Tax
Madras High Court Stays IT Dept's Order Imposing ₹1.5 Crore Penalty On Actor Vijay For Undisclosed Income
The Madras High Court on Tuesday granted an interim stay on the proceedings initiated by the Income Tax Department against Actor Vijay for "admitted" undisclosed income of Rs. 15 crore in the financial year 2015-16. The bench of Justice Anita Sumanth passed the interim order on an application filed by the actor and directed the Department to file its counter by September 16.The penalty...
Tax Cases Weekly Round-Up: 7 August To 13 August, 2022
Delhi High Court Definition Of Relative Under Senior Citizens Act Can't Be Treated At Par With Income Tax Act, 1961: Delhi High Court Case Title: Miss Indira Uppal Versus UOI Citation: 2022 LiveLaw (Del) 764 The Delhi High Court has held that the petitioner's real intent was to ensure that gift tax is not levied on donee. The petition does not promote the maintenance and...
Interest Payment On Late Payment Of TDS Not Eligible For Deduction Under Business Expenditure: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that interest payment on late payment of TDS is not an eligible business expenditure for deduction and it is not compensatory in nature.The two-member bench of A. D. Jain (Vice President) and Dr. B. R. R. Kumar (Accountant Member) has observed that the payment of interest on late deposit of TDS levied u/s 201(1A) is...
No Customs Duty On Spare Parts Supplied For Warship: CESTAT
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the spare parts supplied for warships are exempt from customs duty.The two-member bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that the interceptor boat supplied by the appellant was a warship. The intercepted boats used by the Coast Guard...
Aircraft Operator To Transfer The Passenger's Information To Designated Customs Systems By Push Method: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has notified the Passenger Name Record Information Regulations, 2022.As per the Regulations, the National Customs Targeting Centre-Passenger was established by the Board to receive and process passenger name record information along with any other information relevant for risk analysis of passengers. It will be done for the purpose of...
Retracted Statement Cannot Simply Be Brushed Aside : CESTAT
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the contents of the retracted statement cannot simply be brushed aside to conclude that the assessee/appellant has indulged in the activity of undervaluation of goods.The two-member bench of S.K. Mohanty (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that merely because...
Activity Of Mediator Cannot Fall Under Business Consultant Services, No Service Tax Under RCM Applicable: CESTAT
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the activity of a mediator cannot fall under business consultant services.The two-member bench of P. K. Choudhary (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that the appellants/assessee are not liable to pay any service tax on the reverse mechanism on the...
GST On House Rent: Do All Tenants Have To Pay 18% GST?
The 47th GST Council meeting, presided over by Union Finance Minister Nirmala Sitharaman in June, approved a slew of changes to the taxing scheme. The modifications went into effect on July 18, 2022.One of the most significant changes was that a GST-registered tenant must pay Goods and Services Tax at the rate of 18% when renting a residential property. Earlier Regime Before June...
Summary Of SCN In Form GST DRC-01 Cannot Substitute Requirement Of Proper SCN: Jharkhand High Court
The Jharkhand High Court has held that the summary of show cause notice in Form GST DRC-01 cannot substitute the requirement of a proper show cause notice under section 73(1) of the CGST Act, 2017. The division bench of Justice Aparesh Kumar Singh and Justice Deepak Roshan has observed that the levy of a penalty of 100% of tax dues reflected in the Summary of the Order contained in...
Export Of Wheat Flour, Maida And Semolina Will Require Quality Certificate For Shipments From 14 August, 2022: DGFT
The Director General of Foreign Trade (DGFT) has notified that the export of wheat flour, maida, and semolina will require a quality certificate for shipments from August 14, 2022.The existing export policy of wheat flour (Atta), maida, samolina (Rava/Sirgi), wholemeal atta, and resultant atta shall be "free". However, the export of wheat flour (atta) is subject to the recommendation of...
ITAT Allows Deduction On Penalty Levied By SEBI For Shortfall In Margin Money
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT)has allowed the deduction of the penalty levied by the Securities and Exchange Board of India (SEBI) for a shortfall in margin money.The bench of B.R. Baskaran (Accountant Member) has observed that the penalty levied by SEBI for shortfall in margin money cannot be considered as a penalty for violation of any law falling within...
Income Tax Officers Are Frequently Violating Principles Of Natural Justice: Allahabad High Court
The Allahabad High Court has criticized the Income Tax Authorities for frequently violating the principles of natural justice. The Court ruled that the harassment caused to the assessees and the breach of principles of natural justice by the Income Tax Officers has become uncontrolled due to the absence of an effective system of accountability of the erring officers. The Bench...