and the same as it leads to an unworkable position.The single bench of Justice Anitha Sumanth has observed that the time limit for revision of a TRAN-1 return be identical to the timeline for filing of a return seeking transition. The purpose...
CBDT Notifies New Form 29D For Refund Of Tax Deducted
The Central Board of Direct Taxes (CBDT) has notified the new Form 29D for refund of tax deducted.The Board has notified the Income-tax (26th Amendment) Rules, 2022. The amendment added a new Rule 40G to the Income-tax Rules of 1962 relating to Refund Claim under Section 239A. In the Income-tax Act, a new section 239A was added by the Finance Act of 2022. Section 239A states that if...
GST Exemption On Service Of Educating And Training Farmers Related To Agroforestry: Karnataka AAR
The Karnataka Authority of Advance Ruling (AAR) has ruled that the services of educating and training farmers with regard to agroforestry through scientific research and knowledge do not attract GST. The two-member bench of M.P. Ravi Prasad and T.Kiran Reddy has observed that the applicants, through their mara mitras, not only educate and train farmers with regard to agroforestry...
Application Under Companies Act Against Order Rejecting Waiver Of Interest; Dispute Falls Within Scope Of VSV Act: Delhi High Court
The Delhi High Court has ruled that where an application under the Companies Act has been filed by a company in liquidation against the order of the revenue authorities rejecting the application for waiver of interest for delay in payment of tax dues, the said dispute would fall within the scope of Direct Tax Vivad Se Vishwas Act, 2020 (VSV Act). The Bench consisting of Justices...
Society Supplying Free Textbooks To Students Is Not "State Government": Karnataka AAR
The Karnataka Authority of Advance Ruling (AAR) has ruled that a society registered under the Karnataka Societies Act, 1960 and receiving grants from the Government of Karnataka for the supply of free textbooks to students cannot be considered as "State Government".The two-member bench of M.P. Ravi Prasad and T. Kiran Reddy has observed that the rate of tax being charged by the printers...
Failure Of Assessee To Explain Identity And Creditworthiness Of Creditors And Genuineness Of Transaction: ITAT Sustains Addition
The Allahabad Bench of the Income Tax Appellate Tribunal (ITAT) has sustained the addition as the assessee failed to explain the identity and creditworthiness of the creditors and the genuineness of the transaction.The two-member bench of Vijay Pal Rao (Judicial Member) and Ramit Kochar (Accountant Member) has observed that fresh deposits being advanced for land from members raised by...
Interest Levied On Arrears Or Late Payment Of Customs Duty Allowable On Actual Payment Basis: ITAT
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has held that customs duty is allowable only on a payment basis under section 43B of the Income Tax Act. The interest levied on arrears or late payment of customs duty is also allowable on an actual payment basis under section 43B. The two-member bench of George George K (Judicial Member) and Laxmi Prasad Sahu...
Description Of New Aluminium Section As Aluminium Scrap, Rajasthan High Court Upholds Detention Order
The Rajasthan High Court has held that, by no stretch of imagination, can brand new aluminium sections be placed on equivalence with aluminium scrap. The goods were fraudulently described as aluminium scrap.The division bench of Justice Sandeep Mehta and Justice Kuldeep Mathur has observed that the department was justified in detaining the petitioner's vehicle and the goods after...
Cenvat Credit Of Service Tax Can Be Availed On Debit Notes: CESTAT
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has observed that the Cenvat credit of Service Tax can be availed on debit notes under the scheme of the Cenvat Credit Rules, 2004.The bench of P.K. Chaudhary (Judicial Member) has observed that an invoice issued by a provider of input service is a valid document for availment of Cenvat credit. The...
DGFT Amends Minimum Time Period For NFMIMS Registration
The Director General of Foreign Trade (DGFT)has amended the minimum registration time period of the Non-ferrous Metal Import Monitoring System (NFMIMS) under the Foreign Trade Policy 2015-2020 (FTP). As per the existing policy conditions, the NFMIMS shall require importers to submit advance information on an online system for the import of items and obtain an automatic registration...
GST Not Payable on Services Provided To Horticulture Dept. for Cleaning Transportation of Garbage: AAR
The Karnataka Authority of Advance Ruling (AAR) has held that the GST is not payable on services provided to the horticulture department for cleaning and sweeping of lawns, garden path areas, segregation and transportation of garbage. The two-member bench of M.P. Ravi Prasad and T. Kiran Reddy has observed that GST is not payable on the services proposed to be provided to...
15% Customs Duty On Display Assembly Of A Cellular Mobile Phone: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has notified a 15% Customs Duty on the display assembly of a cellular mobile phone.The Ministry of Electronics and Information Technology (MeitY) stated that if the display assembly of a cellular mobile phone comes merely with a back support frame of metal or plastic and no other additional items, then the assembly may be subjected...