Tax
Statutory Scheme Permits Allowance Of Deduction U/s 80P Only If It Is Made In Return Filed Within Time Prescribed U/s 139(1): Bangalore ITAT
On finding that failure on the part of assessee to comply with the pre-condition for obtaining the deduction cannot be condoned either by the statutory authorities or by the courts, the Bangalore ITAT ruled that the assessee is not eligible for deduction u/s. 80P of the Income Tax Act, 1961.Relying on the decision of Kerala High Court in case of Nileshwar Rangekallu Chethu Vyavasaya...
Additions Made By AO Once Deleted By Appellate Authority With Reasoned Order, Merits Status Quo In Identical Cases: Mumbai ITAT
Relying upon the decisions of the Co-ordinate Bench, the Mumbai ITAT upheld the decision of CIT(A) in deleting the addition made u/s 68 read with section 147 of the Income Tax Act, 1961.The Bench comprising of Sandeep Singh Karhail (Judicial Member) and Prashant Maharishi (Accountant Member) observed that, “The co-ordinate Bench in paragraph no.6 and 7 after considering the remand report...
Cash Deposit In Bank Account Made Out Of Sale Proceeds Received In Cash If Duly Explained, Is Not Unexplained Credit: Delhi ITAT
Accepting the explanation given by the assessee that he had received cash on sale of property to be believable which was faithfully deposited in the bank account within a short period, the Delhi ITAT provided relief to the assessee against the order of assessment passed u/s 143(3) of the Income Tax Act, 1961.The Bench of M. Balaganesh (Accountant Member) observed that, “the explanation given...
Service Tax Not Leviable On Service For Transmission Of Electricity By GETCO: CESTAT
The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not leviable for the erection of bays, substations, and transmission lines provided by Gujarat Energy Transmission Corporation Limited (GETCO) to service recipients.The bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Technical Member) has observed that for the entire period...
Illegal Actions Of Importer Firms Subsequent To Cargo Clearance From Customs Station Does Not Make Customs Broker Liable: CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the illegal actions of the importer firms subsequent to the clearance of the cargo from the Customs Station do not attract a violation on the part of the Customs Broker.The bench of Binu Tamta (Judicial Member) and P.V. Subba Rao (Technical Member) has observed that the customs broker, in order to...
Non-Production Of Original Tax Invoice From Registered Dealer, Reversal Of ITC By Dept. Doesn't Amount To Double Taxation: Madras High Court
The Madras High Court has held that when a registered dealer claims any benefit under Section 19 of the TNVAT Act 2006, he has to strictly adhere to the conditions laid down in the said section.The bench of Justice D. Krishnakumar and Justice R. Vijayakumar has observed that the petitioner has not produced the original tax invoice from a registered dealer, and therefore, he cannot complain...
Advisory Support Service Relating To Software Falls Within Service By Software Engineer: CESTAT
The Chandigarh Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) allowed the service tax exemption to Yamaha Motor's subsidiary and held that advisory support services relating to software clearly fall within the domain of the service provided by a software engineer.The bench of S. S. Garg (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that activities...
Income Tax Deduction Available On Excise Duty Claim As It Does Not Amount To Double Deduction: Bombay High Court
The Bombay High Court has held that excise duty paid and included in the closing stock has to be claimed separately as a deduction; otherwise, the appellant would not be claiming the entire excise duty paid in the year of its payment. The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that Section 43B, which came to be introduced from Assessment Year 1984–1985...
E-Way Bill Generated For Exporting Goods To Bangladesh Expired Due To Accident: Calcutta High Court Quashes 200% Penalty
The Calcutta High Court has quashed the 200% penalty and held that the e-way bill generated for exporting goods to Bangladesh expired due to an accident.The bench of Chief Justice T. S. Sivagnanam and Justice Supratim Bhattacharya has observed that unless and until it is established by the department that the transporter of the goods or the owner of the goods had an intention to contravene...
HSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court
The Bombay High Court has held that HSBC Bank carrying on bona fide banking business in Mauritius is exempt from tax in India.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that interest arising in a contracting state (India) shall be exempt from tax in that state (in India) provided the income is derived and beneficially owned by any bank carrying on a bona...
Annual Letting Value Of Unsold Flats Held As Stock In Trade Cannot Be Considered For Addition U/s 22 I-T Act: Mumbai ITAT
While setting aside the order of CIT(A), the Mumbai ITAT directed the AO to delete the addition of annual letting out value (ALV) of the unsold flat u/s 22 of Income Tax Act, 1961.The Bench comprising Pavan Kumar Gadale (Judicial Member) and Prashant Maharishi (Accountant Member) observed that “the annual value of unsold flats held as stock in trade has to considered as per the amendment in...
Proceedings Under Remand Passed Without Application Of Mind: Delhi ITAT Deletes Addition Made By ITO
On finding that I-T Authorities had passed the same order which was earlier remanded, without proper application of mind, the New Delhi ITAT deleted the addition made by the ITOs.The Bench of Shamim Yahya (Accountant Member) observed that, “submission of the assessee has considerable cogency. Moreover, on earlier remand by the Tribunal, the authorities below have again passed the very...