Tax
Electricity Qualifies As Input For Grant Of CENVAT Credit: Madras High Court
The Madras High Court has held that electricity qualifies as an input for the grant of CENVAT credit under the CENVAT Credit Rules, 2002 (CCR).The Bench of Justice Anita Sumanth and Justice R. Vijayakumar have observed that the captive power plant has been set up at substantial cost by the appellant at one of the company locations. The electricity generated has been used as 'input' only...
Commission Shared By Head Office With Branch Office Of Same Entity Is Not Taxable: CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that commission shared by the head office with a branch office of the same entity is not taxable.The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) has observed that in the absence of any provider-receiver of service relationship, the commission amount shared by the...
Interim Budget 2024: Know Key Announcements & Developments
On Thursday, February 1, one day after the Budget Session began, Finance Minister Nirmala Sitharaman gave her budget speech and introduced the Interim Budget 2024–25 before Parliament.Here are the key announcements:Retention of the same tax ratesThere will be no changes to taxation and will retain the same tax rate for direct and indirect taxes including import duty. There will be no changes...
Budget 2024 | Income Tax Slabs To Remain Unchanged: Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman today announced that the taxation rates for both direct and indirect taxes will remain unchanged."I do not propose to make any changes related to taxation. Tax rates to be retained for direct and indirect taxes including import duties," she said while presenting the interim budget in Parliament, ahead of 2024 General Elections.Direct Tax Rates as...
Interim Budget 2024: How is the interim Budget different from the Annual Budget?
Today, Finance Minister Nirmala Sitharaman will introduce the Interim Budget 2024. As the finance minister, this will be her sixth budget presentation. Since this is the final budget of the current Lok Sabha, all eyes are on the finance minister. For those who are unaware, this is really an interim budget; the final union budget will be unveiled following the general elections in 2024, which...
Tamil Nadu State Transport Corporation Is State Transport Corporation, Do Not Fall Under Definition Of Rent-A-Cab Scheme Operator: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Tamil Nadu State Transport Corporation is a state transport corporation and does not fall under the definition of a rent-a-cab scheme operator.The bench of S.S. Garg (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the business undertaken by the assessee is to provide...
Sales Tax Subsidy/Incentive Is Capital Receipt: Delhi High Court
The Delhi High Court has held that the sales tax subsidy or incentive received by the assessee under the Dispersal of Industries Package of Incentives, 1993, was a capital receipt.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the common thread running through various incentives provided under the scheme was the setting up of a new unit or...
Dredger Accessories Rules, Vessel Still In Use, No Case Of Unjust Enrichment, Duty Not Leviable: Calcutta High Court
The Calcutta High Court has held that when the goods are still in use, the question of passing the burden of customs duty does not arise, and the question of unjust enrichment will not be applicable.The bench of Chief Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharyya has observed that the appellate authority took note of the certificate issued by the Chartered Accountant in which...
CBDT Notifies ITR-6 For AY 2024-25
The Central Board of Direct Taxes (CBDT) notified the Income Tax Return (ITR) Form ITR-6 for the Assessment Year (A.Y.) 2024-25 with effect from April 01, 2024.The has notified the Income-tax (First Amendment) Rules, 2024 to further amend Income-tax Rules, 1962.The companies which are registered under the Companies Act 2013 or the previous Companies Act 1956 should file ITR 6 Form. Having...
GST | Technical Error Without Any Financial Implications Do Not Attract Penalties: Allahabad High Court
The Allahabad High Court has held that mere technical errors under tax laws without any financial implications should not be grounds for imposition of penalties.While dealing with the case of goods not accompanying e-way bill, Justice Shekhar B. Saraf held,“Mere technical errors, without having any potential financial implications, should not be the grounds for imposition of penalties....
Writ Of Certiorari Not Issued As A Matter Of Course, But Granted At Discretion Of Superior Court: Allahabad High Court
The Allahabad High Court has held that the writ of certiorari is discretion granted to a superior court to review and quash decisions of lower courts, tribunals, or administrative bodies and is not issued as a matter of course.While dealing with the challenge to the order under Section 129 of the Central Goods and Service Tax Act, 2017 and the subsequent order of the first appellate...
GST | Show Cause Notice A Vital Checkpoint, Delineates Boundaries Within Which Any Authority Can Operate: Allahabad High Court
The Allahabad High Court has held that authorities cannot travel beyond the show cause notice to impose penalty on the assesee.The bench comprising Justice Shekhar B. Saraf held,“At its core, a show cause notice represents the initial step in an administrative or legal process, wherein an individual or entity is formally apprised of allegations or discrepancies attributed to them. This...