Tax
ITAT Allows Income Tax Deduction On Interest Received From Enhanced Compensation Against Compulsory Acquisition Of Agricultural Land
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the income tax deduction on interest received from enhanced compensation for the compulsory acquisition of agricultural land.The bench of C.M. Garg (Judicial Member) has observed that the interest received by the assessee on enhanced compensation under Section 28 of the Land Acquisition Act, being part of the enhanced compensation, shall be treated as tax-free in the case of an individual under Section 10(37) if the transfer...
Goods In Transit Can’t Be Treated As Non-Traceable In Presence Of Tax Invoice, E-Way Bill And Bilty: Allahabad High Court
The Allahabad High Court has quashed the penalty order passed in Form MOU-09 under Section 129(1)(b) of the Goods and Services Tax Act, 2017 on the grounds that the goods in transit were duly accompanied by the tax invoice, e-way bill, and bilty.The bench of Chief Justice Pritinker Diwaker and Justice Ashutosh Srivastava has relied on the decision of the Allahabad High Court in the case of M/s Sahil Traders vs. State of U.P., in which it was held that in the face of the tax invoice and the E-way...
Hostels Are Not Residential Dwelling Units, No GST Exemption: Karnataka AAR
The Karnataka Authority of Advance Ruling (AAR) has held that PG/Hostel Rent paid by inhabitants does not qualify for GST exemption as the services are not akin to renting a residential dwelling for use as a residence.The bench of M.P. Ravi Prasad and Kiran Reddy T. has observed that GST on reverse charge will be applicable on the rental to be paid to the landowners.The applicant is an LLP and is in the business of providing PG/hostel services, which refer to paying guest accommodation or hostel...
No Service Tax Payable On Charges For Granting Diversion Of Forest Land For Non-Forest Purposes Like Mining: CESTAT
The Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is payable on charges for granting diversion of forest land for non-forest purposes like mining.The bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has observed that the clearance granted by the Ministry of Environment, Forest, and Climate Change for usage of the forest land falling under the project for non-forest purposes cannot be considered a...
PCIT Can’t Initiate Revision Proceedings When CIT (A) Has Already Disposed Of The Appeal: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed the revision order passed by the PCIT as the CIT (A) had already disposed of the appeal.The bench of Chandra Mohan Garg (Judicial Member) and M. Balaganesh (Accountant Member) has observed that the issue of granting additional TDS credit was already considered and decided by the CIT (A). For adjudication of the same issue, the PCIT cannot invoke revision proceedings under Section 263 in view of the provisions of Explanation...
GTAs Exempted From Yearly Declaration For GST Under Forward Charge: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) on the recommendation of the 50th Meeting of the GST Council has notified the Goods Transport Agency (GTAs) exempted from yearly declaration for gst under forward charge.The GTAs will not be required to file a declaration for paying GST under forward charge every year with effect from July 27, 2023. If they have exercised this option for a particular financial year, they shall be deemed to have exercised it for the next and future financial...
GST Exemption On Satellite Launch Services By Private Organisations: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) on the recommendation of the 50th Meeting of the GST Council has notified that no GST shall be applicable on the Satellite Launch Services provided by the private organisations.Earlier, the GST was exempted on satellite launch services supplied only by Indian Space Research Organisation, Antrix Corporation Limited or New Space India Limited.Now, with effect from 27th July 2023, GST shall be exempted on satellite launch services supplied by...
Excise Act | Meghalaya High Court Upholds Order Granting Interest To Assessee On Refund Of Deposit Made 'Under Protest' During Investigation
The Meghalaya High Court on Wednesday upheld the order passed by the Customs Excise and Service Tax Appellate Tribunal (CESTAT) granting interest on the delayed refund of a deposit made by the assessee under protest, during investigation for allegedly claiming excess cenvat credit.Bench of Chief Justice Sanjib Banerjee and Justice W. Diengdoh observed that Section 11B of the Central Excise Act, 1944 which bars payment of interest for refund of duty or interest will not be attracted to this case...
CBDT Authorises CCIT/DGIT Rank Officials To Condone Delay In ITR-filing By Co-Operative Societies
The Central Board of Direct Taxes (CBDT) has authorised Chief Commissioners of Income Tax (CCIT) and Directors General of Income Tax (DGIT) rank officials to condone delays in ITR-filing by cooperative societies."CCIT and DGIT are required to admit all pending and new applications and decide them on merits, in accordance with the law where such a person is required to get his accounts audited under respective State Laws," CBDT said.The applications have been received by the CBDT from...
Acceptance GSTR-3B Returns With Late Fee Will Not Condone Delay In Claiming ITC: Andhra Pradesh High Court
The Andhra Pradesh High Court has held that mere acceptance of Form GSTR-3B returns with a late fee will not exonerate the delay in claiming the Input Tax Credit (ITC).The bench of Justice U. Durga Prasad Rao and Justice T. Mallikarjuna Rao has observed that ITC being a concession, benefit, or rebate, the legislature is within its competency to impose certain conditions, including a time prescription for availing the right, and it cannot be challenged on the ground of violation of Constitutional...
Revenue Needs To Be Consistent, Can’t Accept Proposition In One Case And Challenge In Another : Patna High Court
The Patna High Court has upheld the principle of consistency in taxation matters, asserting that the Revenue cannot challenge a declaration of law accepted in one case while challenging its correctness in another case without just cause. Quoting several judgments of the Apex Court, the Court held, "The established principle is that, if the Revenue has not challenged a declaration of law laid down by a High Court and accepted it in the case of one assessee, then it is not open to...
EPFO Declares 8.15% Interest Rate For EPF Accounts In FY 2022-23
In a recent circular dated July 24, 2023, the Employees' Provident Fund Organisation (EPFO) declared the interest rate as 8.15% for Employees' Provident Fund (EPF) accounts for the financial year 2022-23. The EPFO circular read, "The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees' Provident Fund Scheme, 1952 to credit interest@ 8.15 % for the year 2022-23 to the account of each member of the EPF...