CBDT Notifies ITR-6 For AY 2024-25

The Central Board of Direct Taxes (CBDT) notified the Income Tax Return (ITR) Form ITR-6 for the Assessment Year (A.Y.) 2024-25 with effect from April 01, 2024.The has notified the Income-tax (First Amendment) Rules, 2024 to further amend Income-tax Rules, 1962.The companies which are registered under the Companies Act 2013 or the previous Companies Act 1956 should file ITR 6 Form. Having said that, in case the source of income of the company comes from the property used for charitable or any...

GST | Technical Error Without Any Financial Implications Do Not Attract Penalties: Allahabad High Court

The Allahabad High Court has held that mere technical errors under tax laws without any financial implications should not be grounds for imposition of penalties.While dealing with the case of goods not accompanying e-way bill, Justice Shekhar B. Saraf held,“Mere technical errors, without having any potential financial implications, should not be the grounds for imposition of penalties. The underlying philosophy is to maintain a fair and just tax system, where penalties are proportionate to the...

Writ Of Certiorari Not Issued As A Matter Of Course, But Granted At Discretion Of Superior Court: Allahabad High Court

The Allahabad High Court has held that the writ of certiorari is discretion granted to a superior court to review and quash decisions of lower courts, tribunals, or administrative bodies and is not issued as a matter of course.While dealing with the challenge to the order under Section 129 of the Central Goods and Service Tax Act, 2017 and the subsequent order of the first appellate authority, the bench comprising of Justice Shekhar B. Saraf held that:“The writ of certiorari is not issued as a...

GST | Show Cause Notice A Vital Checkpoint, Delineates Boundaries Within Which Any Authority Can Operate: Allahabad High Court

The Allahabad High Court has held that authorities cannot travel beyond the show cause notice to impose penalty on the assesee.The bench comprising Justice Shekhar B. Saraf held,“At its core, a show cause notice represents the initial step in an administrative or legal process, wherein an individual or entity is formally apprised of allegations or discrepancies attributed to them. This notice serves as a mechanism to afford the recipient an opportunity to present their side of the story, provide...

ITC Admissible On Sale And Buyback Transactions When Payment Is Settled Through Book Adjustment: AAR

The West Bengal Authority of Advance Ruling (AAR) has held that in cases of sale and buyback transactions, the input tax credit is admissible in respect of goods purchased from outsourced vendors when payment is settled through book adjustment against the debt created on outward supplies to those vendors.The bench of Tanisha Dutta and Joyjit Banik has observed that settlement of mutual debts through book adjustment is a valid mode of payment under the GST Act. Recipients can pay the supplier by...

Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding

The Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific finding.The bench of Chief Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharyy has observed that the assessing officer has conducted a due inquiry and thereafter completed his scrutiny assessment. The tribunal also noted that the CIT, in his order under Section 263, has only observed that there is a possibility of understatement...

Goa Cess Act Is Not Subsumed By GST Laws: Bombay High Court

The Bombay High Court at Goa has held that the Goa Cess Act is not subsumed by the GST laws.“The Goa Cess Act is intra vires Articles 14, 301, and 303 read with Article 304 of the Constitution of India. Also, it is legal and valid, being in no manner subsumed by the GST laws,” the bench of Justice G. S. Kulkarni and Justice Bharat P. Deshpande observed.The petitioner company is in the business of mining iron ore, extraction, processing, transportation, and export of iron ore from the...

Indirect Tax Weekly Round-Up: 21 To 27 January 2024

Delhi High Court GST Registration Can't be Cancelled Retrospectively For Non-Filing Of Returns: Delhi High Court Case Title: Aryan Timber Store Through Its Prop Virender Kumar Versus Sales Tax Officer The Delhi High Court has held that GST registration cannot be cancelled with retrospective effect for mere non-filing of returns. Madras High Court IGST Refund Claim May Be Made Before Expiry Of 2 Years From Date Of Export Of Goods: Madras High Court Case Title: M/s.Tulip...

Direct Tax Weekly Round-Up: 21 To 27 January 2024

Supreme Court Tax Return Filed Without Regular Books Of Account Not Invalid, Burden To Call For Curing Of Defects On Assessing Officer: Supreme Court Case Title: M/S Mangalam Publications, Kottayam V. Commissioner Of Income Tax, Kottayam Citation : 2024 LiveLaw (SC) 55 While deciding the question as to whether reopening of a concluded assessment under Section 147 of the Income Tax Act (“Act”) was legally sustainable or not, the Supreme Court recently held that for the purposes...

CGST Act | Time Extension For Filing Appeal Against Orders U/S 73, 74 Can Be Extended To Orders U/S 129, 130: Allahabad HC Asks CBIT To Consider

The Allahabad High Court, on Wednesday, directed the Central Board of Indirect Taxes, Ministry of Finance to consider extending the benefit of extension of time to file appeal under Section 107(1) of the Central Goods and Services Act, 2017 to orders passed under Section 129 and Section 130 of the Act.The Central Board of Indirect Taxes and Customs, Ministry of Finance, issued Notification No. 53/23- Central Tax dated 2nd November 2023, extending the time to file appeal under Section 107(1) of...

[Limitation Act] Allahabad High Court Extends Benefit Of Exclusion Of Time U/S.14 To Appeals Under S.107 CGST Act

On Wednesday, the Allahabad High Court direct the Additional Commissioner, CGST, (Appeals), Meerut, to grant benefit of Section 14 of the Limitation Act to the petitioner and hear the appeal filed under Section 107 of Central Goods and Service Tax Act, 2017 afresh.Section 14 of the Limitation Act, 1963 provides that the time during which an applicant/plaintiff prosecutes a case in a court without jurisdiction shall be excluded from the computation of limitation provided the same is done with...

Commercial Tax | Allahabad High Court Upholds Condonation Of 1365 Days Delay On Sufficient Cause

The Allahabad High Court has upheld condonation of delay of 1365 days by the Commercial Tax Tribunal in filing of appeal as it was sufficiently explained by the authorities.Revisionist-assesee approached the High Court against order of the Commercial Tax Tribunal condoning the delay of 1365 days on part of the Department in filing the appeal. Reliance was placed on the decision of the Allahabad High Court in M/s Anil Enterprises v. Commissioner of Commercial Tax, U.P. Lucknow to argue that...