Tax
CBDT Amends ITR -7 To Allow Taxable Income Of Assessees Eligible To File ITR -7 Liable For Tax Rate At The Rates Applicable To AOP
The Central Board of Direct Taxes (CBDT) has amended ITR -7 so as to allow taxable income of assessees eligible to file ITR -7 liable for tax rate at the rates applicable to AOP i.e. Slab rate applicable to Individuals.The Board has notified the Income-tax (Twenty-Seventh Amendment) Rules, 2023.Earlier to this amendment taxable income was liable for a 30% flat tax rate under section 115 BBI. The amendment is applicable from 1-4-2023 i.e. any ITR filed or to be filed on or after 1-4-2023.As per...
CBIC Notifies Biometric-Based Aadhaar Authentication Through GST Seva Kendras Approved For Andhra Pradesh
The Central Board of Indirect Taxes and Customs (CBIC) has notified the biometric-based Aadhaar authentication through Goods and Services Tax (GST) Seva Kendras has been approved for Andhra Pradesh.At the 50th GST Council Meeting, which took place in New Delhi on July 11, 2023, it was suggested that a risk-based biometric Aadhar authentication pilot program be carried out in Gujarat and Puducherry. After the system's readiness is evaluated in the states of Gujarat and Puducherry, the state of...
Parties Cannot Deem SGST And CGST As IGST Without Compliance With Taxation Enactment Provisions: Patna High Court
The Patna High Court has dismissed the writ petition filed by Vishwanath Iron Store, a partnership firm registered under the Bihar State Goods and Services Tax Act, seeking correction of a GST invoice for the purpose of availing input tax credit, while stating Understanding between parties cannot supersede the provisions of taxation laws.Chief Justice K. Vinod Chandran and Justice Rajiv Roy noted, “In the present case, the petitioner is a dealer registered under the BGST Act and the sale was...
CBIC Notifies Monetary Limits For Filing Appeals By Department Before CESTAT, High Courts And Supreme Court
The Central Board of Indirect Taxes and Customs (CBIC) has notified the monetary limits for filing appeals by the department before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), High Courts and Supreme Court.The Board has notified the monetary limit of Rs. 2 Crores for the appellate forum namely the Supreme Court.The monetary limit of Rs. 1 Crore is notified for High Courts.The monetary limit of Rs. 50 Lakhs is notified for CESTAT.The Adverse judgments relating to various...
Petitioner Failed To Avail Appeal Remedy, Can’t Invoke Of The Extraordinary Jurisdiction: Patna High Court
The Patna High Court recently ruled on a writ petition challenging an assessment order and the rejection of an appeal based on the limitation ground.The Court stated that the petitioner by his own failure had not availed the appellate remedy and in that circumstance, there can be no invocation of the extraordinary jurisdiction under Article 226 of the Constitution of IndiaThe Court clarified that when a specific period for delay condonation is provided, there can be no extension by the...
Tax Cases Weekly Round-Up: 12 November To 18 November, 2023
Supreme Court UP VAT Act | Assessee Entitled To Claim Full Input Tax Credit On Exempted Goods Produced As By-Products Or Waste Products During Manufacturing Of Taxable Goods: Supreme Court Case details: M/S Modi Naturals Ltd v The Commissioner of Commercial Tax UP Case No.: 2023 LiveLaw (SC) 976 The Supreme Court while relying on Explanation (iii) to Section 13 of Uttar Pradesh Value Added Tax Act, 2008 (“UP VAT Act”), has held that if during the manufacture of any...
AO Lacked Tangible Material To Form A Belief That Income, Chargeable To Tax Had Escaped Assessment: Delhi High Court Quashes Reassessment Notice
The Delhi High Court has held that AO did not have the tangible material on record that could have persuaded him to form the belief that income, otherwise chargeable to tax, had escaped assessment.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia, the AO, did not employ diligence while triggering the reassessment proceedings against the petitioner or assessee. Because AO realized that the information received by him from ITO (Nahan) concerned the preceding period, he attempted to...
Delhi Gymkhana Club Exigible To Tax Under Delhi Tax On Luxuries Act, 1996: Delhi High Court
The Delhi High Court has held that Delhi Gymkhana Club is exigible to tax under the Delhi Tax on Luxuries Act, 1996.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that the Delhi Tax on Luxuries Act, 1996, as it stood during the assessment period in question, extended its application also to the provision of residential accommodation in a club and, in any case, did not at the relevant time exclude the provisioning of accommodation to members of a club from the...
Concealment Of Income Above Rs.50 Lakhs, Extended Period Of Limitation Would Apply: Delhi High Court
The Delhi High Court has held that an extended period of 10 years would apply in serious tax evasion cases where there was evidence of concealment of income above Rs. 50 lakhs.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that, as per the Memorandum, in “normal cases”, no notice was intended to be issued if 3 years had elapsed from the end of the relevant AY. Notice, beyond the prescribed 3 years from the end of the relevant AY, could be issued only in a few...
Filing Of Form-67 After Filing ITR But Before Issuance Of Intimation, Amounts To Due Compliance: Madras High Court Allows Foreign Tax Credit Claim
The Madras High Court has allowed the Foreign Tax Credit (FTC) claim on the grounds that filing Form-67 after filing the Income Tax Return (ITR) but before the issuance of an intimation amounts to due compliance.The bench of Justice Krishnan Ramasamy has observed that the returns were filed without FTC; however, the same was filed before passing the final assessment order. The filing of FTC in terms of Rule 128 is only directory in nature. The rule is only for the implementation of the...
Telangana High Court; GST Exemption Doesn't Cover Affiliation Fee And Inspection Fee Paid By Colleges To University
The Telangana High Court has held that GST exemption as granted under Notification No.12 of 2017 of the GST Act, 2017 to the institutions providing education services does not cover Affiliation fee and Inspection fee paid by the College to the University. "we are of the firm view that firstly, the Notification No.12 of 2017, dated 28.06.2017, cannot be made applicable upon inspection and affiliation fees charged by the 1st respondent-University from the educational ...
Authenticity Of Transaction Cannot Be Disputed If E-Way Bill Not Cancelled Within Time: Allahabad HC
The Allahabad High Court held that once e-way bill has been generated by the assessee and the same has not been cancelled within the time prescribed in the Goods and Service Tax Act, 2017, movement of goods and genuineness of a transaction cannot be disputed by the Department.While quashing the penalty order issued under Section 129(3) of the GST Act, Justice Piyush Agrawal held “The purpose of e-way bill is that the department should know the movement of goods. Once the e-way bill has been...