Tax
Tamil Nadu Extends Due Date For Furnishing Monthly Return In Form GSTR-3B For November 2023 Due To Michaung Cyclone
The Tamil Nadu government has extended the due date of 20th December 2023 for furnishing the monthly return in Form GSTR-3B for the month of November 2023 due to the Michaung Cyclone.The Government of Tamil Nadu has undertaken extensive relief measures to mitigate the severe impact of the Michaung cyclone on 04th and 05th December 2023.“As a relief measure to the mercantile public, the Government of Tamil Nadu has extended the due date (20th December 2023) for furnishing the monthly return in...
ITAT Deletes Addition On Availing Accommodation Entries In Shape Of LTCG As It Was Not Recorded In Books Of Accounts
The Indore Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition of availing accommodation entries in the shape of Long Term Capital Gain (LTCG) as it was not recorded in the books of accounts.The bench of Vijay Pal Rao (Judicial Member) and B.M. Biyani (Accountant Member) has observed that once the assessee has denied the alleged transaction and it is also not found recorded in the books of accounts, including the Demat account of the assessee maintained by the banks, then the...
Service Tax Not Payable When Public Funded Research Institutions Like IIT Receive Grants From Govt: CESTAT
The Chennai bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not payable when publicly funded research institutions like IIT receive grants or aid from the government for conducting research or project work.The bench of P. Dinesha (Judicial Member) and Vasa Seshagiri Rao (Technical Member) have observed that service tax is not payable when publicly funded research institutions receive grants or aid from the government for conducting research...
CBIC Extends Deadline For Filing FORM GSTR-3B For November 2023 Until December 27, 2023
The Central Board of Indirect Taxes And Customs (CBIC) has extended the deadline for filing FORM GSTR-3B for November 2023 until December 27, 2023.As suggested by the Council under section 39(1) and rule 61(1)(i) of the Central Goods and Services Tax Rules, 2017, the extension is applicable to registered individuals having their principal place of business in certain districts of Tamil Nadu (Chennai, Tiruvallur, Chengalpattu, Kancheepuram).Form GSTR-3B is a simplified summary return and the...
Limitation Period To Pass Fresh Assessment Order Expired: Delhi High Court Accepts Returned Income For 12 Years
The Delhi High Court has accepted the returned income for 12 years as the limitation period to pass a fresh assessment order has expired.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the time limit fixed as per Section 153(2)(A) of the Income Tax Act or the time limit fixed by the amended provision, i.e., Section 153(3), as of today, the AO is bereft of jurisdiction and hence would have no legal locus to pass an assessment order.The appellant/assessee...
Madras High Court Quashes Assessment Order Passed Without Considering Assessee's Request Of Personal Hearing Through Video Conference
The Madras High Court has quashed the assessment order passed without considering the assessee's request for a personal hearing through video conference.The bench of Justice S.Srimathy has observed that since it was a high-pitched assessment, the petitioner has sought a video conference hearing. Therefore, the non-granting of opportunity was clearly a violation of the principles of natural justice.The petitioner/assessee is an agriculturist and grower of Gloriosa superba species. In its native...
Karnataka High Court Directs NFAC To Refund Rs.29.30 Cr. With Interest To Myntra
The Karnataka High Court has directed the National Faceless Assessment Centre (NFAC) to refund Rs. 29.30 crore with interest under Section 244A of the Income Tax Act to Myntra Designs Pvt. Ltd.The bench of Justice B. M. Shyam Prasad has observed that if indeed a reference to the transfer pricing officer is under investigation, it would suffice for this Court to observe that if the adjudication, after due process, results in a demand, the petitioner, Myntra, will have to answer the demand, but in...
Madras High Court Quashes Assessment Order Passed Without Considering Assessee's Request Of Personal Hearing Through Video Conference
The Madras High Court has quashed the assessment order passed without considering the assessee's request for a personal hearing through video conference.The bench of Justice S.Srimathy has observed that since it was a high-pitched assessment, the petitioner has sought a video conference hearing. Therefore, the non-granting of opportunity was clearly a violation of the principles of natural justice.The petitioner/assessee is an agriculturist and grower of Gloriosa superba species. In its native...
Reassessment Proceedings Can't Be In The Nature Of Review: Karnataka High Court
The Karnataka High Court has held that reassessment proceedings cannot be in the nature of review.The bench of Justice S. Sunil Dutt Yadav has observed that the material that has come to light in the assessment proceedings for the assessment year 2008–2009 cannot be sufficient grounds to resort to reassessment proceedings.The petitioner/assessee has challenged the notice issued under Section 148 of the Income Tax Act, seeking to reassess the income that has escaped assessment in terms of Section...
Action Of Customs Assistant Commissioner In Selling Gold Jewellery Belonging To Assessee Is Illegal: Bombay High Court
The Bombay High Court has held that the action on the part of the Assistant Commissioner of Customs in disposing of or selling the gold jewellery belonging to the petitioners or assessee subject matter of the proceedings was illegal and unconstitutional.The bench of Justice G. S. Kulkarni and Justice Jitendra Jain has directed the respondents or department to restore to the petitioners an equivalent amount of gold, namely 1028 gms, or to compensate the petitioners by making payments equivalent...
Power To Extend Time For Submitting Audit Reports U/S 142(2c) Belongs Exclusively To AO And Can't Be Exercised By CIT: Delhi High Court
The Delhi High Court has held that the power to extend the time for submitting audit reports under Section 142(2c) belongs exclusively to the AO and cannot be exercised by CIT.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the Assessing Officer alone has the jurisdiction to extend the deadline for filing audit reports under Section 142(2C); a higher authority, such as the CIT, is not permitted to do so.The appellant/department challenged the order of the...
Customs Deputy Commissioner's Order Contrary To AAR's Ruling, Bombay High Court Quashes
The Bombay High Court has quashed the customs deputy commissioner's order contrary to the ruling passed by the Authority of Advance Ruling (AAR).The bench of Justice G.S. Kulkarni and Justice Jitendra Jain has observed that the ruling passed by the AAR in the petitioner's own case is binding under Section 28 J (1) on the petitioner and the respondents/department as there is no change in law post-decision and the decision has been accepted by the department in the absence of any further challenge...