Tax
Special Economic Zones (Amendment) Rules, 2024: Govt. Provides Sourcing Options To Gems And Jewellery Units
The government has extended the sourcing options for gem and jewellery units by allowing them to obtain gold, silver, or platinum "or free of charge from foreign buyers and export thereof to the same foreign buyer.The Ministry of Commerce and Industry has amended the Special Economic Zones Rules, 2006, under section 55 of the Special Economic Zones Act, 2005. The Special Economic...
Res-Judicata Does Not Apply In Tax Matters, But Doctrine Of Finality Applies Unless There Is Marked Change: Allahabad High Court
The Allahabad High Court has held that the principle of res-judicata does not apply from one assessment year to another. However, the Court held that the Department cannot be allowed to change its stance for the same assesee for different assessment years, unless there is a marked change from one year to another.Relying on the decision of the Supreme Court in Bharat Sanchar Nigam Ltd. v. Union...
Rejection Of Value Declared On Bill Of Entry Is A Serious Act, Should Be Supported By Evidence: CESTAT
The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that rejection of value declared on a bill of entry is a serious action that should be supported by compelling provision, evidence, and justifiable reasons.The bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that the transaction value of the appellant has been...
DGFT Notifies Export Restrictions On Human Hair For FY 2024-25
The Directorate General of Foreign Trade (DGFT) has notified the export restrictions on human hair for FY 2024-25.With a view to streamline the procedure for issuance of Authorization for export of human hair during 2024-25, subject to Minimum Export Price (MEP) of USD 55000/MT, it has been decided to invite applications from exporters. The exporters can apply online via DGFT's ECOM system...
DGFT Notifies Mundra Port, Garhi Harsaru ICD For New Vehicle Imports
The Directorate General of Foreign Trade (DGFT) has added Mundra Port and Garhi Harsaru Inland Container Depot (ICD) to the list of terminals allowed for importing new vehicles.The addition by the DGFT has expanded the existing list of permitted ports/ICDs from 16 to 18 under Chapter 87 of ITC (HS) 2022. The import of new vehicles is now permitted through Mundra Port and Garhi Harsaru...
Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024
Bombay High CourtHSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court Case Title: Commissioner of Income Tax Versus M/s. HSBC Bank (Mauritius) Ltd. The Bombay High Court has held that HSBC Bank carrying on bona fide banking business in Mauritius is exempt from tax in India. Income Tax Deduction Available On Excise Duty...
UCO Bank Eligible For Cenvat Credit Of Service Tax Paid On Telephone Bills In Respect Of Telephones Installed At Employees' Residence: CESTAT
The Kolkata Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that UCO Bank is eligible for the Cenvat Credit of service tax paid on telephone bills in respect of the telephones installed at the residence of employees.The bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has observed that the telephone has been installed to the residence...
Indirect Tax Cases Weekly Round-Up: 04 To 10 February 2024
Supreme CourtCustoms Act | Claimant Entitled To Interest On Delayed Return Of The 'Duty Drawback' : Supreme Court UNION OF INDIA AND ORS. VERSUS M/S. B. T. PATIL AND SONS BELGAUM (CONSTRUCTION) PVT. LTD. CIVIL APPEAL NO.7238 OF 2009 Citation : 2024 LiveLaw (SC) 90 The Supreme Court on Monday (February 5) observed that if there is a delay in refund of the 'duty drawback'...
Income Tax Not Payable On Services Rendered Abroad By Non-Resident Deputed By Indian Employer: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the income tax is not payable on services rendered abroad by non-residents deputed by Indian employers.The bench of Saktijit Dey (Vice President) and B. R. R. Kumar (Accountant Member) has observed that from the concurrent reading of Section 5 of the Income-tax Act, 1961, dealing with scope of total income, Section 15...
Incentives Given To Audi Authorised Service Station Not 'Business Auxiliary Service', No Service Tax Payable: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that incentives given to audit-authorised service stations are not 'business auxiliary services'.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) have observed that the demand has been made under the definition of service under Section 65 (44) B. There is...
Delhi High Court Directs Dept. To Consider ITC Refund In Light Of CBIC Circular Extending Benefit Of Exclusion Period
The Delhi High Court has directed the department to consider refunding the input tax credit (ITC) in light of the circular issued by the Central Board of Indirect Taxes and Customs (CBIC) extending the benefit of the exclusion period.The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja has observed that the benefit of exclusion of the period from March 1, 2020, to February 28,...
CESTAT Allows Cenvat Credit To Kalyan Jewellers On Gold Insurance Services Provided By Insurance Company
The Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed the cenvat credit of service tax paid on the services provided by M/s Oriental Insurance Co., Ltd., to the appellant, Kalyan Jewellers.The bench of P.A. Augustian (Judicial Member) and Pullela Nageswara Rao (Technical Member) has observed that the denial of benefit of cenvat credit by the...