Tax
Input/Output Ratios To Be Considered For Determining Quantum Of Refund Of Unutilized GST ITC: Gujarat High Court
The Gujarat High Court has ruled that the input or output ratios to be considered for determining the quantum of refund of unutilized Input Tax Credit (ITC).The division bench of Justice J.B.Pardiwala and Justice Nisha M.Thakore has directed Assistant Commissioner to adjudicate the claim of the writ applicants in accordance with Sub Rule (4B) of Rule 89 of the CGST Rules, but keeping in...
Embossing Customer Name On Goods Not Amount To 'Branding' If Goods Are Not Sold By Customers: CESTAT Deletes 1% Excise Duty
The Chennai Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) while deleting the 1% of Excise Duty, held that embossing customer name on goods does not amount to 'Branding' if goods are not sold by customers. The two member bench consisting Sulekha Beevi C.S. (Judicial Member) and P.Anjani Kumar (Technical Member) has noted that as long as the goods are not sold by...
Gujarat High Court Releases Confisticated Cash, Goods As GST Dept. Delayed Issuance Of SCN Beyond Statutory Time Period
The Gujarat High Court has released the confisticated ​​cash and goods as the Goods and Service Tax (GST) Department delayed issuance of Show Cause Notice (SCN) beyond statutory time period.The division bench of Justice Sonia Gokani and Justice Hemant M. Prachchhak has observed, "it is quite unfathomable as to why the time limit is not adhered to and issuance of the show cause notice...
'Reasons To Believe' Ought To Spell Out All Reasons, Grounds For Reopening Income Tax Assessment: Bombay High Court Comes Down Heavily On Income Tax Dept
The Bombay High Court has come down heavily on the Income Tax Department for not being transparent with tax payers in sharing the requested information basis of reopening action.The division bench of Justice N.J.Jamadar and Justice K.R.Shriram relied on the judgement of the Delhi High Court in case of Sabh Infrastructure Ltd. vs. Assistant Commission of Income Tax wherein the guidelines...
Relief To HDFC Bank: Bombay High Court Quashes Reassessment Notice As Jurisdictional Condition Not Satisfied
In a major relief to the HDFC Bank, the Bombay High Court has quashed the reassessment notice as the jurisdictional condition for invoking the power under section 147 of the Income Tax Act was not satisfied.The division bench of Justice N.J.Jamadar and Justice K.R.Shriram has observed that once, it is held that the jurisdictional condition for invoking the power under section 147 is...
Employee Contribution To PF/ESI Before ITR Filing Eligible For Income Tax Deduction: ITAT
The Banglore Bench of Income Tax Appellate Tribunal (ITAT) has ruled that an Employee contribution to Provident Fund (PF)/ Employee State Insurance (ESI) before ITR filing is eligible for income tax deduction. The single member bench of Vice President, N.V.Vasudevan in the light of the decision of the Karnataka High Court in the case of M/s Essae Teraoka (P.) Ltd vs DCIT observed...
Education And Training In Physical, Mental, Spiritual Practices Of Yoga Attracts 18% GST: AAR
The Rajasthan Authority of Advance Ruling (AAR) has ruled that 18% of Goods and Service Tax (GST) is payable on education and training in physical, mental, spiritual practices of Yoga.The applicant has been offering various courses of Yoga such as Fitness Yoga, Immunity Boost Yoga, Pregnancy Yoga, Nidra Yoga, Stress Management Yoga, Meditation, and other such courses for improving mental...
Payments Towards Charter Hire Of Tugs, Barges Made To Non-Resident Assessee Assessable U/S 44BB: Bombay High Court
The Bombay High Court has held that the payments made towards charter hire of tugs and barges made to non-resident assessee in execution of contract with Oil and Natural Gas Corporation Ltd (ONGC) are assessable under Section 44BB of Income Tax Actand are entitled to special dispensation.The division bench of Justice N.J.Jamadar and Justice K.R.Shriram has held that the payments made by...
Reopening Of Income Tax Assessment Can't Be Allowed On Grounds Of Future Contingencies: Bombay High Court
The Bombay High Court has held that the reopening of Income Tax Assessment cannot be allowed on grounds of future contingencies. The division bench of Justice N.J.Jamadar and Justice K.R.Shriram has noted that the entire exercise of reassessment is only contingent on a future event and a consequence that may endure upon the decision of the Tribunal, that again if the Tribunal were...
Amount On Alleged Wrongly Availed Cenvat Credit Deposited At Instance Of Audit Team Liable To Be Refunded In Absence Of SCN: CESTAT
The New Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the amount on alleged wrongly availed Cenvat Credit deposited at the instance of the audit team is liable to be refunded in absence of Show Cause Notice (SCN). The bench of single member Rachna Gupta (Judicial Member) has noted that the payment made by the assessee at the time of audit,...
Calcutta High Court Quashes Order Imposing Penalty For Expiry Of E-Way Bill As There Was No Intention To Evade Tax
The Calcutta High Court has quashed the order imposing penalty for expiry of e-way bill as there was no intention to evade tax. The single bench of Justice Md. Nizamuddin has set aside the impugned order of the appellate authority as well as the order of the adjudicating authority and consequently, the petitioner will be entitled to get the refund of the penalty and tax paid...
Supreme Court Rules Tata Steel Has Locus Standi To Challenge Denial Of Input Tax Credit To Its Unit
A Bench of Supreme Court, consisting of Justices Sanjiv Khanna and Bela M. Trivedi, remanded a matter back to Jharkhand High Court for a fresh decision on Tata Steel's writ petition against the denial of input tax credit to its Naomundi unit. The court held that the High Court was not justified in ruling that Tata Steel had no locus standi to file a writ petition challenging the denial...