Tax
Wrong Assessment U/s 44ADA By AO Attracts Revisionary Interference: Punjab & Haryana HC Upholds Revision By PCIT U/s 263
The Punjab & Haryana High Court recently upheld the revisional order passed by the Principal CIT u/s 263 by setting aside the assessment wrongly passed by the AO u/s 44ADA. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial to the interest of the revenue. Whereas, Section 44ADA of the Income Tax Act provides presumptive taxation for certain professionals and allows eligible individuals to...
Direct Tax Cases Monthly Round Up: July 2024
Supreme CourtState Not Liable To Collect Tax At Source While Giving Contractors Permit To Vend Liquor At Fixed Retail Price : Supreme CourtCase Details : THE EXCISE COMMISSIONER KARNATAKA & ANR. v. MYSORE SALES INTERNATIONAL LTD. & ORS CIVIL APPEAL NO. 2168 OF 2007Citation : 2024 LiveLaw (SC) 496The Supreme Court recently held that any vendor who buys liquor from state manufacturers without obtaining it through auction and sells in retail at a fixed price would be excluded from the...
ITAT Tax Cases Monthly Round Up: July 2024
ITAT 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...
CESTAT Tax Cases Monthly Round Up: July 2024
No Service Tax Payable By CIPLA On Manufacturing And Exporting Of Pharmaceutical Products: CESTATCase Title: Commissioner, Central Excise And Service Tax Versus CIPLAThe Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is payable by Cipla on the manufacturing and export of pharmaceutical products.Samsung India Entitled To Customs Duty Exemption On Imported IC-Codecs: CESTATCase Title: M/s. Samsung India Electronics Pvt. Ltd Versus...
Rapido Liable To Pay GST On Services Provided By Independent Four-Wheeler Cab Service Provider: Karnataka AAR
The Karnataka Authority of Advance Ruling has held that the Rapido is liable to pay GST on services provided by independent four-wheeler taxi service providers.The bench of Dr. M.P. Ravi Prasad and Kiran Reddy T has observed that Rapido satisfies the definition of an “e-commerce operator” and the nature of supply as conceptualized in Section 9(5) of CGST Act 2017 read with notification No. 17/2017 dated 28.06.2017.The applicant stated that it is a registered private limited company, also...
Whether Income Received By Kerala Cricket Association Would Be Exempted Income Or Not? Kerala High Court Remands Back Matter To ITAT
The Kerala High Court has remanding the matter to the Income Tax Appellate Tribunal (ITAT) to determine whether income received by the Kerala Cricket Association during the assessment years 2010-11, 2012-13, and 2013-14 would partake of the nature of exempted income going by the provisions of Section 2(15) of the Income Tax Act.The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M. has set aside the impugned orders of the Income Tax Appellate Tribunal and remand the matter to...
Centre Issues Fresh Notification Regarding Establishment Of GST Appellate Tribunals
The Union Government has issued a fresh notification regarding the constitution of Goods and Services Tax Appellate Tribunals (GSTAT) across the country. The notification, issued by the Ministry of Finance, will take effect from September 1, 2023, superseding the previous notification regarding GST Appellate Tribunals issued in September last year.The Principal Bench of the GST Appellate Tribunal is at New Delhi. Apart from that, State Benches are notified for different states.The Supreme Court,...
Price Paid By Donor As Well As Holding Period Of Previous Owner Is Required For Purpose Of Computing Capital Gain In Case Of 'Gift': Delhi ITAT
The New Delhi ITAT held that that date of acquisition of property has to be reckoned from the date of its allotment, for purposes of computing short-term capital gain or loss. The ITAT while holding so, accepted the submissions of assessee that where an asset is acquired by gift, the period of long-term capital asset shall be reckoned from the date when the previous owner acquired such asset and the indexation shall be allowed accordingly from the year of acquisition by the previous ...
Vodafone Idea Not Liable To Deduct TDS On Charges Paid To Non-Resident Telecom Operators : Supreme Court
Dismissing a petition filed by the Income Tax Department, the Supreme Court recently upheld the view that Vodafone Idea is not liable to deduct TDS (tax deducted at source) on interconnectivity usage and bandwidth charges paid to non-resident telecom operators.A bench of Justices BV Nagarathna and N Kotiswar Singh observed that the case was covered by the 2021 decision in Engineering Analysis Centre for Excellence Private Ltd v. The Commissioner of Income Tax and Anr., where it was held...
Income Tax Dept's Appeal Against Inadequate Sentence Lies Before Sessions Court: Karnataka High Court
The Karnataka High Court has dismissed the appeals preferred by the Income Tax Department under Section 377 of Cr.P.C.The bench of Justice Shivashankar Amarannavar has observed that on a reading of Section 418 of the Bhartiya Nyayik Suraksha Sahita (BNSS), it is in pari materia with Section 377 of Cr.P.C. Even under the BNSS, no provision has been introduced for filing an appeal before the High Court if the sentence is passed by the Magistrate. Sub-Section (3) of Section 415 of BNSS provides for...
Manufacturing Of Aircrafts Parts Covered Under “Engineering Goods”, No Excise Duty Payable: CESTAT
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that excise duty exemption is available on the manufacturing of aircraft parts.The bench of Sulekha Beevi.C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) have observed that the engineering equipment would fall within the items that have been listed for exemption as per Notification No.10/97. The Commissioner (Appeals) has considered the very same issue and allowed the exemption, observing that the goods...
Depression, Old Age, Assessee's Status As Small-Scale Surveyor To Be Considered As Genuine Hardship; Rajasthan High Court Condones Delay
The Rajasthan High Court has allowed the application seeking condonation of delay under Section 119(2)(b) of the Income Tax Act in order to claim a refund for the assessment year 2009-10 to 2014-15 on the grounds of genuine hardship.The bench of Justice Pushpendra Singh Bhati and Justice Munnuri Laxman has observed that the depression, old age, long pendency of the issue, and the petitioner's status as a small-scale surveyor with no negativity in revenue collection by the tax authorities (like...