Tax
Benefit Of Carried Forward Business Losses And Unabsorbed Depreciation Losses Can't Be Availed For Ingenuine Amalgamation/Demerger: ITAT
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) consisting of S.S. Vishwanethra Ravi (Judicial Member) and Inturi Rama Rao (Accountant Member) has held that the benefit of section 72A of the Companies Act, 1956 cannot be availed if the sole idea of the amalgamation was only to avail the benefit of carried forward business losses and unabsorbed depreciation losses as it is not...
Tax Cases Weekly Round-Up: 10 July To 16 July, 2022
Supreme Court Sufficiency Or Inadequacy Of Reasons To Believe Cannot Be Looked Into While Considering Validity Of Search & Seizure U/Sec 132 Income TaxAct: Supreme Court Case Title: Principal Director Of Income Tax (Investigation) vs Laljibhai KanjiBhai Mandalia | 2022 LiveLaw (SC) 592 Citation: 2022 LiveLaw (SC) 592 The Supreme Court, in a judgment delivered...
Madras High Court Quashes Non-Speaking Order Rejecting The GST Registration Application
The Madras High Court bench of Justice Anitha Sumanth has quashed the non-speaking order rejecting the GST registration application. The petitioner had made an application seeking registration in accordance with Section 22 read with Section 25 of the CGST Act and Rule 8 of the CGST Rules. The registration sought was in respect of a rice mandi. The receipt of the application was...
CBIC Notifies Deputy DRI Or Assistant DRI To Act As The Proper Officer Under The Customs
The Central Board of Indirect Taxes and Customs (CBIC)has notified the Deputy DRI or Assistant DRI to act as the proper officer under the Customs. The CBIC has issued amendments to its earlier issued Notification No. 26/2022-Customs (N.T) dated March 31, 2022, which assigned certain officers in relation to the functions under the Customs Act, 1962. The Board has added New SI. No. 4A...
ITAT Directs Revenue To Give Effect To High Court Order Holding Software License Charges Received By EY Not Taxable As 'Royalty'
The Delhi Bench of ITAT has directed the revenue authorities to give effect to the order passed by the Delhi High Court in favour of EY Global Services Limited (UK) (EYGSL (UK), holding that payments received by EYGSL (UK) from its member firms in India, towards Software License and Maintenance Charges, Global Technology Charges and GWAN Connectivity Charges, are not taxable in...
Vessel Support Services Provided In Relation To Foreign Vessels Sailing To Other Countries Falls Under "Export of Services": AAR
The Tamil Nadu Authority of Advance Ruling (AAR) has ruled that the vessel support services provided in relation to foreign vessels sailing to other countries outside India fall under "export of services" as per Section 2(6) of the IGST Act, as the "place of supply" in such cases is entirely "outside India". The two-member bench of T.G.Venkatesh and K.Latha has observed that if...
GST Payable On Supply Of Medicines, Consumables Used For Providing Health Care Services To Out-Patients admitted To The Hospital: AAR
The Tamil Nadu Authority of Advance Ruling (AAR) has ruled that the supply of medicines and consumables used in the course of providing health care services to outpatients admitted to the hospital for diagnosis, medical treatment, or procedures is not a composite supply. As a result, it is subject to GST. The two-member bench of T.G.Venkatesh and K.Latha has ruled that the supply...
SFIS Credit Does Not Constitute Taxable Income: ITAT Delhi
The Delhi Bench of ITAT has ruled that the credit received by the assessee under the "Served From India Scheme" (SFIS) is not in the nature of income and that it does not constitute taxable income under Section 2(24) (xviii) of the Income Tax Act, 1961. The Bench, consisting of Yogesh Kumar US (Judicial Member) and Dr. B.R.R. Kumar (Accountant Member), observed that the SFIS credit...
No GST Payable On Scanning And Processing Of Results Of Examinations: Andhra Pradesh AAR
The Andhra Pradesh Authority of Advance Ruling (AAR) has ruled that GST is not payable on the scanning and processing of results of examinations.The two-member bench of D. Ramesh and RV Pradhamesh Bhanu has observed that the printing of pre-examination items like question papers, OMR sheets (Optical Mark Reading), and answer booklets for the conducting of an examination by...
Centre Extends RoSCTL Scheme Till March 31, 2024 For Export Of Apparel/Garments And Made-Ups
The central government has extended the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme till March 31, 2024 for the export of apparel or garments and made-ups.The government has approved the continuation of the Scheme for RoSCTL with the same rates as notified by the Ministry of Textiles for exports of apparel or garments, and made-ups until March 31, 2024, in order...
Expenditure Incurred On Trademark Registration Is A Revenue Expenditure: ITAT Allows Deduction
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT)has allowed the deduction and held that the expenditure incurred on trademark registration is a revenue expenditure. The two-member bench of Suchitra Kamble (Judicial Member) and B.M. Biyani (Accountant Member) has ruled that the amendment in section 32 of the Income Tax Act from A.Y. 1999-2000 which allows deprecation...
Whether Waiver Of The Loan Is Benefit Or Perquisite Under Section 194R?
A new section 194R has been inserted to the Income Tax Act 1961 by the Finance Act of 2022. The section is read as that any person responsible for providing any benefit or perquisite to a resident, is required to deduct tax at the source (TDS) at a rate of 10% if the total value of such benefit or perquisite exceeds INR 20,000 within a financial year. Further, it is read as that the benefit or perquisite, whether in cash or kind, must arise either from carrying out of business or exercising a...