Tax
Reassessment Order Not Valid If Notice By Assessing Authority Is Without Jurisdiction: Allahabad High Court
The Allahabad High Court bench of Justice Surya Prakash Kesarwani and Justice Jayant Banerji has ruled that once the notice under Section 148 of the Income Tax Act, 1961, issued by the assessing authority was declared without jurisdiction, the subsequent proceedings, including the re-assessment order, cannot be sustained. The petitioner/assessee submitted an objection to the "reason...
No Excuse For Not Paying GST In Time From Its Electronic Cash Register: Madras High Court Upholds Interest Demand
The Madras High Court bench of Justice C. Saravanan held that the taxpayer is liable to pay interest if there is a belated payment of tax declared in the returns filed. The petitioner was issued with a notice by which a sum of Rs. 6,58,233/- was demanded from the petitioner as interest payable under Section 50(1) of the CGST Act, 2017 read with Notification dated...
Transfer Of Business Unit Shall Be Treated As A Supply Of Services: West Bengal AAR
The West Bengal Authority of Advance Ruling (AAR), consisting of members Brajesh Kumar Singh and Joyjit Banik, has ruled that the transfer of business units shall be treated as a supply of services. The applicant, Cosmic Ferro Alloys Limited, is in the business of manufacturing ferro alloys and cold rolled formed sections with its factories at Barjora (FERRO Unit) and...
Capital Gain Exemption Can't Be Denied To Wife For Mere Presence of Husband's Name In Purchase Document: ITAT
The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) headed by N.V. Vasudevan (Vice-President) and B.R. Baskaran (Accountant Member) has ruled that the capital gain exemption cannot be denied to the wife for the mere presence of the husband's name in the purchase document.The appellant/assessee is an individual, and she filed her return of income for the year...
Delhi High Court Upholds Order Of Revenue Department Imposing Enhanced Compounding Charges On Subsequent Offences
The Delhi High Court has upheld the order of the revenue department imposing enhanced compounding charges on subsequent applications for compounding of offences relating to late deposit of Tax Deducted at Source (TDS). The Bench, consisting of Justices Manmohan and Dinesh Kumar Sharma, held that compounding of offences cannot be taken as a matter of right and it is for the law...
Kerala High Court Directs GST Dept. To Facilitate Revision Of Form GST TRAN-1 By Making Necessary Arrangements On The Portal
The Kerala High Court bench of Justice Bechu Kurian Thomas has directed the GST department to facilitate the revising of Form GST TRAN-1 and filing of Form GST TRAN-2 by making necessary arrangements on the web portal. The petitioner/assessee was a registered dealer under the Kerala Value Added Tax Act, 2003 as well as the Central Sales Tax Act, 1956. The assessee is in the business...
Equilibrium Between Power Of The Income Tax Dept. Of Reassessment And Rights Of The Assessee: Supreme Court
The Supreme Court, by invoking the extraordinary jurisdiction under Article 142 of the Constitution of India, saved over 90,000 Income Tax Reassessment notices issued after the 2021 Amendment by deeming them as notices under Section 148A of the Income Tax Act. At the same time, in order to protect the interests of the assessees, the Apex Court directed that the income tax...
Income Tax Not Applicable On Interest Awarded By The Motor Accident Claim Tribunal: Gujarat High Court
The Gujarat High Court bench of Justice J.B. Pardiwala and Justice Nisha M. Thakore has held that the interest awarded by the Motor Accident Claim Tribunal (MACT) under section 171 of the Motor Vehicles Act 1988 is not taxable under the Income Tax Act, 1961.The writ applicant, Oriental Insurance Co. Ltd., is an insurance company. One Motor Accident Claim Petition was filed in the...
Dismantling Of Existing Sleeper And Installation Of New Sleepers For Railways Attracts 12% GST: West Bengal AAR
The West Bengal Authority of Advance (AAR), consisting of members Brajesh Kumar Singh and Joyjit Banik, has ruled that the dismantling of existing sleeper fixings and/or installation of H-Bean Steel sleepers amounts to the execution of original work and would attract 12% GST.The applicant, Utkarsh India Limited, was awarded a contract by East Coast Railways, Khurda Road Division, Orissa...
Insider Trading Case: SAT Lifts Restrictions Imposed By SEBI On Infosys Employees
The Securities Appellate Tribunal (SAT), Mumbai consisting of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. Joshi (Judicial Member) has lifted the restrictions on buying, selling, or dealing in securities imposed by the Securities and Exchange Board of India (SEBI) for alleged insider trading by lawyer and finance professional of Infosys.The SEBI conducted an examination...
Supreme Court Saves Over 90,000 Income Tax Reassessment Notices Issued After 2021 Amendment By Deeming Them As Notices Under Section 148A
The Supreme Court, on Wednesday, directed that reassessment notices under Section 148 of the unamended Income Tax Act which were issued beyond 01.04.2021 (the effective date of amendment of the said provision by the Finance Act, 2021) to be deemed to have been issued under Section 148A of the IT Act as substituted by the Finance Act, 2021 and be construed as show cause notices in terms of...
Reassessment Should Only Be Done By Officer Or His Successor And Not By Any Officer Of The Same Rank : Gujarat High Court
The Gujarat High Court bench of Justice Sonia Gokani and Justice Rajendra M. Saraen, while invalidating the reassessment initiated by the DRI, held that the officer who did the assessment could only undertake reassessment. The petitioner/assessee is a private limited company and is in the business of trading and manufacturing goods like inkjet printers, laser printers, and parts as...