Tax
ITAT Holds Revisionary Order Passed Without Mentioning DIN As Invalid
The Kolkata Bench of the ITAT has quashed the revisionary order passed by the Income Tax Authority without quoting the Document Identification No. (DIN) in the said order, as required by the CBDT Circular No.19/2019, dated 14.08.2019. The Bench, consisting of Mr. Sanjay Garg (Judicial Member) and Mr. Girish Agrawal (Accountant Member), held that since the order passed by the Income Tax Authority failed to mention the DIN in its body, therefore, the said order was "invalid and deemed to...
Reopening Assessment Without Furnishing Information Violates Principles Of Natural Justice: Calcutta High Court
The Calcutta High Court bench of Justice T.S. Shivagnanam and Justice Bivas Pattanayak has held that failure to furnish information based on which assessment was reopened is a violation of principles of natural justice.The appellant/assessee has challenged the assessment order passed under the provisions of the Income Tax Act 1961 on the ground that it has been passed in violation of the principles of natural justice. The Assessing Officer issued a notice under Section 148A (b) stating...
CESTAT Allows Cenvat Credit of 2% CVD Paid On Import Of Steam Coal
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) consisting of Ajay Sharma (Judicial Member) and P.V. Subba Rao (Technical Member) has allowed the Cenvat credit of 2% CVD paid on the import of steam coal.The appellant/department has assailed four different orders passed by the Commissioner (Appeals) in four appeals by which the Commissioner (Appeals) allowed the appeals filed by the assessee and set aside the orders of the adjudicating authority...
CESTAT Quashes Order Of Forfeiture Of Security Deposit, Sustained The Penalty On Customs Broker
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has quashed the order of forfeiture of security deposit of Rs. 5 lakhs but sustained the penalty of Rs. 50,000 on the Customs Broker.The two-member bench headed by Justice Dilip Gupta (President) and Raju (Technical Member) has observed that the forfeiture of security deposit of Rs. 5 lakhs and imposition of a penalty of Rs. 50,000 under Regulation 18 of CBLR, 2018 is excessive. The appellant filed the...
Delhi High Court Directs DSIR To Issue Report Quantifying Expenditure On Scientific Research Incurred By The Assessee
The Delhi High Court has directed the Department of Scientific and Industrial Research (DSIR) to issue reports on the expenditure incurred by the assessee SRF Ltd. for the relevant assessment years in Form 3CL within six weeks. The Division Bench of Justices Manmohan and Manmeet Pritam Singh Arora observed that the DSIR is statutorily bound to issue the Form 3CL within 120 days in accordance with Rule 6(7A) (ba) of the Income Tax Rules, 1962, certifying the expenditure incurred by the...
SEBI Invites Comments Consultation Paper On Online Bond Trading Platforms
The Securities and Exchange Board of India (SEBI)has invited comments on online bond trading platforms' proposed regulatory framework by August 12, 2022.As per the paper, debt securities can be issued either through a public issuance or on a private placement basis. A public issue of debt securities is made through the online system of the Stock Exchanges and Depositories. Presently, the participants, namely qualified institutional buyers (QIBs) and non-QIBs, including arrangers who...
Inland Haulage Charges Received By Shipping Companies Not Taxable As Business Profit: ITAT Mumbai
The Mumbai Bench of ITAT has reiterated that the activity of Inland Haulage is directly connected with the transportation of goods in international traffic and thus, Inland Haulage Charges are not taxable as business profit in India in view of Article 8 of the India-UAE DTAA (Double Taxation Avoidance Agreement). The Bench, consisting of Vikas Awasthy (Judicial Member) and Gagan Goyal (Accountant Member), held that since the activity of Inland Haulage was directly connected with the...
AO To Workout Pro Rata Deduction In Regard To Eligible Residential Units: Bombay High Court
The Bombay High Court has upheld the order of the ITAT directing the Assessing Officer to work out the pro rata deduction under Section 80IB(10) of the Income Tax Act, 1961.The division bench of Justice Dhiraj Singh Thakur and Justice Abhay Ahuja has observed that Section 80IB(10) nowhere even remotely aims to deny the benefit of deduction in regard to a residential unit, which otherwise confirms the requirement of size at the cost of an ineligible residential unit with a built-up area of...
Cash Sales Accepted By VAT Dept. Not Sufficient To Hold It To Be Genuine: Himachal Pradesh High Court
The Himachal Pradesh High Court has held that the cash sales accepted by the VAT department are not sufficient to hold that the cash sales were genuine. The division bench of Justice Sabina and Justice Satyen Vaidya has held that the Assessing Officer was liable to independently look into the cash sales to come to a conclusion as to whether the said sales were genuine or not. The Assessing Officer, as well as the Appellate Authority, rightly gave the finding of fact that the cash sales...
Inland Haulage Charges Received By Shipping Companies Not Taxable As Business Profit: ITAT Mumbai
The Mumbai Bench of ITAT has reiterated that the activity of Inland Haulage is directly connected with the transportation of goods in international traffic and thus, Inland Haulage Charges are not taxable as business profit in India in view of Article 8 of the India-UAE DTAA (Double Taxation Avoidance Agreement). The Bench, consisting of Vikas Awasthy (Judicial Member) and Gagan Goyal (Accountant Member), held that since the activity of Inland Haulage was directly connected with the...
GSTN Implement Mandatory Mentioning Of HSN Codes In GSTR-1
The Goods and Service Tax Network (GSTN)has notified the implementation of the mandatory mentioning of HSN codes in GSTR-1.According to Notification No. 78/2020 dated October 15, 2020, taxpayers must report a minimum of 4 digits or 6 digits of HSN Code in Table-12 of GSTR-1 based on their Aggregate Annual Turnover (AATO) in the preceding fiscal year. The changes will be implemented in a phase-wise manner on the GST Portal. During Phase 1, taxpayers with an AATO of up to Rs. 5 crores ...
Cash Deposit Of Firm Can't Be Added To Personal Income Of Partner Without Investigation: ITAT
The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT), consisting of Anikesh Banerjee (Judicial Member) and Dr. M. L. Meena (Accountant Member), has held that the cash deposit of a firm can not be added to the personal income of the partner without investigation. The notice under section 148 of Income Tax Act was issued against the assessee on 15.03.2013. The assessee filed his return of income declaring the NIL income as there was no income and the assessee only purchased...