BOI Entitled Service Tax Refund Paid On Commission Charges For Credit Facility: CESTAT

The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Bank of India is eligible for refund of service tax paid on commission charges for granting credit facility subject to verification.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the appellant bank has satisfied all the conditions for treating the service as an export of service, but there is a need to verify whether the service tax paid...

Contribution Towards NPS Made Prior To Filing Of Return: ITAT Deletes Addition

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition of employees contribution towards the National Pension System (NPS) as the contribution towards NPS made prior to filing of the return.The bench of T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member) has observed that NPS is regulated by the Pension Fund Regulatory and Development Authority Act, 2013 (PFRDA Act). There is no due date prescribed by the PFRDA as to when the payment is...

Trading In Securities Is Not A Service, No Service Tax Payable: CESTAT

The Chennai Bench of Customs, Excise and Service Tax appellate Tribunal (CESTAT) has held that the no service tax payable on trading in securities is not a service.The bench of Sulekha Beevi.C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that by making an investment, the appellant does not do any activity for another for consideration. The specific exclusion from the definition of'service' is given to transactions involving 'transfer of title in goods or immovable...

Appeal To Be Decided On Merits Irrespective Of Some Laches Or Delay On Part Of Assessee: Rajasthan High Court

The Rajasthan High Court has held that a right to appeal as provided under the statute must be decided on merits irrespective of some laches or delay on the part of the assessee.The bench of Justice Shree Chandrashekhar and Justice Kuldeep Mathur has observed that the statutory provisions of limitation under Section 107 of the CGST Act would bind the statutory authority, which cannot condone the delay except the circumstances envisaged under the CGST Act, but limitations are not applied in a...

Decision Of Reassessment At Dictation Of Higher Authorities Leads To Biased Outcome: Chhattisgarh High Court

The Chhattisgarh High Court has held that decisions of reassessment at the dictation of higher authorities lead to biased outcomes.The bench of Justice Goutam Bhaduri and Justice Sanjay Kumar Jaiswal has observed that in a democracy, every authority may, however high, function within four corners of the law because the rule of law requires that all the machinery of the state must function according to the mandate of statute. Statutory authority cannot permit its decision to be influenced by the...

Amendment In Section 153C Income Tax Act Can't Be Interpreted For Revival Of Already Time Barred Proceedings: Delhi High Court

The Delhi High Court has held that the power to assess the block period of ten years would clearly not be attracted in the case of a search that had taken place prior to April 1, 2017. The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that since the date of search was April 7, 2016, the amendments that came to be introduced in Section 153C by virtue of the Finance Act of 2017 would not be applicable. The provisions stood prior to the Finance Act, 2017, and the...

ACD Refund Claim Can't Be Rejected For Non-Mentioning Of Period Particulars In CA Certificate: CESTAT

The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the Additional Duty of Customs (ADC) refund claim cannot be rejected for mere non-mentioning of period particulars in the CA certificate.The bench of M. Ajit Kumar (Technical Member) has observed that in the CA's certificate there is a non-mention of the period particulars to determine whether the certificate pertains to the Bills of Entry under this refund claim. The doubt was easily verifiable by...

Not Mandatory For Assessment Order To Contain Reference Disclosing Its Satisfaction Of Each And Every Query: Bombay High Court

The Bombay High Court has held that it is not mandatory for assessment orders to contain reference and/or discussion to disclose its satisfaction in respect of each and every query raised.The bench of Justice K.R. Shriram and Justice Jitendra Jain has observed that since there is no discussion or finding on the issue of hazardous waste in the order, the respondent department should be taken as having accepted the petitioner's explanation.The petitioner/assessee is engaged in the import,...

Unexplained Cash Credited To Assessee's Book Would Be Treated As Taxable Income Under Income Tax Act, 1961: Chhattisgarh High Court

Recently, the Chhattisgarh High Court reiterated a settled position of law that the assessee would be liable to pay the income tax on the unexplained cash credited into its books if the assessee fails to prove the source of a sum of money found to have been received by an assessee. The Court said that under Section 68 of the Income Tax Act, 1961 the initial onus to prove the genuineness of the money credited into the assessee's books of account falls on the assessee, and if the assessee fails...

CESTAT Weekly Round-Up: 28 July To 3 August 2024

Discounts Declared For Small Mid Segment Cars Can't Be Allowed To Luxury Model Cars: CESTATCase Title: M/s. Toyota Kirloskar Motor Private Limited Versus The Commissioner of Central TaxThe Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the cross-model utilisation of discounts is not admissible.No Service Tax Payable On Construction Services Provided To Educational Institutions Prior To 30.06.2012: CESTATCase Title: Sri Mookambigai Constructions...

ITAT Weekly Round-Up: 28 July To 3 August 2024

Even If STT Not Paid At Time Of Acquisition, Trust Entitled To Claim LTCG Exemption: ITATCase Title: Dy. Commissioner of Income Tax- 23(1) Versus Business Excellence TrustThe Mumbai Bench Income Tax Appellate Tribunal (ITAT) has held that even if the Securities Transaction Tax (STT) was not paid at the time of acquisition, the assessee-trust would be entitled to claim exemption of long-term capital gain (LTCG) under Section 10(38) of the Income Tax Act.Price Paid By Donor As Well As Holding...

Indirect Tax Weekly Round-Up: 28 July To 3 August 2024

Supreme CourtGujarat Value Added Tax Act | 'Purchase Price' Definition Doesn't Include Value Added Tax : Supreme CourtCase Title: The State Of Gujarat Vs. M/S. Ambuja Cement Ltd.Citation : 2024 LiveLaw (SC) 544While Interpreting the definition of the 'Purchase Price' under the Gujarat Value Added Tax Act of 2003 (“GVAT”), the Supreme Court on Friday (August 2) observed that the value-added tax would not be included in the definition of the purchase price.Delhi High Court ITC Claimed On Alleged...