News Updates
University, Educational Institution, Hospital, Medical Institution To Keep And Maintain Books Of Account: CBDT
The Central Board of Direct Taxes (CBDT) has mandated that universities, educational institutions, hospitals, and medical institutions that enjoy tax exemption must keep and maintain books of account and other documents for a period of 10 years from the end of the relevant assessment year.The CBDT has notified the Income-tax (24th Amendment) Rules, 2022 with a view to tightening the...
12% Sales Tax Applicable On Robinson Barley And Purity Barley: Orissa High Court
The Orissa High Court has held that a 12% sales tax is applicable on Robinson Barley and Purity Barley.The division bench of Chief Justice S. Muralidhar and Justice R.K. Pattanaik has observed that if a customer went to a shop and asked for barley, such a customer would not be supplied with Robinson Barley or Purity Barley. Conversely, if the customer was to ask for Robinson Barley...
CIC Directs CPIO To Provide Generic Details Of Gross Income Of The Husband For Claiming Fair Amount Of Maintenance
The Central Information Commission (CIC) has directed the Centre Public Information Officers (CPIO) to provide the "generic details of the net taxable income/gross income" of the husband to the wife free of cost within 15 days. The Information Commissioner, Saroj Punhani, has observed that the details or copies of income tax returns and other personal information of third parties need...
Job Worker Liable To Pay Excise Duty For Unloading Chemicals From Tankers, Repacking and Labelling In Small Drums: CESTAT
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the job worker has carried out all the activities which, as per the department, amount to manufacturing. The job worker is alone to pay the excise duty. The two-member bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that irrespective of the...
Expenditure In Carrying Out Foreign Travel Directly Relating To Securing Capital Investment In The Business Is Capital In Nature: ITAT
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the expense of carrying out foreign travel directly relating to securing capital investment in the assessee's business cannot be in the revenue nature. On the other hand, it is capitalist in nature. The two-member bench of Beena Pillai (Judicial Member) and Chandra Poojari (Accountant Member) has observed...
Customs Authorities Cannot Encash Bank Guarantee Before Expiry Of The Limitation Period For Filing An Appeal: Bombay High Court
The Bombay High Court has reiterated that Customs Authorities cannot encash the Bank Guarantee furnished by the assessee before the expiry of the statutory period available for filing an appeal. The Division Bench consisting of Chief Justice Dipankar Datta and Justice M. S. Sonak ruled that despite the assurances given to the Bombay High Court in the case of Legrand (India) Pvt....
Gain Or Loss Arising Out Of Change In Foreign Exchange Rate Can Be Treated As An Income Or Loss After Computation: ITAT
The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) has held that the gain or loss arising out of a change in the foreign exchange rate can be treated as an income or loss provided that it is computed in accordance with the Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income Tax Act, 1961. The two-member bench of George George...
"Safe Harbour" Protection Available To Intermediaries Qua Criminal Prosecution Unless 'Active Role' Is Disclosed In Commission Of Offence: Delhi HC
The Delhi High Court has observed that unless an active role is disclosed in the commission of the offences as complained of, an intermediary would be entitled to claim protection under Section 79 of the Information Technology Act, 2000. The provision exempts liability of intermediary in certain cases. It states that an intermediary shall not be liable for any third party information, data,...
"Need Of The Hour": Delhi High Court Calls For Advertisement Of Special Cells Constituted For Protection Of Inter-Faith Couples
The Delhi High Court on Wednesday called for sensitisation and advertisement of district special cells constituted in the city for providing protection to the inter-faith married couples, observing that it was the "need of the hour" to do so. Justice Jasmeet Singh was dealing with a plea filed by NGO Dhanak of Humanity which was approached by an inter-faith couple, seeking shelter in a...
Allahabad HC Rejects Layout Plan Of Chandrashekhar Azad Park In Prayagraj Made By Pvt Surveyor, Orders State To Devise Fresh Plan
The Allahabad High Court on Tuesday rejected a layout plan of the Amar Chandrashekhar Azad Park in Prayagraj District made by a private Land Surveyor Project Consulting Engineer and directed the State Government to come up with a fresh layout plan.[NOTE: This Park (Amar Shaheed Chandrasekhar Aazad Park) assumed historical importance in the year 1931 when great revolutionary and pioneer of...
Illegal Demand Of Income Tax Mechanically- Allahabad High Court Imposes Cost Of 50 Lakhs On Income Tax Authorities
The Allahabad High Court has directed that the Union of India or other authorities under the Income Tax Act, 1961 shall not interfere with the quasi-judicial functions and discharge of statutory duties by the Assessing Officers unless permitted by the Income Tax Act. Further, the High Court directed the Union of India to put in place a mechanism to ensure that the information fed...