Tax
GST Demand On Events Posted On Facebook: Andhra Pradesh High Court Directs Company To Approach Appellate Authority
The Andhra Pradesh High Court, while considering a petition challenging GST demand based on events posted on social media, held that information available on the social media platform of the petitioner shows that the event was conducted. The division bench of Justice C. Praveen Kumar and Justice Tarlada Rajasekhar Rao dismissed the petition by giving liberty to the petitioner to...
CBIC Authorises Principal Director General/ Director General Of DGARM For Withholding Of IGST Refund For Verification Purposes
The Central Board of Indirect Taxes and Customs (CBIC) has authorised the Principal Director General/Director General of the Directorate General of Analytics and Risk Management (DGARM) to withhold the refund of integrated tax paid on goods or services exported out of India. "In exercise of powers conferred by clause (c) of sub-rule (4) of rule 96 of the Central Goods and Services...
Tax Cases Weekly Round-Up: 17 July To 23 July, 2022
Delhi High Court Inapplicability Of MOOWR Scheme On Solar Power Generating Units: Delhi High Court Says No Coercive Action Case Title: ACME Heergarh Powertech Private Limited vs. Central Board of Indirect Taxes and Customs and Anr. The Delhi High Court bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju issued notice and restrained the customs officer from taking...
CBIC Clarifies On Concessional BCD Rate On Import Of Parts Used In Manufacturing LCD/LED TV Panels
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the concessional Basic Custom Duty (BCD) rate on parts used in the manufacturing of Liquid Crystal Device (LCD) and Light Emitting Diode (LED) TV panels. S. Nos. 515A and 515B of notification No. 50/2017-Customs dated June 30, 2017 provides for a concessional BCD rate of 5% for specified...
No Section 40(a)(ia) Disallowance In Case Of Short Deduction Of TDS: Delhi High Court
The Delhi High Court has held that no disallowance under Section 40 (a)(ia) of the Income Tax Act is called for in the case of a short deduction of TDS and the correct course of action would have been to invoke Section 201 of the Income Tax Act. The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has observed that disallowance under section 40A(2)(b) has...
Explanation To Section 14A Of Income Tax Act Will Not Apply Retrospectively: Delhi High Court
The Delhi High Court has ruled that the Explanation to Section 14A of the Income Tax Act, 1961, added vide the Finance Act, 2022, cannot be presumed to be retrospective in nature since it is clarificatory in nature and alters the law as it stood earlier. The Division Bench of Justices Manmohan and Manmeet Pritam Singh Arora held that in view of the law laid down by the Supreme...
Karnataka High Court Quashes CBIC Circular Imposing GST On Annuity Payments Awarded By Highway Authorities To concessionaires
The Karnataka High Court has quashed the circular issued by the Central Board of Indirect and Customs (CBIC) clarifying that GST is not exempt on the annuity (deferred payments) paid for the construction of roads and allowed the Writ Petition filed by the petitioner. The single bench of Justice M.I. Arun observed that a circular which clarifies the notification cannot have the effect...
Import Of Tur, Urad And Pigeon Peas From Myanmar, Malawi, Mozambique: DGFT Issues Notification On Quota
The Director General of Foreign Trade (DGFT) has issued a public notice in relation to the implementation of the Memorandum of Understanding (MoUs) between India and Myanmar for the import of urad and tur from Myanmar. The MoU was signed between India and Malawi; India and Mozambique for the import of pigeon peas from Malawi and Mozambique. In pursuance of the Memorandum of...
CBIC Releases FAQs On GST Applicability On "Pre-Packaged And Labelled Goods"
The Central Board of Indirect Taxes (CBIC) has released Frequently Asked Questions (FAQs) on the application of Goods and Services Tax (GST) on "pre-packaged and labelled goods."There were several changes relating to GST rates, in pursuance of recommendations made by the GST Council in its 47th meeting, which come into effect from the 18th of July, 2022. One such change is moving...
Sale Of Internet Advertising Space Except On Commission Is Exigible To 18% GST: AAR
The Karnataka Authority of Advance Ruling (AAR) consisting of M.P.Ravi Prasad and T.KIran Reddy has ruled that the sale of internet advertising space (except on commission) is exigible to 18% GST.The applicant, Myntra Designs Private Limited, owns an e-commerce portal, www.myntra.com, and is a major Indian fashion e-commerce company. The applicant is engaged in the business of...
Process Of Crushing And Screening Of Iron Ore Are Classified As Iron Ore Fines: CESTAT Allows Benefit Of Exemption From Payment Of CVD
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has allowed the benefit of exemption from payment of countervailing duty (CVD) on the grounds that the process of crushing and screening of iron ore is classified as iron ore fines.The two-member bench headed by Justice Dilip Gupta (President) and C.J. Mathew (Technical Member) has held that iron...
No Capital Gain Exemption On The Agriculture Land Purchased In The Name Of Assessee's Wife: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT)consisting of Saktijit Dey (Judicial Member) and B.R.R. Kumar (Accountant Member) has held that the agricultural land purchased by the assessee in the name of his wife is not eligible for deduction under section 54B of the Income Tax Act. The assessee filed a return declaring an income. The case was assessed by computing...