Tax
Assessment Order Need Not Contain Reference Disclosing Satisfaction On 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,...
University Income From Rentals, Not Exempted From Service Tax: Karnataka High Court
The Karnataka High Court has held that the university is liable to pay service tax on the income earned from the rentals of buildings leased or licensed for banking facilities.The bench of Justice Krishna S. Dixit and Justice Ramachandra D. Huddar has observed that when the university rents out its property for running a bank, the profit motive is abundant. It is not the case of the university that the banking services are agreed to be provided on a 'no profit, no loss basis' by prescribing a...
Indirect Tax Cases Monthly Round Up: July 2024
Supreme CourtCustoms Act | Owner Of Goods Liable To Pay Customs Duty Even After Confiscated Goods Are Redeemed Paying Fine : Supreme CourtCase Title: M/S Navayuga Engineering Co. Ltd. Versus Union Of India & Anr.Citation : 2024 LiveLaw (SC) 504In a notable ruling relating to the Customs Act of 1962, the Supreme Court on Tuesday (July 23) held that the importer would be liable to pay customs duty in addition to fines and other charges upon redeeming the confiscated goods.Chewing Tobacco...
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...