Tax
Just 3 Days' Time Granted To Respond To The Income Tax Notice: Delhi High Court Remands The Matter Back To Assessing Officer After Setting Aside
The Delhi High Court bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has remanded the matter back to the assessing officer as just 3 days' time was granted to respond to the income tax notice.The petitioner/assessee has assailed the notice issued under Section 148A (b) of the Income Tax Act, 1961 and the order passed under Section 148A (d) for the Assessment...
Income Tax Penalty Can't Be Imposed For Inadvertent And Bonafide Mistake : ITAT
The Pune Bench of the Income Tax Appellate Tribunal (ITAT)Income Tax Appellate Tribunal (ITAT), headed by R.S. Syal (Vice President) and Partha Sarathi Chaudhury (Judicial Member), has deleted the penalty on the grounds that the excess claim of deduction was made due to a bona fide and unintentional mistake.The assessee/appellant debited to its profit & loss account: education cess on...
Section 41 Disallowance Can Only Be Made With Cogent Evidence Of Cessation Of Liability: ITAT Remands The Matter Back To AO
The Delhi Bench of theIncome Tax Appellate Tribunal (ITAT)has held that the issue of the genuineness of the purchases will be applicable only if the purchases belong to the current year.The two-member bench of Anubhav Sharma (Judicial Member) and Shamim Yahya (Accountant Member) has observed that if the department is of the opinion that purchases were made in earlier years but now...
ITAT Upholds Addition On Account Of Manipulation And Rigging Of Shares Via Penny Stock Company
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), consisting of Saktijit Dey (Judicial Member), has upheld the addition on the grounds that there was an astronomical increase in the price of the shares due to price manipulation and rigging. The assessee/appellant is a resident Hindu Undivided Family (HUF). For the assessment year under dispute, the assessee filed its...
CBDT Notifies Extension Of Applicability Of TP Safe Harbour Rules Till AY 2022-23
The Central Board of Direct Taxes (CBDT) has extended the applicability of Rule 10TD (3B) of the Income-tax Rules, 1962, which deals with safe harbour, till Assessment Year 2022-23. Rule 10 TD prescribes a list of eligible international transactions where the transfer price declared by the assessee shall be required to be accepted by the Income-tax Authorities. According to Rule...
Unit Located In The SEZ Shall Be Treated As A Distinct Identity From Its Other Units: CESTAT Ahmedabad
The Ahmedabad Bench of CESTAT has held that if a unit of an enterprise is located in the Special Economic Zone (SEZ), the said SEZ Unit shall be treated as having a distinct identity from the other units of the said enterprise which are located outside the SEZ. Therefore, the Single Bench of Judicial Member Ramesh Nair held that a claim for refund of the service tax paid by a SEZ Unit...
Advance Ruling Can't Be Sought After The Receipt Of The Notice: Madhya Pradesh High Court
The Madhya Pradesh High Court has ruled that the application under section 97 of the CGST Act for obtaining the advance ruling cannot be made before the Authority of Advance Ruling (AAR) during the pendency of the issue before the authority and after the receipt of the notice. The division bench of Justice Vivek Rusia and Justice Amar Nath has observed that the petitioner approached...
Notice Didn't Contain Categorical Indication Of Furnishing Inaccurate Particulars Or Concealment Of Particular Income: ITAT Quashes Penalty Proceedings
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT)has quashed the penalty proceedings as the notice issued to the assessee did not mentioned a categorical indication of specific violation in respect of furnishing inaccurate particulars or concealment of particular income.The two-member bench headed by G.S. Pannu (President) and Anubhav Sharma (Judicial Member) has observed that...
Signature Of the Person Present Obtained in Panchanama, Madhya Pradesh High Court Refuses Re-measuring of Stock
The Madhya Pradesh High Court has refused to direct the re-measuring of the stock of coal lying in the premises as the search team has obtained the signatures of the persons present while carrying out the Panchanama.The division bench of Justice Sheel Nagu and Justice Maninder S. Bhatti perused the panchanama and observed that on the date of search itself, the amount of tax and a...
Service Recipient Liable To Pay GST On Interest Amount Under Arbitral Award For Delayed Payment: Bombay High Court
The Bombay High Court has held that the service recipient is liable to pay the GST to the government on interest under an arbitrary award and it can not be deducted from the dues payable to the service provider.The single bench of Justice B.P. Colabawalla has observed that service tax is an indirect tax, and it is possible that it may be passed on. Therefore, an assessee can certainly...
Other Income Tax Additions In Reassessment Proceedings Cannot Be Sustained If Addition on Primary Grounds Is Not Made: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) consisting of C.N. Prasad (Judicial Member) has observed that if the Assessing Officer does not make any addition on the primary ground on the basis of which procedings under Section 147 of the Income Tax Act were initiated, he cannot make other additions.The assessee/appellant has challenged the validity of the assessment made...
Assessee Entitled To Refund Of Education Cess And Krishi Kalyan Cess Lying Unutilized In CENVAT Account: CESTAT
The Chennai Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled that the assessee is entitled to a refund of education cess and Krishi Kalyan Cess lying unutilized in the CENVAT account. The appellant/assessee is in the business of providing dredging services and is registered with the department for the services rendered by them. They filed a refund claim...