Tax
Cash Gifts Received From Close Relatives To Treat Cancer Can't Be Termed As "Unexplained": ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition and held that the cash gifts received by the assessee from her close relatives to treat her husband suffering from cancer cannot be treated as "unexplained". The bench of Anil Chaturvedi (Accountant Member) has observed that the assessee discharged her initial onus by proving...
Service Tax On Composite Works Contracts Not Leviable Prior To 2007 Amendment To Finance Act 1994 : Supreme Court
The Supreme Court, on Tuesday, held that service tax could not be levied on composite works contracts prior to the introduction of the Finance Act, 2007, which by amending the Finance Act, 1994 had introduced Section 65(105)(zzzza) defining works contracts. The Apex Court noted that in the absence of a charging section and the modalities to levy and assess, service tax...
Advise States To Implement Digital DIN System : Supreme Court To Centre & GST Council
The Supreme Court has directed the GST Council to issue advisory / instructions / recommendations to the respective States regarding implementation of the system of electronic (digital) generation of a Document Identification Number (DIN) in the indirect tax administration.The bench comprising Justices MR Shah and BV Nagarathna observed that the system, which is already being implemented by...
Rajasthan Stamp Act | Duty Can't Be Levied On Transaction Not Having 'Territorial Nexus' With State: High Court
The Rajasthan High Court recently set aside a single bench decision which permitted levy of duty under the Rajasthan Stamp Act, 1998 on an amalgamation instrument executed outside the State pursuant to sanction of Himachal Pradesh High Court, not only in relation to properties situated in Rajasthan, but also on the transfer of shares.A division bench comprising Justices Manindra Mohan...
E-Invoicing Mandatory For Businesses With Annual Turnover Of More Than Rs.10 Crores: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has made e-invoicing mandatory for businesses with a turnover of more than Rs. 10 crores.The Board empowered under sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017 amended the notification no. 13/2020 – Central Tax, dated the 21st March, 2020. The notification sought to exempt certain classes of...
Lands Re-Purchased Not To Be Mandatorily Agricultural On The Date Of Re-Investment: ITAT Allows Capital Gain Exemption
The Pune Bench of theIncome Tax Appellate Tribunal (ITAT), consisting of Satbeer Singh Godara (Judicial Member) and Dipak P. Ripote (Accountant Member), has ruled that the legislature has nowhere incorporated that for claiming the deduction under section 54B of the Income Tax Act, the lands re-purchased have to be agricultural on the date of re-investment.The appellant/assessee has...
Services Tax Demand Not Sustainable On The Basis Of TDS/26AS Statements: CESTAT
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax demand is not sustainable on the basis of TDS/26AS statements. The two-member bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that the value of taxable services cannot be determined only based on TDS statements produced by...
No Deliberate Non-Compliance In Depositing Service Tax Under RCM: CESTAT Deletes Penalty
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) bench of Anil Choudhary (Judicial Member) has deleted the penalty on the grounds that there was no deliberate non-compliance in depositing service tax under the Reverse Charge Mechanism (RCM).The appellant/assessee is rendering service of accommodation in a hotel and restaurant service. Pursuant to the audit, it appeared...
Product Marketed Under Brand Name "Ber Berry" Is Classifiable Under GST Tariff Heading 2008: AAR
The Madhya Pradesh Authority of Advance Ruling (AAR) has ruled that the product marketed under the brand name "Ber Berry" manufactured and supplied is covered and classifiable under the GST Tariff heading 2008.The two-member panel of Virendra Kumar Jain and Manoj Kumar Choubey observed that chapter 8 exclusively covers fresh fruit or fruit cooked by steaming or boiling in...
No Material Found On Search, Income Tax Additions Can't Be Made On Presumption: Delhi High Court
The Delhi High Court bench of Justice Manmohan and Justice Manmeet Preetam Singh Arora held that if no incriminating material is found during the course of the search, then no addition can be made in the assessment under Sections 153A and 153C of the Income Tax Act.The Investigation Wing of the Income Tax Department carried out a search and seizure operation against M/s K.R. Pulp &...
CBDT Reduces Time Limit For Verification Of ITR
The Central Board of Direct Taxes (CBDT)has reduced the time limit for verification of Income Tax Return (ITR) from 120 days to 30 days of transmitting the data of ITR electronically. It will be effective from August 1, 2022.The Board has notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR in various manner. Firstly,...
CBIC Enables Customs Clearances Beyond Normal Working Hours In Inland Container Depots
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular extending customs clearances at inland container depots beyond normal working hours.As a measure of trade facilitation and convenience of doing business, the CBIC has enabled 24x7 customs clearance at several maritime ports and air cargo complexes around the country. This service is now accessible at 20 seaports...