SFIS Credit Does Not Constitute Taxable Income: ITAT Delhi

The Delhi Bench of ITAT has ruled that the credit received by the assessee under the "Served From India Scheme" (SFIS) is not in the nature of income and that it does not constitute taxable income under Section 2(24) (xviii) of the Income Tax Act, 1961. The Bench, consisting of Yogesh Kumar US (Judicial Member) and Dr. B.R.R. Kumar (Accountant Member), observed that the SFIS credit had only reduced the value of a capital asset in the books of accounts of the assessee by the amount of...

No GST Payable On Scanning And Processing Of Results Of Examinations: Andhra Pradesh AAR

The Andhra Pradesh Authority of Advance Ruling (AAR) has ruled that GST is not payable on the scanning and processing of results of examinations.The two-member bench of D. Ramesh and RV Pradhamesh Bhanu has observed that the printing of pre-examination items like question papers, OMR sheets (Optical Mark Reading), and answer booklets for the conducting of an examination by the educational boards be treated as an exempted supply of service. The AAR has ruled that printing post-exam...

Centre Extends RoSCTL Scheme Till March 31, 2024 For Export Of Apparel/Garments And Made-Ups

The central government has extended the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme till March 31, 2024 for the export of apparel or garments and made-ups.The government has approved the continuation of the Scheme for RoSCTL with the same rates as notified by the Ministry of Textiles for exports of apparel or garments, and made-ups until March 31, 2024, in order to boost exports and job creation in the textile sector. Chairman of AEPC (Apparel Export Promotion Council),...

Expenditure Incurred On Trademark Registration Is A Revenue Expenditure: ITAT Allows Deduction

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT)has allowed the deduction and held that the expenditure incurred on trademark registration is a revenue expenditure. The two-member bench of Suchitra Kamble (Judicial Member) and B.M. Biyani (Accountant Member) has ruled that the amendment in section 32 of the Income Tax Act from A.Y. 1999-2000 which allows deprecation on various intangible assets (including trademarks) is applicable only when the cost incurred in...

Whether Waiver Of The Loan Is Benefit Or Perquisite Under Section 194R?

A new section 194R has been inserted to the Income Tax Act 1961 by the Finance Act of 2022. The section is read as that any person responsible for providing any benefit or perquisite to a resident, is required to deduct tax at the source (TDS) at a rate of 10% if the total value of such benefit or perquisite exceeds INR 20,000 within a financial year. Further, it is read as that the benefit or perquisite, whether in cash or kind, must arise either from carrying out of business or exercising a...

'Anardana' Be Classified Under Heading 1209 Of Tariff Entries Under Customs Tariff Act, 1975 & Attract 5% Custom Duty Till Revenue Takes Policy Decision Regarding The Same: Supreme Court

The Supreme Court, on Monday, held that 'anardana' or dried pomegranate seeds would fall under Heading 1209 of the Tariff entries issued under the Customs Tariff Act, 1975, as classified by the Customs Excise and Service Tax Appellate Tribunal, attracting a custom duty at the rate of 5%, till the Revenue takes a considered policy decision regarding its classification. The issue before the Bench comprising Justices Sanjiv Khanna and Bela M. Trivedi was that revenue authorities...

Amount Lying After Wrong Invocation Of The Bank Guarantee: CESTAT Directs Payment of Interest

The Delhi Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the amount was lying in the nature of the pre-deposit with the department from the date of encashment of the bank guarantee. The bench of Anil Choudhary (Judicial Member) has observed that the appellant is entitled to 12% interest from the date of encashment of the bank guarantee under Section 129EE of the Customs Act. The appellant is a manufacturer-exporter of leather goods. They had re-imported a...

Devices For Track-And-Trace To Be Affixed In Suspected Consignment During Controlled Delivery Operation: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has notified the Controlled Delivery (Customs) Regulations, 2022.The Controlled Delivery (Customs) Regulations, 2022 prescribe the manner in which to undertake controlled delivery. If the proper officer has a reasonable belief that a suspect consignment is being imported into or exported out of India, he must file a report in FORM-I proposing to undertake controlled delivery of the consignment. The report must be presented to the...

CESTAT Allows Cenvat Credit On The Capital Goods

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), consisting of Anil Choudhary (Judicial Member), has allowed the cenvat credit on the capital goods, as their finished goods falling under CTH 68109990 are dutiable under the Central Excise Tariff Act.The appellant is engaged in the manufacturing of RCC pipes, taxable under chapter heading no. 68109990 of the CETA. The appellant had availed Cenvat credit on receipt of capital goods during the period from April to June 2017....

Telangana High Court Holds Telangana Value Added Tax (Second Amendment) Act, 2017 To Be Unconstitutional

The Telangana High Court has held that the Telangana Value Added Tax (Second Amendment) Act, 2017 is unconstitutional.The division bench of Chief Justice Ujjal Bhuyan and Justice P. Madhavi Devi has observed that the intention of Parliament in ushering in the GST regime through the Constitution Amendment Act, enactment of the CGST Act and simultaneous enactment of various State GST Acts by the State Legislatures was to avoid a multiplicity of taxes by subsuming those indirect taxes into a...

Sufficiency Or Inadequacy Of Reasons To Believe Cannot Be Looked Into While Considering Validity Of Search & Seizure U/Sec 132 Income Tax Act: Supreme Court

The Supreme Court, in a judgment delivered on Wednesday, restated the principles in exercising the writ jurisdiction in the matter of search and seizure under Section 132 of the Income Tax Act."The sufficiency or inadequacy of the reasons to believe recorded cannot be gone into while considering the validity of an act of authorization to conduct search and seizure", the bench comprising Justices Hemant Gupta and V. Ramasubramanian observedThe court was considering an appeal against the judgment...

Section 11 Application Barred By Limitation; Parties Cannot Be Referred To Arbitration: Punjab and Haryana High Court

The Punjab and Haryana High Court has reiterated that if the application for appointment of arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996 (A&C Act) is hopelessly time-barred, no arbitrator can be appointed by the High Court. The Single Bench of Chief Justice Ravi Shanker Jha was dealing with an application filed under Section 11 of the A&C Act six years after the limitation period for filing an application for appointment of an arbitrator commenced....