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...

ITC Claimed On Alleged Fake Supplies; Delhi High Court Upholds Dept's Action In Provisionally Attaching Bank Account

The Delhi High Court has upheld the Commissioner's action of provisionally attaching the petitioner's bank account, to the extent of Rs. 26.91 lakhs being the amount of input tax (ITC) claimed in respect of allegedly fake supplies.The bench of Justice Vibhu Bakhru and Justice Sachin Datta has observed that the exercise of power by the Commissioner was not unwarranted. The Commissioner had found it necessary to provisionally attach the petitioner's bank account to protect the interest of the...

No Service Tax Payable On Construction Services Provided To Educational Institutions Prior To 30.06.2012: CESTAT

The Chennai Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not payable on the construction services provided to educational institutions for the disputed period, which is prior to 30.06.2012.The bench of Sulekha Beevi.C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) have observed that when the building is solely used for educational purposes, the levy of service tax is not attracted. We, therefore, find that the building having...

Assessments Getting Time Barred By 31.03.2017 Can Continue Only Upto 31.03.2018: Kerala High Court

The Kerala High Court has held that the assessments that were getting time barred by 31.03.2017 can continue only up to 31.03.2018.The bench of Justice Gopinath P. has observed that there was no material to conclude that notice was actually issued on 18.03.2018, as it is quite unlikely that a notice dated 18.03.2018 was not served on the petitioner till 25.03.2019. It is also seen from the notice that a hearing was proposed only on 30.03.2019, and it is quite inconceivable that a notice dated...

Tamil Nadu Advocates Welfare Fund Entitled For Income Tax Exemption: ITAT

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that the Central Act is not applicable to the Tamil Nadu Advocates Welfare Fund and is eligible for Income Tax exemption.The bench of Manu Kumar Giri (Judicial Member) and S. R. Raghunatha (Accountant Member) has observed that since the assessee fund is enacted prior to the formation of the Central Act, namely the Advocate's Welfare Fund Act, 2001, and the saving clause is provided u/s. 38 by the Advocate's Welfare Fund Act,...

Discounts Declared For Small Mid Segment Cars Can't Be Allowed To Luxury Model Cars: CESTAT

The Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the cross-model utilisation of discounts is not admissible.The bench of D.M. Misra (Judicial Member) and R. Bhagya Devi (Technical Member) has observed that the so-called special discount claimed to have been passed on by the appellant to the dealers is not a trade discount at all so as to be eligible for exclusion from the assessable value of the goods removed as per the provisions of Section 4 of...

ITAT Allows Deduction To Credit Cooperative Society On Interest Earned/Dividend From Investment Made With Cooperative Bank

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80P of the Income Tax Act to the cooperative bank, which continued to be a cooperative society.The bench of Rahul Chaudhary (Judicial Member) and Amarjit Singh (Accountant Member) has observed that though the cooperative bank, pursuant to the insertion of Section 80P(4), is no longer entitled to a claim of deduction under Section 80P of the Income Tax Act, as a cooperative bank continued to be a...

Foreign Tax Credit Can't Be Denied In Spite Of Accepting Computation: Madras High Court

The Madras High Court has held that the claim of foreign tax credit cannot be denied in spite of accepting the computation.The bench of Justice Senthilkumar Ramamoorthy, on examining the company tax return and the activity statements, appears prima facie that the petitioner has remitted taxes through the Australian branch. It is clear that foreign tax credit in respect thereof was claimed by the petitioner by filing Form 67 with relevant annexures. On examining the intimation under Section...

Even If STT Not Paid At Time Of Acquisition, Trust Entitled To Claim LTCG Exemption: ITAT

The 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. The bench of C.V. Bhadang (President) and B.R. Baskaran (Accountant Member) has observed that as per the notification issued by the Central Government as per the third proviso to Section 10(38) of the Income Tax...

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...