Tax
Assessee To Be Given Minimum 7 Days Time To Respond To The Reassessment Notice: Meghalaya High Court
The Meghalaya High Court bench of Chief Justice Sanjib Banerjee and Justice W. Diengdoh has held that the assessee should be given a minimum of 7 days' time to respond to the reassessment notice.The petitioner/assessee has challenged the notice under Section 148 of the Income Tax Act, 1961 on the grounds that it has been issued without following the mandatory procedure under Section 148A...
Short Payment Of Excise Duty Is Not Sufficient To Invoke The Extended Period: CESTAT
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) consisting of Ajay Sharma (Judicial Member) has held that a short payment of excise duty is not sufficient in order to invoke the extended period.The appellant/assessee is in the business of manufacturing colour TVs, LCDs, LEDs, washing machines, split air conditioners, and their spare parts. The...
Scrap Generated After The Process Of Manufacture Is Not Includible In Assessable Value Of The goods Cleared By The Job Worker: CESTAT
The Chennai Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled that the scrap is generated after the process of manufacture and the same is not includible in the assessable value of the goods cleared by the job worker to the principal manufacturer.The appellants/assessee are engaged in the manufacture of tractor parts and components on a job work basis for...
TCS Collected Under Income Tax Act On Sale Of Goods Cannot Be Included In The Assessable Value For Charging Excise Duty: Ahmedabad CESTAT
The Ahmedabad Bench of CESTAT has ruled that the amount of TCS collected under theIncome Tax Act, 1961 on the sale of goods cannot be considered as an additional consideration flowing to the assessee from the buyer of the goods and, therefore, the TCS collected by the assessee cannot be included in the assessable value for charging Excise Duty. The Bench, consisting of Mr. Ramesh...
Writ Petition Not Maintainable If Alternative Statutory Remedy Was Available With The Taxpayer: Madras High Court Reiterates
The Madras High Court has reiterated that a writ petition is not maintainable if an alternative statutory remedy was available to the taxpayer. The single bench of Justice C. Saravanan has observed that there are a few exceptions to the rule of alternative remedy. Firstly, where the statutory authority has not acted in accordance with the provisions of the enactment in question....
Protection Plea: Rajasthan High Court Permits Police To Charge Married Couple If It Has Adequate Income
While hearing a protection petition filed by a married couple, the vacation bench of Rajasthan High Court observed that if the petitioner's income is more than taxable income under the Income Tax Act, 1961, the Superintendent of Police after considering the financial aspect may charge appropriate financial charges from them.Essentially, the petitioners got married on 22.03.2022. However,...
Tax Cases Weekly Round-Up: 19 June To 25 June, 2022
Delhi High Court Right To File Objection To SCN Can't Be Denied Due To One Day Delay: Delhi High Court Case Title: Ernst & Young, US LLP Versus ACIT Citation: 2022 LiveLaw (Del) 586 The Delhi High Court bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora ruled that the right to file an objection to the Show Cause Notice cannot be denied owing to a...
Deliberately Concealing The Income, Assessee Can Be Prosecuted : Madras High Court
The Madras High Court has ruled that an assessee can be prosecuted for willfully and deliberately concealing his income by not filing his income tax return within the stipulated time, even after the return belatedly submitted by the assessee is accepted by the revenue authorities on the basis of which an assessment order is passed. The Single Bench of Justice G. Chandrasekharan...
Whether Income Tax Demand And Penalty Extinguished In CIRP ? Delhi High Court Stays Demand Notice
The Delhi High​​ Court bench of Justice Manmohan and Justice Manmeet Pritam Singh stayed an income tax assessment order and consequential demand and notice of penalty, which were assailed on grounds of being in contravention of the order of the National Company Law Tribunal (NCLT). An application filed by the Union of India (through the Ministry of Corporate Affairs) under...
Govt. Extends Compensation Cess Levy Upto 31 March, 2026
The Ministry of Finance has extended the time period for the levy of compensation cess up to 31 March, 2026. The government has notified the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022. "The period for levy and collection of cess under sub-section (1) of section 8 of the Goods and Services Tax (Compensation to States) Act, 2017 shall be up to the...
Gujarat High Court Directs Dept. To Refund IGST On Ocean Freight Along With The Interest
The Gujarat High Court bench of Justice A.J. Desai and Justice Bhargav D. Karia has directed the department to refund IGST on ocean freight along with the interest.The applicants/petitioners have sought the direction to the respondents/department to grant a refund of the amount of IGST already paid by the applicants pursuant to Entry No.10 of Notification No.10/2017-IGST (Rate)...
GST Not Payable On RCM Basis On Commission Paid To The Overseas Commission Agent: AAR
The Uttarakhand Authority of Advance Ruling (AAR)consisting of Anurag Mishra and Rameshvar Meena has ruled that GST is not payable on the basis of the Reverse Charge Mechanism (RCM) on the commission paid to the Overseas Commission Agent. The applicant is a manufacturer and carries on the business of supplying seasonings, spices, premixes and similar food products to its customers...