Advise States To Implement Digital DIN System : Supreme Court To Centre & GST Council

The Supreme Court has directed the GST Council to issue advisory / instructions / recommendations to the respective States regarding implementation of the system of electronic (digital) generation of a Document Identification Number (DIN) in the indirect tax administration.The bench comprising Justices MR Shah and BV Nagarathna observed that the system, which is already being implemented by the States of Karnataka and Kerala, would be in the larger public interest and enhance good governance. It...

Rajasthan Stamp Act | Duty Can't Be Levied On Transaction Not Having 'Territorial Nexus' With State: High Court

The Rajasthan High Court recently set aside a single bench decision which permitted levy of duty under the Rajasthan Stamp Act, 1998 on an amalgamation instrument executed outside the State pursuant to sanction of Himachal Pradesh High Court, not only in relation to properties situated in Rajasthan, but also on the transfer of shares.A division bench comprising Justices Manindra Mohan Shrivastava and Birendra Kumar observed,"...insofar as transfer of shares by virtue of order of amalgamation...

E-Invoicing Mandatory For Businesses With Annual Turnover Of More Than Rs.10 Crores: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has made e-invoicing mandatory for businesses with a turnover of more than Rs. 10 crores.The Board empowered under sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017 amended the notification no. 13/2020 – Central Tax, dated the 21st March, 2020. The notification sought to exempt certain classes of registered persons from issuing e-invoices and the date for implementation of e-invoicing was extended to...

Lands Re-Purchased Not To Be Mandatorily Agricultural On The Date Of Re-Investment: ITAT Allows Capital Gain Exemption

The Pune Bench of theIncome Tax Appellate Tribunal (ITAT), consisting of Satbeer Singh Godara (Judicial Member) and Dipak P. Ripote (Accountant Member), has ruled that the legislature has nowhere incorporated that for claiming the deduction under section 54B of the Income Tax Act, the lands re-purchased have to be agricultural on the date of re-investment.The appellant/assessee has challenged the order of the lower authority for declining his claim under section 54B deduction claim of...

Services Tax Demand Not Sustainable On The Basis Of TDS/26AS Statements: CESTAT

The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax demand is not sustainable on the basis of TDS/26AS statements. The two-member bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that the value of taxable services cannot be determined only based on TDS statements produced by clients. The expenditures are booked based on when the form 26AS is filed, which cannot be considered as the value of...

No Deliberate Non-Compliance In Depositing Service Tax Under RCM: CESTAT Deletes Penalty

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) bench of Anil Choudhary (Judicial Member) has deleted the penalty on the grounds that there was no deliberate non-compliance in depositing service tax under the Reverse Charge Mechanism (RCM).The appellant/assessee is rendering service of accommodation in a hotel and restaurant service. Pursuant to the audit, it appeared to the department that the appellant had not discharged service tax on three invoices of legal services/fee...

Product Marketed Under Brand Name "Ber Berry" Is Classifiable Under GST Tariff Heading 2008: AAR

The Madhya Pradesh Authority of Advance Ruling (AAR) has ruled that the product marketed under the brand name "Ber Berry" manufactured and supplied is covered and classifiable under the GST Tariff heading 2008.The two-member panel of Virendra Kumar Jain and Manoj Kumar Choubey observed that chapter 8 exclusively covers fresh fruit or fruit cooked by steaming or boiling in water. However, the applicant's procedure exceeds the process covered by chapter 0811. In the applicant's case, the...

No Material Found On Search, Income Tax Additions Can't Be Made On Presumption: Delhi High Court

The Delhi High Court bench of Justice Manmohan and Justice Manmeet Preetam Singh Arora held that if no incriminating material is found during the course of the search, then no addition can be made in the assessment under Sections 153A and 153C of the Income Tax Act.The Investigation Wing of the Income Tax Department carried out a search and seizure operation against M/s K.R. Pulp & Papers Limited under Section 132(1) of the Income Tax Act, 1961 at various residential and business...

CBDT Reduces Time Limit For Verification Of ITR

The Central Board of Direct Taxes (CBDT)has reduced the time limit for verification of Income Tax Return (ITR) from 120 days to 30 days of transmitting the data of ITR electronically. It will be effective from August 1, 2022.The Board has notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR in various manner. Firstly, by furnishing the return in paper form. Secondly, by furnishing the return electronically under digital...

CBIC Enables Customs Clearances Beyond Normal Working Hours In Inland Container Depots

The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular extending customs clearances at inland container depots beyond normal working hours.As a measure of trade facilitation and convenience of doing business, the CBIC has enabled 24x7 customs clearance at several maritime ports and air cargo complexes around the country. This service is now accessible at 20 seaports and 17 airports. The Board has received requests from the trade to extend the facility of 24x7...

10% VAT Payable On Insulated Glass: Allahabad High Court

The Allahabad High Court has held that 10% Value Added Tax (VAT) is payable on insulated glass.The single judge bench of Justice Saumitra Dayal Singh has observed that insulated glass is nothing but double glazed dual sheet (DGDS). The department has filed the revision against the order passed by the Trade Tax Tribunal. In that order, the Tribunal has allowed the assessee's appeal and held that insulated glass manufactured and sold by the assessee falls within the general description of...

Purchase Of New House Without NOC From AO Within 2 years: ITAT Allows Capital Gain Exemption

The Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that the capital gain exemption is allowable even when the amount invested in a capital gain account is utilised for the purchase of a new house without a NOC from AO within 2 years.The two-member bench of Saktijit Dey (Judicial Member) and Dr. B. R. R. Kumar (Accountant Member) has allowed the expenditure incurred of Rs. 1,65,000, being the commission incurred for the purchase of a residential house and payment made for the...