Tax
New ITR Forms Issued For Assessment Year 2022-23: Know 6 Additional Information Which Taxpayers Will Now Have To Give
The Income Tax Department recently announced new ITR (Income Tax Return) forms for the assessment year 2022–23. The information which the taxpayers will now have to disclose is the source of pension, interest received from the EPF account, date of purchase or sale of land, and many other items. If you are not aware of these changes, then you may face difficulties in filling...
Failure Of Customs Broker To Observe Due Diligence Leading To Facilitate Fake Importers: CESTAT Revokes Licence
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) affirmed the revocation of the customs broker's licence because the customs broker failed to conduct due diligence, allowing fake importers to operate.The two-member bench of S.K. Mohanty (Judicial Member) and P. Anjani Kumar (Technical Member) observed that the institution of customs brokers was created...
Personal Hearing By Way Of Exchange Of Chat Messages Not An Effective Opportunity Of Personal Hearing: Calcutta High Court
The Calcutta High Court has ruled that personal hearing conducted by way of exchange of chat messages cannot be said to be an effective opportunity of personal hearing to the assessee and that it does not satisfy the test of fairness or the principles of fair play. The Bench, consisting of Justices T.S. Sivagnanam and Hiranmay Bhattacharyya, reiterated that the moment...
LNG Jetties Is Not In The Nature Of 'Plant And Machinery', ITC Not Eligible: Gujarat AAAR
The Gujarat Appellate Authority of Advance Ruling (AAAR), comprised of Seema Arora and Milind Torawane, ruled that LNG jetties are not in the nature of "plant and machinery," but rather serve as the foundation for the installation of re-gasification equipment, apparatus, and machinery.The input tax credit on inputs, input services, and capital goods for the purpose of building these...
Proceedings Can't Be Initiated When Excise Duty Was Paid Prior To Issuance Of Show Cause Notice: CESTAT
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) consisting of P.K. Choudhary (Judicial Member) has held that the authorities had no jurisdiction to initiate proceedings as the assessee had paid the excise duty along with the interest prior to the issuance of the show cause notice.The appellant/assessee made clearance of 460 numbers of 'Fish Plate'...
Composition Scheme On Works Contract Cannot Be Denied On The Ground That Service Tax Was Discharged Earlier: CESTAT Bangalore
The Bangalore Bench of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has reiterated that Composition Scheme for payment of Service Tax on Works Contract cannot be denied merely on the ground of discharge of Service Tax under a different head prior to 01.06.2007. The Bench, consisting of members P Dinesha (Judicial Member) and P. Anjani Kumar (Technical Member), held...
GST Not Leviable On Services By Security Manager Located Outside India For Subscription To Secured Notes : Gujarat AAR
The Gujarat Authority of Advance Ruling (AAR), consisting of members Atul Mehta and Arun Richard, has ruled that GST is not leviable on services by security managers located outside India for subscription to secured notes placed in the USA.The applicant, M/s. Adani Green Energy Ltd. (AGEL), submitted that it requires substantial working capital to undertake its supplies. The applicant...
Separate IGST On Indian Importers For Ocean Freight Against Concept Of "Composite Supply", Violates Section 8 CGST Act : Supreme Court
The Supreme Court has held when the Indian importer is liable to pay Integrated Goods and Services Tax (IGST) on the 'composite supply', which includes supply of goods and supply of services of transportation, insurance, etc. in a CIF contract, a separate levy on them for the 'supply of services' by the shipping line would be in violation of Section 8 of the CGST Act(Union of India...
Licensing Of Software Products By Microsoft Is Not Taxable In India As Royalty: Delhi High Court
The Delhi High Court bench of Justice Manmohan and Justice Sudhir Kumar Jain has ruled that licensing of software products by Microsoft in the Territory of India by Microsoft is not taxable in India as royalty. The department has challenged the order passed by the ITAT for the assessment years 1997-98 and 1999-2000. The ITAT ruled that the licencing of software products of Microsoft in...
Income Tax Act | No Order Can Be Passed U/S 148A(d) Without Taking Into Consideration Reply Filed By Assessee To Notice U/S 148A(b): Meghalaya HC
A Division Bench comprising of Chief Justice Sanjib Banerjee and Justice W. Diengdoh of Meghalaya High Court has held that no order can be passed under Section 148A(d) of the Income Tax Act, 1961, without taking into consideration reply filed by an assessee to the initial notice issued under Section 148A(b).Section 148A provides that the Assessing Officer shall, before issuing any...
Delay In Filing Appeal Based On COVID-19 Reasons: ITAT Imposes Penalty Of Rs.25,000
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) headed by Mahavir Singh (Vice President) and Manoj Kumar Aggarwal (Accountant Member) has imposed a penalty of Rs. 25,000 on the assessee for the delay of 1217 days in filing the appeal due to COVID-19. The appellant/assessee has challenged the order of CIT (A) in the matter of assessment framed by AO under section 143(3)...
Weekly Round-Up of Tax Cases: May 15 To May 21
Supreme Court GST Council Recommendations Not Binding On Centre & States; Both Parliament & State Legislatures Can Legislate On GST : Supreme Court Case Title : Union of India and Anr versus M/s Mohit Minerals Through Director Citation : 2022 LiveLaw (SC) 500 In a significant verdict, the Supreme Court held that the recommendations of the GST council are not binding on...