Tax
SEBI Invites Comments Consultation Paper On Online Bond Trading Platforms
The Securities and Exchange Board of India (SEBI)has invited comments on online bond trading platforms' proposed regulatory framework by August 12, 2022.As per the paper, debt securities can be issued either through a public issuance or on a private placement basis. A public issue of debt securities is made through the online system of the Stock Exchanges and Depositories. Presently,...
Inland Haulage Charges Received By Shipping Companies Not Taxable As Business Profit: ITAT Mumbai
The Mumbai Bench of ITAT has reiterated that the activity of Inland Haulage is directly connected with the transportation of goods in international traffic and thus, Inland Haulage Charges are not taxable as business profit in India in view of Article 8 of the India-UAE DTAA (Double Taxation Avoidance Agreement). The Bench, consisting of Vikas Awasthy (Judicial Member) and...
AO To Workout Pro Rata Deduction In Regard To Eligible Residential Units: Bombay High Court
The Bombay High Court has upheld the order of the ITAT directing the Assessing Officer to work out the pro rata deduction under Section 80IB(10) of the Income Tax Act, 1961.The division bench of Justice Dhiraj Singh Thakur and Justice Abhay Ahuja has observed that Section 80IB(10) nowhere even remotely aims to deny the benefit of deduction in regard to a residential unit,...
Cash Sales Accepted By VAT Dept. Not Sufficient To Hold It To Be Genuine: Himachal Pradesh High Court
The Himachal Pradesh High Court has held that the cash sales accepted by the VAT department are not sufficient to hold that the cash sales were genuine. The division bench of Justice Sabina and Justice Satyen Vaidya has held that the Assessing Officer was liable to independently look into the cash sales to come to a conclusion as to whether the said sales were genuine or not....
Inland Haulage Charges Received By Shipping Companies Not Taxable As Business Profit: ITAT Mumbai
The Mumbai Bench of ITAT has reiterated that the activity of Inland Haulage is directly connected with the transportation of goods in international traffic and thus, Inland Haulage Charges are not taxable as business profit in India in view of Article 8 of the India-UAE DTAA (Double Taxation Avoidance Agreement). The Bench, consisting of Vikas Awasthy (Judicial Member) and...
GSTN Implement Mandatory Mentioning Of HSN Codes In GSTR-1
The Goods and Service Tax Network (GSTN)has notified the implementation of the mandatory mentioning of HSN codes in GSTR-1.According to Notification No. 78/2020 dated October 15, 2020, taxpayers must report a minimum of 4 digits or 6 digits of HSN Code in Table-12 of GSTR-1 based on their Aggregate Annual Turnover (AATO) in the preceding fiscal year. The changes will be implemented in...
Cash Deposit Of Firm Can't Be Added To Personal Income Of Partner Without Investigation: ITAT
The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT), consisting of Anikesh Banerjee (Judicial Member) and Dr. M. L. Meena (Accountant Member), has held that the cash deposit of a firm can not be added to the personal income of the partner without investigation. The notice under section 148 of Income Tax Act was issued against the assessee on 15.03.2013. The assessee filed...
Supreme Court Allows 2-Months Extra Window For Availing Transitional Credit; Directs GSTN To Open Portal For TRAN-1/TRAN-2 Forms
In a relief to several assessees who missed the statutory deadline, the Supreme Court has directed the Goods and Services Tax Network (GSTN) to allow a 2-month additional window from September 1, 2022 to October 31, 2022 for claiming Transitional Credit.TRAN-1 and TRAN-forms were brought to allow assessees to carry forward pre-GST credits to the GST system. As per the GST Rules, such claims...
Inapplicability Of MOOWR Scheme On Solar Power Generating Units: Delhi High Court Stays SCN Seeking To Revoke MOOWR License
The Delhi High Court bench of Justice Rajiv Shakdher and Justice Vitasta Ganju has stayed the show cause notice issued by the commissioner to revoke the licence under the Manufacturing and Other Operations in Warehouse (no. 2) Regulations, 2019 (MOOWR). The MOOWR Scheme grants a benefit of duty deferment without any interest on capital goods and inputs imported by a person holding...
Inspection Report Does Not Fulfil The Ingredients Of Proper Show-Cause Notice: Jharkhand High Court
The Jharkhand High Court has held that the inspection report does not fulfil the ingredients of a proper show-cause notice; it amounts to a violation of principles of natural justice.The division bench of Justice Aparesh Kumar Singh and Justice Deepak Roshan has observed that the adjudication order is null and void in the eye of the law if it is passed without the issuance of...
Tax payment Software Has To Be Tailor-Made According To The Legal Rights Of The Taxpayers: Delhi High Court
The Delhi High Court has held that the tax payment software has to be tailor-made according to the needs, aspirations, and legal rights of the taxpayers and not that the taxpayers' legal rights have to be tailor-made in accordance with the software being used by the Tax Department. The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has held that...
Finance Ministry Confirms That Some States Have Sought Extension Of GST Compensation For A Further Period Of Five Years.
The Finance Ministry has confirmed that some states have sought extension of GST compensation for a further period of five years. As per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016, Parliament shall, on the recommendation of the GST Council, provide for compensation to the States for loss of revenue arising on account of the GST for a period of five...