Import Of Tur, Urad And Pigeon Peas From Myanmar, Malawi, Mozambique: DGFT Issues Notification On Quota

The Director General of Foreign Trade (DGFT) has issued a public notice in relation to the implementation of the Memorandum of Understanding (MoUs) between India and Myanmar for the import of urad and tur from Myanmar. The MoU was signed between India and Malawi; India and Mozambique for the import of pigeon peas from Malawi and Mozambique. In pursuance of the Memorandum of Understanding (MoUs) between India and Myanmar, India has agreed to provide an annual quota of 2,50,000 MT of Urad and...

CBIC Releases FAQs On GST Applicability On "Pre-Packaged And Labelled Goods"

The Central Board of Indirect Taxes (CBIC) has released Frequently Asked Questions (FAQs) on the application of Goods and Services Tax (GST) on "pre-packaged and labelled goods."There were several changes relating to GST rates, in pursuance of recommendations made by the GST Council in its 47th meeting, which come into effect from the 18th of July, 2022. One such change is moving from the imposition of GST on specified goods when bearing a registered brand or brand in respect of which an...

Sale Of Internet Advertising Space Except On Commission Is Exigible To 18% GST: AAR

The Karnataka Authority of Advance Ruling (AAR) consisting of M.P.Ravi Prasad and T.KIran Reddy has ruled that the sale of internet advertising space (except on commission) is exigible to 18% GST.The applicant, Myntra Designs Private Limited, owns an e-commerce portal, www.myntra.com, and is a major Indian fashion e-commerce company. The applicant is engaged in the business of selling fashion and lifestyle products through the said e-commerce portal. The suppliers of fashion and...

Process Of Crushing And Screening Of Iron Ore Are Classified As Iron Ore Fines: CESTAT Allows Benefit Of Exemption From Payment Of CVD

The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has allowed the benefit of exemption from payment of countervailing duty (CVD) on the grounds that the process of crushing and screening of iron ore is classified as iron ore fines.The two-member bench headed by Justice Dilip Gupta (President) and C.J. Mathew (Technical Member) has held that iron ore concentrate refers to an ore that has been subjected to special processes for removal of all or part of the...

No Capital Gain Exemption On The Agriculture Land Purchased In The Name Of Assessee's Wife: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT)consisting of Saktijit Dey (Judicial Member) and B.R.R. Kumar (Accountant Member) has held that the agricultural land purchased by the assessee in the name of his wife is not eligible for deduction under section 54B of the Income Tax Act. The assessee filed a return declaring an income. The case was assessed by computing the capital gains. The assessee claimed a deduction under section 54B of the Income Tax Act, 1961. The...

Completed Assessments Can Be Interfered With Only On The Basis Of Incriminating Material Unearthed During Course Of Search: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that completed assessments could be interfered with by the AO while making an assessment under section 153A only on the basis of some incriminating material unearthed during the course of search. If in relation to any assessment year, no incriminating material was found, no addition or disallowance could be made in relation to that assessment year in the exercise of powers under section 153A of the Income Tax Act. ...

SBI Cannot Escape Tax Implication On Grounds Of Change Of Branch Manager: ITAT Refuses To Condone The Delay In Filing Appeal

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT)has refused to condone the delay in filing the appeal on the grounds that even during the period of COVID-19, the ITAT was functioning and banking facilities were provided by the State Bank of India (SBI).The two-member bench of George George K. (Judicial Member) and Laxmi Prasad Sahu (Accountant Member) has observed that the assessee must be well aware of the tax implications. It is the duty of the responsible officer to comply...

Roaming Services And International Long Distance Services Provided By Vodafone Idea To Foreign Telecom Operators Is An Export Of Service: Bombay High Court

The Bombay High Court has ruled that the international Inbound Roaming Services (IIR) and the International Long Distance (ILD) Services provided by Vodafone Idea to Foreign Telecom Operators (FTOs) is an export of services, and thus, Vodafone Idea is eligible for the refund of the IGST paid by it. The Bench, consisting of Justices K. R. Shriram and Milind N. Jadhav, observed that Vodafone Idea had entered into agreements with the FTOs and that there was no mention of any agreement with...

Failure To File Income Tax Return | Prosecution U/S 276CC IT Act Not Permissible Without Previous Sanction Of Appropriate Authority: Delhi High Court

The Delhi High Court has made it clear that a person cannot be prosecuted for the offence under Section 276-CC (Failure to furnish returns of income) of the Income Tax Act, except with the previous sanction of the Principal Commissioner/appropriate authority.A single judge bench of Justice Asha Menon held,"Since the law provides that without sanction u/s 278B of the IT Act, the Department cannot proceed against a person found liable to prosecute him for the offence under Section 276 CC of the...

Activity Of Providing Free Complimentary Cricket Match Tickets Is Exempted From GST: AAAR

The Punjab Appellate Authority of Advance Ruling (AAAR)has ruled that the GST is payable on the activity of providing free complimentary cricket match tickets. However, where complimentary tickets are being provided by the appellant to a related person or a distinct person, it shall fall within the ambit of supply on account of Schedule I and the appellant would be liable to pay tax. The bench of Aruna Narayan Gupta and Kamal Kishor Yadav has observed that the appellant would not...

Right To File Statutory Appeal Is Mandatory Before Initiating Any Recovery Proceeding: Calcutta High Court

The Calcutta High Court bench of Justice Md. Nizamuddin has held that the right to file a statutory appeal is mandatory before initiating any recovery proceeding. The petitioner/assessee has challenged the action of recovery of the demand arising out of the adjudication order by debiting from the electronic credit ledger. The demand was in violation of Section 78 of the WBGST Act, 2017 without giving any opportunity to the petitioner to file a statutory appeal, which is mandatory before...

Usage Of Telephone/Internet Is Done For Official Purposes : ITAT Deletes Disallowance

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the disallowance on the grounds that the usage of telephone/internet is done for official purposes only. The two-member bench of Astha Chandra (Judicial Member) and Anil Chaturvedi (Accountant Member) held that all telephones are either installed at office premises or used by officers and employees of the assessee company and usage of telephones and internet is done by employees for official purposes only. The...