News Updates
Income Tax Disputes Before HCs Doubled In Value Over Past Four Financial Years: Govt Tells Rajya Sabha
A sharp escalation in the value of income tax disputes pending before High Courts has emerged from fresh data placed before Parliament, with the total disputed amount nearly doubling between FY 2020-21 and FY 2024-25. The figures were disclosed in a reply tabled in the Rajya Sabha by the Minister of State in the Ministry of Finance Pankaj Chaudhary, capturing year-wise pendency and amounts...
Centre Defends Onion Export Ban, Says MEP Was 'Temporary' & Needed To Protect Consumers Amid Price Spikes
The Centre has clarified on Onion export ban and imposition of Minimum Export Price (MEP), were 'temporary' and 'necessary' to protect consumers, especially low-income households, during years when adverse weather conditions and lower arrivals led to sharp spikes in retail prices. On fair-farmer remuneration, the Centre explained that it balanced consumer price stability and...
Supreme Court Upholds View That Eden Gardens Not A 'Public Place' For Levy Of Advertisement Tax
The Supreme Court today dismissed a challenge to the Calcutta High Court order which held that Eden Gardens stadium was not a "public place" for the purpose of levying advertisement tax under the Kolkata Municipal Corporation Act.A bench of Justices Vikram Nath and Sandeep Mehta heard the matter. Senior Advocate Jaideep Gupta appeared for petitioner-Kolkata Municipal Corporation. Senior...
Justice Ashok Bhushan Appointed As NCLAT Chairperson For Second Term
The Central Government has approved the re-appointment of Justice Ashok Bhushan, former Judge of the Supreme Court of India, as Chairperson of the National Company Law Appellate Tribunal (NCLAT). The re-appointment will be effective from the date he assumes charge and will continue until he attains the age of 70 years, i.e., till July 4, 2026.Justice Bhushan was earlier appointed as the...
Co-Operative Banks Are Also Registered Co-Operative Societies: ITAT Allows Section 80P(2)(d) Deduction
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the income tax deduction under Section 80P(2)(d) of the Income Tax Act on the grounds that cooperative banks are also registered cooperative societies.The bench of Suchitra Kamble (Judicial Member) has observed that the provision of Section 80P(2)(d) does not make any distinction in regard to the source of the...
Vouchers Are Neither Goods Nor Services, No ITC Available To Myntra: AAAR
The Karnataka Appellate Authority of Advance Ruling (AAAR) has held that input tax credit (ITC) is not available on the vouchers and subscription packages procured by Myntra from third-party vendors.The two-member bench of Ranjana Jha and Shikha C. has relied on the decision of the Karnataka High Court in the case of M/s Premier Sales Promotion Pvt Ltd versus Union of India & Ors., in...