Tax
Gujarat High Court Upholds Income Tax Department's Search and Seizure, Condemns Misconduct
The Gujarat High Court on Tuesday, upheld the search and seizures conducted by the Income Tax (I-T) department at a lawyer's residence and office last year over alleged income tax evasion as valid.The above development came in a petition moved by practicing advocate Maulik Sheth, challenging the manner of search conducted by the I-T officials between November 3 and 7 at his office and...
Mere Factum Of Two Set Of Invoices Not Sufficient To Prove Charge Of Clandestine Removal: CESTAT
The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that a mere factum of two sets of invoices is not sufficient to prove the charge of clandestine removal.The bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has observed that the case was made out on the basis of rough papers seized during the course of the investigation,...
Service Tax Demand Not Sustainable Merely On The Basis Of Form 26AS Issued By Income Tax Department: CESTAT
The Kolkata Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that merely on the basis of Form 26AS issued by the Income Tax Department, the demand of Service Tax is not sustainable against the appellant.The bench of Ashok Jindal (Judicial Member) and K.Anpazhakan (Technical Member) has observed that initially, the investigation started against the appellant in...
Dept. To Inform Charges To Person Against Whom Income Tax Proceedings Are Initiated: Jharkhand High Court
The Jharkhand High Court has held that the show cause notice should give the noticeee a reasonable opportunity to make objections against proposed charges indicated in the notice, and the person proceeded against must be told the charges against him so that he can make his defense and prove his innocence.The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that in...
GST Payable On Transfer Of Land Development Rights Under Joint Development Agreement: Telangana High Court
The Telangana High Court has held that Goods and Service Tax (GST) is payable on the transfer of land development rights under a joint development agreement (JDA).The bench of Justice P. Sam Koshy and Justice Laxmi Narayana Alishetty has dismissed the writ petition filed by the real estate developer assailing the imposition of GST on the transfer of land development rights (TDR) on JDA...
Gauhati High Court Stays SCN Seeking Reversal Of ITC On Account Of Default At Supplier's End
The Gauhati High Court has granted the interim stay of Show Cause Notice in the case of Surya Business Private Limited, seeking reversal of ITC on account of default at the supplier's end.The bench of Justice Manish Choudhury has observed that the petition challenging the Show Cause Notice seeking reversal of ITC requires further examination and directed that the department shall not act upon...
Legal Services Provided By Individual Advocate, Partnership Firm Of Advocates Exempted From Service Tax: Bombay High Court
The Bombay High Court has held that the service provided by an individual advocate, a partnership firm of advocates, by way of legal services is exempt from levy of service tax.The bench of Justice G. S. Kulkarni and Justice Kishore C. Sant has observed that the taxable service in respect of services provided or to be provided by the individual advocate for a firm of advocates has been set out...
SEBI Issues Circular Setting Guidelines For Clarity in Draft Offer Documents, Ensuring Timely Processing
The Securities and Exchange Board of India (SEBI) has issued crucial guidelines through Circular dated February 6, regarding the processing of draft offer documents, emphasizing the necessity of clear, concise, and compliant disclosures for the vibrancy of the primary market.In its circular, SEBI underscored the importance of adequate disclosures by issuers and the timely processing of...
S107 CGST | Appellate Authority Does Not Have Power To Remand Case Back To Adjudication Authority: Allahabad High Court
The Allahabad High Court has held that the appellate authority exercising jurisdiction under Section 107 of the Central Goods and Service Tax Act, 2017 does not have the power to remand the case back to the adjudication authority. It only has the power to confirm or modify or annul the order under appeal.Section 107 of the CGST Act provides the remedy of appeal to an assesee aggrieved by...
Dept. Not Authorised To Retain Service Tax Paid Which Is Otherwise Not Payable, CESTAT Directs Refund With 12% Interest
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that there is a lack of authority to collect such service tax by the appellant. It would not give the Department authority to retain the amount paid, which otherwise was not payable by the appellant. Nothing may act as an infringement on the right of the appellant to demand a refund of payments made by...
AO Can't Take Recourse To Re-open Assessment To Remedy Error Resulting From His Oversight In Assessment Proceeding: Bombay High Court
The Bombay High Court has held that the assessing officer cannot take recourse to reopen the assessment to remedy the error resulting from his oversight in the assessment proceeding.The bench of Justice K. R. Shriram and Kamal Khata have observed that the assessment cannot be reopened by reason of the omission or failure on the part of the assessee to disclose fully and truly all material...
Jharkhand High Court Upholds Income Tax Addition On Failure To Prove Genuineness Of Creditors Who Gave Cash Loan
The Jharkhand High Court has upheld the income tax addition as the assessees have failed to prove the identity, creditworthiness, or genuineness of the creditors, who have given cash loans.The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that usually the matter would have been remitted to the AO for mentioning the correct provision and proceeding in accordance...