ITAT & AAR Weekly Round-Up: 21 To 27 July 2024

ITATITAT Allows Depreciation Claim On Non Compete Fee, Deletes PenaltyCase Title: Metro Tyres Limited Versus ACITThe Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the claim of depreciation on non-competing fees.Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITATCase Title: M/s. Superb Mind Holdings Ltd. Versus Assistant Commissioner of Income TaxThe Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that long-term capital gain on sale of shares by Mauritius Company is not liable to be taxed in India.Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITATCase Title: Advance Valves Pvt.Ltd. Versus ACITThe Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that bank charges and bank guarantee charges do not partake in the character of interest and had been wrongly included as interest while making disallowance under section 14A of the Income Tax Act.AARITC Available On Capital Goods Used For Transmission Of Electricity From Power Station Of DISCOM To Factory Premises: Gujarat AARApplicant's Name: M/s Elixrr Industries Pvt Ltd.The Gujarat Authority of Advance Ruling (AAR) has ruled that the Input Tax Credit (ITC) available on capital goods used for transmission of electricity from power stations of Distribution Companies (DISCOM) to factory premises.Deduction Of Nominal Amount From Employee's Salary For Availing Food Facility Is Not 'Supply': Gujarat AARApplicant's Name: Alleima India Private LimitedThe Gujarat Authority of Advance Ruling (AAR) has ruled that deduction of nominal amount from employee's salary for availing food facility is not 'supply' under the provisions of Section 7 of the CGST Act, 2017.GST Payable On Advance Received Against Supply Portion Of Work Contract: Gujarat AARApplicant's Name: M/s. Vijai Electricals Ltd.The Gujarat Authority of Advance Ruling (AAR) has held that the GST is payable in advance received against the supply portion in respect of the work contract.

ITAT & AAR Weekly Round-Up: 21 To 27 July 2024

Mariya Paliwala

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