Tax
Fee Paid For Client Referral Services Is A Normal Business Payment And Not FTS: ITAT Delhi
The Delhi Bench of ITAT has ruled that fees paid by the assesssee to a non-resident for providing services of introduction of clients would fall in the definition of payments made to an intermediary and the same cannot be said to be a technical service. The Bench, consisting of Anubhav Sharma (Judicial Member) and Shamim Yahya (Accountant Member), held that the remittances made by...
Empty Packaging Material Of Cenvatable Input Is Not Liable For Payment As Excise Duty Or As CENVAT Credit: Reiterates Ahmedabad CESTAT
The Ahmedabad Bench of CESTAT has ruled that empty packaging material of cenvatable input is not liable for payment either as excise duty or as CENVAT credit under Rule 6(3) of the CENVAT Credit Rules, 2004. The Single Bench of Judicial Member Ramesh Nair held that the assessee was not liable to pay any amount on the clearance of the said empty drums. The revenue authorities had...
Haryana Electric Vehicle (EV) Policy, 2022; Several Incentives For Manufacturers And Buyers
The Haryana Government has approved the Haryana Electric Vehicle (EV) Policy, 2022, declaring 2022 as the "Year of the Electric Vehicles" in Haryana. "The EV Policy aims to protect the environment, reduce carbon footprint, make Haryana an EV manufacturing hub, ensure skill development in EV field, encourage uptake of EV vehicles, provide EV charging infrastructure and encourage R&D...
IBC Proceedings Can't Dilute Rights Of The Income Tax Department To Reopen Assessment: Madras High Court
The Madras High Court has ruled that proceedings under the Insolvency and Bankruptcy Code (IBC), 2016 cannot dilute the rights of the Income Tax Department to reopen the assessment under Section 148 of the Income Tax Act, 1961. The Court noted that the Resolution Plan submitted by the assessee did not contemplate any concession from the Income Tax Department, even though notice under...
Key Highlights Of The Recommendations Made By The GST Council In Its 47th Meeting
The GST Council, in its 47th Meeting held on the 28th and 29th of June, 2022, has made certain recommendations relating to changes in the GST rate. Certain changes were also recommended relating to the GST law and procedure. GST on supply of printing, writing or drawing ink, knives, and power- driven pumps, including deep tube-well turbine pumps and bicycle pumps, is recommended to...
GST Council Constitutes GoM For GST Appellate Tribunal; Supreme Court Had Directed The Centre That A Tribunal Must Be There
The GST Council, in its 47th Meeting held on the 28th and 29th of June, 2022, has decided to constitute a Group of Ministers (GoM) to address the concerns raised by the States relating to the constitution of the GST Appellate Tribunal as well as for recommending appropriate amendments to the CGST Act, 2017. The Supreme Court, in a PIL filed in 2021 by Advocate Amit Sahni,...
Appointment Committee Approves The Appointment of Nitin Gupta As CBDT Chairman
The Appointment Committee of the Cabinet has approved the appointment of IRS Officer Nitin Gupta as the chairperson of the Central Board of Direct Taxes (CBDT). "The Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), Member, Central Board of Direct Taxes (CBDT) as Chairman, Central Board of Direct Taxes (CBDT) from the date of...
Supply Of Printed Leaflet Product As Per Content Supplied By Recipient Is A "Composite Supply": AAR
The Tamil Nadu Authority of Advance Ruling (AAR) comprising of T.G.Venkatesh and K. Latha has held that the supply of printed leaflet products as per content supplied by the recipient is a composite supply as defined under Section 2(30) of the CGST/TNGST Act 2017 with "Supply of service of printing" as the principal supply. The applicant is one of the suppliers of printed...
Supply Of U-Bolt And Front Spring Bolt Made Up Of Steel Attracts 18% GST: AAR
The Uttarakhand Authority of Advance Ruling (AAR) consisting of members Anurag Mishra and Rameshwar Meena has ruled that 18% GST is payable on the supply of U-Bolt and Front Spring Bolt made up of steel.The applicant is in the business of manufacturing and supplying goods such as nuts, bolts, and springs, etc., and the application for advance ruling relates to the classification...
Chip Import Monitoring System Is Applicable For Air/Sea Shipments: DGFT
The Director General of Foreign Trade has issued the following clarifications regarding the Chip Import Monitoring System (CHIMS). The Notification No. 05/2015-2020 dated May 10, 2021 was issued amending the import policy of items covered under ITC (HS) codes 85423100, 85423200, 85423300, 85423900, and 85429000 falling under Chapter-85 of ITC (HS). As per the notification, the...
Reassessment Proceedings Can't Be Initiated On Same Set Of Facts Available: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the reassessment proceedings cannot be initiated by applying a fresh application of mind to the same set of facts available at the time of the original scrutiny assessment proceedings.The assessee is in the business of real estate. The assessee e-filed its return of income, declaring a total loss. The assessee...
Expenditure Incurred After Set-Up of Business Is Allowable As Deduction, Even If No Business Income Is Earned By The Assessee : ITAT Chennai
The Chennai Bench of ITAT has ruled that once the business of an assessee is set-up, all the expenditure incurred by it would be allowable as deduction, notwithstanding the fact that no business income was earned by the assessee during the relevant year. The Bench, consisting of Mahavir Singh (Vice President) and Manoj Kumar Aggarwal (Accountant Member), reiterated that there may be...