Tax
Bombay High Court Quashes Reopening Of Assessment After 4 Years In The Absence Of Concealment By Assessee
The Bombay High Court has quashed the reopening of the assessment after 4 years in the absence of concealment by the assessee.The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla observed that where the assessee has fully disclosed all the material facts, it is not open for the Assessing Officer to reopen the assessment on the ground that there is a mistake in the assessment. What is recorded is that the petitioner wrongly claimed certain deductions to which he was not entitled....
SEBI Notifies Modification In Cyber Security, Cyber Resilience Framework Of Stock Exchanges, Clearing Corporations & Depositories
In a recent development, the Securities and Exchange Board of India (SEBI) has announced a notable modification in the Cyber Security and Cyber Resilience framework for Stock Exchanges, Clearing Corporations, and Depositories. SEBI's latest circular dated August 24, 2023, revises certain aspects of the existing cybersecurity guidelines. These changes stem from previous circulars, specifically SEBI/CIR/MRD/DP/13/2015 dated July 06, 2015, and SEBI/HO/MRD1/MRD1_DTCS/P/CIR/2022/68 dated May 20,...
DPIIT Notifies Draft Patents (Amendment) Rules, 2023
On August 22, 2023, the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, released the "Draft Patents (Amendment) Rules, 2023". These rules are aimed at updating the regulation of patent applications and their processing, which are currently governed by the Patents Rules of 2003 (2003 Rules).The 2003 Rules replaced the previous Patents Rules of 1972 and provided a detailed outline of the procedure for filing patents and related activities. However, due...
CBDT Operationalises Introduces E-Advance Ruling In Delhi, Mumbai
The Central Board of Direct Taxes (CBDT) on 19.08.2023, issued a notification regarding the operationalisation of the Board for Advance RulingsCBDT had constituted three Boards for Advance Rulings in September, 2021. Further, by Notification No. 07 of 2022, the Scheme of E-advance Ruling was introduced with an objective to make the entire process of advance rulings with a minimal interface and impart greater efficiency, transparency and accountability.Subsequently, the Boards for Advance Rulings...
HSBC Not Liable To Deduct TDS On Nostro Account Maintenance Charges: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee, HSBC, was not under obligation to withhold tax from Nostro Account Maintenance Charges in terms of Section 195 of the Income Tax Act and therefore could not be treated as an ‘assessee in default’.The bench of Rahul Chaudhary (Judicial Member) has observed that Nostro Account Maintenance Charges are in the nature of bank charges levied on transactions and are not subject to tax deduction at source under...
ITAT Deletes TP-Adjustment On Payment Of Export Commission And Model Fee Against Honda Subsidy
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the adjustment on account of Arm's Length Pricing (ALP) of the export commission payment against the Honda subsidy.The bench of Challa Nagendra Prasad (Judicial Member) and Shamim Yahya (Accountant Member) has observed that the issues of transfer pricing adjustment with respect to the determination of an ALP of Rs. nil on export commission and payment of royalty are decided in favour of the assessee.As per the Income Tax...
Interest Certificate Not Necessary For Claiming Section 24(B) Deduction: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the interest certificate is not necessary for claiming section 24(b) deduction.The bench of Aby T. Varkey (Judicial Member) and S. Rifaur Rahman (Accountant Member) has observed that PCIT erred in holding that the Assessee was ineligible for interest deduction as it did not furnish the certificates from the lender banks as per Section 24(b)-third proviso.The appellant/assessee is in the business of Commercial leasing which...
ITAT Allows Rs.1,094.14 Cr Loss To Standard Chartered Bank Arising From Securities Scam As Business Loss
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the loss of Rs. 1,094.14 crore to Standard Chartered Bank arising from a securities scam as a business loss.The bench of Rahul Chaudhary (Judicial Member) and Prashant Maharishi (Accountant Member) has observed that the loss suffered by the assessee was a result of both the nature of the arrangements the assessee had with the brokers and the misconduct on the part of the employees or ex-employees of the assessee. The loss...
GST Applicable On Education & Training To Commercial Pilots As Per DGCA Syllabus: AAAR
The Uttar Pradesh Appellate Authority of Advance Ruling (AAAR) has ruled that education and training for commercial pilots as per the syllabus of the Directorate General of Civil Aviation (DGCA) are not exempt from GST.The bench of Uma Shanker and Ministhy S., while upholding the ruling of the Authority of Advance Ruling (AAR), noted that the appellant was not empowered to conduct the examination but impart training and issue a completion certificate, which serves the purpose of a document...
CBDT Allows Income Tax Exemption To Swasthya Sathi Samiti
The Central Board of Direct Taxes (CBDT) has granted the income tax exemption to Swasthya Sathi Samiti under clause (46) of section 10 of the Income-tax Act, 1961.The Swasthya Sathi Samiti, Kolkata, is a body established by the Government of West Bengal. The assessee shall be eligible for income tax exemption in respect of the income arising to that Body, namely grant received from the Government of West Bengal; and interest income received from the bank.The notification shall be effective...
DGFT Allows Export Of Food Supplements Containing Botanicals To EU And UK Subject To Official Certificate
The Director General Of Foreign Trade (DGFT) has allowed the export of food supplements containing botanicals to the European Union (EU) and United Kingdom (UK) subject to official certificates.The Government notified conditions for the export of Food Supplements containing botanicals under ITC (HS) Code 1302 and 2106, intended for human or animal consumption to the European Union and the United Kingdom.The export of Food Supplements containing botanicals to the European Union (EU) and United...
Onus Lies On Restaurant To Prove Absence Of AC Facility To Avail Service Tax Exemption: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the onus lies on the restaurant to prove the absence of an AC facility to avail of service tax exemption.The bench of Binu Tamta (Judicial Member) and P. V. Subba Rao (Technical Member) has observed that as per state rules and conditions for granting the bar restaurant licence, it was mandatory to have an air conditioning facility for obtaining and also for renewing the restaurant-cum-bar licence...