Tax
Furnishing Inaccurate Claim Of Expenditure Would Not Amount To Giving Inaccurate Particulars Of Income: Mumbai ITAT Quashes Penalty
While quashing the appeal filed by Revenue against the order passed u/s 250 by the National Faceless Appeal Centre, the Mumbai ITAT upheld the order passed by Commissioner of Income Tax (A) to delete the order of penalty issued under section 270A of the Income Tax Act, 1961.The Member of the ITAT comprising Kavitha Rajagopal (Judicial Member) and Om Prakash Kant (Accountant Member) observed...
Receipts For Sale Distribution Of Cinematographic Films Is Not Royalty, Hence Not Liable For TDS Deduction U/S 194J: Mumbai ITAT
While clarifying that amount received for sale distribution or exhibition of cinematographic films would not fall under the domain of 'Royalty', the Mumbai ITAT deleted the demand/addition for non-deduction of TDS u/s 194J of the Income Tax Act, 1961.The Member of the ITAT comprising of N. K. Choudhry (Judicial Member) and Prashant Maharishi (Accountant Member) observed that “Explanation-(2)...
No Addition Permitted In Respect Of Sundry Creditors, Once Purchases & Payments By Taxpayer Not Disputed: Mumbai ITAT
On finding that payment and purchase made by the assessee is not disputed by AO, the Mumbai ITAT directed the AO to delete the addition on sundry creditors.The Member of the ITAT comprising of Sandeep Singh Karhail (Judicial Member) and B.R. Baskaran (Accountant Member) observed that “Since in the present case the purchases made by the assessee and the payment made during the year have not...
Comparable Need Selection As Per Correct Market Segment: Delhi ITAT Remits Matter Following Earlier Order
Relying on Co-ordinate bench ruling in assessee's own case for AY 2004-05 wherein assessee's additional evidences were admitted and matter was remanded back to TPO for fresh adjudication, the Delhi ITAT admitted the assessee's additional evidence application qua comparables selection for AY 2005-06 and 2006-07.The ITAT Coram comprising Shamim Yahya (Accountant Member) and Anubhav Sharma...
Depreciation Of Goodwill Acquired Pursuant To Slump Sale Under Business Transfer Agreement Is Allowable U/s 32(1): Mumbai ITAT
Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that 'goodwill' is not an intangible asset eligible for depreciation was applicable prospectively with effect from AY 2021-22, the Mumbai ITAT held that claim of depreciation of goodwill acquired pursuant to slump sale under a Business transfer agreement is allowable...
Consequent Generation Of DIN Subsequently & Handwritten In Body Of Order, Will Not Satisfy Conditions Of CBDT Circular No.19/2019: Chennai ITAT
The Chennai ITAT held that the orders passed by the DRP in violation of CBDT Circular No.19/2019 dated Aug 14, 2019, and without allotment of a valid computer-generated Document Identification Number (DIN) in the body of such order is invalid, non-est and shall be deemed to have never been issued.The ITAT Coram comprising of Mahavir Singh (Vice President) and Manjunatha G (Accountant...
Tax Cases Weekly Round-Up: 28 January To 3 February 2024
Indirect TaxDelhi High Court Exporters Not Traceable, Customs Broker Can't Be Held Liable After Issuance Of 'Let Export Orders': Delhi High Court Case Title: Naman Gupta Versus Commissioner Of Customs Airport And General The Delhi High Court has held that as a customs broker, the petitioner cannot be held liable because exporters were not traceable after the issuance of...
Allahabad High Court Monthly Tax Digest: January 2024
1. UP GST | No Interference Under Article 226 Unless Inherent Lack Of Jurisdiction Or Absence Of Relevant Material Established: Allahabad High CourtCase Citation: 2024 LiveLaw (AB) 4The Allahabad High Court has held that the writ court should not interfere in notice issued under Section 73 of the UP Goods and Service Tax Act, 2017 unless there is inherent lack of jurisdiction or complete...
Indirect Tax Cases Monthly Round Up: January 2024
Supreme Court Hiring Of Motor Vehicle Or Cranes Is Not 'Sale Of Goods' If Control Over Equipment Is Retained By Contractor, VAT Can't Be Levied: Supreme Court Case Title: M/s. K.P. Mozika v Oil and Natural Gas Corporation Ltd. & Ors. Citation: 2024 LiveLaw (SC) 26 The Supreme Court has held that the hiring of motor vehicles/cranes from a contractor is a service...
Direct Tax Cases Monthly Round Up: January 2024
Supreme Court Taxpayer Entitled To Hearing On Merits If Appeals Were Dismissed By HC For Delay In Filing Paper-Book: Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee...
Refund Claim Has To Be Examined Based On Documents Pertaining To Availing Of ITC And Export Of Products On Zero Rated Basis: Madras High Court
The Madras High Court, while remanding the matter, held that the refund claim has to be examined and determined based on documents pertaining to the availing of ITC as well as the export of products on a zero-rated basis.The bench of Justice Senthilkumar Ramamoorthy has observed that the petitioner/assessee has made the refund claims on time and cannot be faulted for the delayed processing...
Exporters Not Traceable, Customs Broker Can't Be Held Liable After Issuance Of 'Let Export Orders': Delhi High Court
The Delhi High Court has held that as a customs broker, the petitioner cannot be held liable because exporters were not traceable after the issuance of 'Let Export Orders' and the export of the goods out of the country.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that once the Importer Exporter Code (IEC) particulars as mentioned are verified from the system...