Tax
No Tax Exemption On Bakery Products Sold At Snack Bar: Madras High Court
The Madras High Court held that there is no tax exemption for bakery products sold in a snack bar. Justices S.M. Subramaniam and C. Saravanan were addressing the issue of whether bakery products sold in a snack bar are covered under the notification G.O.P.No.570 dated 10th June 1987 and exempted from tax. The assessee/petitioner is running a restaurant in which they are involved...
CBDT Extends Due Date For Filing Tax Audit Reports To 31st October
On 25th September, the Central Board of Direct Taxes extended the specified date for filing various audit reports for the Previous Year 2024-25 (Assessment Year 2025-26), from 30th September 2025 to 31st October 2025, for assesses referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income Tax Act,1961.The extension was granted after the Board received...
Karnataka High Court Directs CBDT To Extend Tax Audit Due Date To 31st October
The Karnataka High Court today directed the Central Board of Direct Taxes to extend the due date for filing Tax Audit Reports under Section 44AB of the Income Tax Act, 1961, by one month to 31st October, 2025.For reference: “Section 44AB of the Income Tax Act, 1961 mandates compulsory audit of accounts for businesses and professionals above a specified turnover or gross...
Allahabad High Court Issues Notice On Plea Challenging S.127 CGST Act Over 'Unbridled' Power Given To Authorities To Impose Penalty On Assessee
Recently, the Allahabad High Court has issued notices to office of the Solicitor General of India and Advocate General, Uttar Pradesh in a writ petition challenging the validity of Section 127 of the Central and State Goods and Service Tax Act, 2017. Section 127 of the Central and State Goods and Service Tax Act, 2017 empowers the proper officer to impose penalty when he is of the...
Does CESTAT Have Jurisdiction To Hear Challenge To Central Govt Notifications Imposing Anti-Dumping Duty? Delhi High Court To Examine
The Delhi High Court is set to examine whether the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has jurisdiction to hear challenges to notifications issued by the Central Government, imposing Anti-Dumping Duty.Anti-dumping investigation determines whether a product is being dumped in the country at a lower price, causing material injury to the domestic industry. If found...
Rajasthan HC Grants One Month Extension For Filing Tax Audit Report After Complaints Of Glitches On E-Filing Portal
The Rajasthan High Court has extended the deadline for filing the Tax Audit Report by one month. A division bench of Justice (Dr.) Pushpendra Singh Bhati and Justice Bipin Gupta at the Rajasthan High Court extended the deadline under Section 44AB of the Income Tax Act, 1961, by 1 (one) month beyond September 30, 2025. It was submitted that in the previous years, CBDT had...
Income Tax Act | To Claim Deduction U/S 54F, Assessee Must Show Intention To Repay Borrowed Funds With Capital Gains: Kerala HC
The Kerala High Court stated that to claim the Section 54F deduction under the Income Tax Act, the assessee must satisfy the authorities that borrowed funds were used at their own risk with the intention to be repaid with capital gains. Section 54F of the Income Tax Act, 1961, allows a tax exemption on capital gains earned from selling a residential property, but only if certain...
Supreme Court Dismisses Airports Authority's Appeal Against Service Tax Levy For Cargo Handling
The Supreme Court on Tuesday dismissed an appeal filed by the Airports Authority of India (AAI) challenging the levy of service tax on services rendered in handling export cargo, ruling that such services fall within the ambit of “taxable services” under the Finance Act, 1994.A Bench of Justice Pankaj Mithal and Justice Prasanna B. Varale held that while “handling of export cargo”...
Scope Of Appeal Is Limited U/S 28KA Customs Act; Advance Ruling Binding Unless Arbitrary: Madras High Court
The Madras High Court has held that the scope of appeal is limited under Section 28KA of the Customs Act and an advance ruling is binding unless it is palpably arbitrary or irrational. Section 28KA of the Customs Act, 1962 provides that an appeal can be filed to the appellate authority against any ruling or order passed by the Authority within sixty days from the date of communication...
Tax Exemption Cannot Be Claimed For Inter-State Purchases Without Segregating Local Purchases: Madras High Court
The Madras High Court has held that if the assessee has purchased goods both within the State and from other States, then to claim exemption for inter-State purchases, the purchases made within the State must be segregated from those made from others. Justices S.M. Subramaniam stated that when the facts are established in clear terms that the goods were found mingled during...
No Export Duty On Transfer From Domestic Tariff Area To SEZ : Supreme Court Dismisses Union's Appeal Against Adani Power
Observing that the movement of goods from a Domestic Tariff Area (DTA) to a Special Economic Zone (SEZ) is a domestic supply and not an export outside India, the Supreme Court provided relief to Adani Power Ltd. and other entities from paying export duty under the Customs Act, 1962, for the movement of goods from DTA to SEZ. A bench of Justice BV Nagarathna and Justice R Mahadevan dismissed...
One Rolex Watch Can Be For Personal Use, Not 'Commercial Quantity': Delhi High Court To Customs
The Delhi High Court has made it clear that one Rolex watch seized by the Customs Department from an air passenger cannot be called 'commercial quantity'.It thus cautioned the Department's Adjudicating Authority against “error” on its part, in declaring the same as commercial.“Clearly, this Court is of the view that one Rolex watch cannot be held to be a commercial quantity and there is...