Tax
Revisionary Powers U/S 263 Can't Be Exercised For Directing Fuller Inquiry Once Plausible View Taken By AO After Inquiry: Mumbai ITAT
While setting aside the revision order passed on the ground that the AO did not conduct any enquiry or verification which should have been made with regards to income from auditorium hire charges, hoarding site & service charges and rent vis-a-vis Trust's objectives and consequential eligibility under Section 10(21), the Bench opined that it is important to show that the view taken by the...
Right To Broadcast Live Events Is Not 'Copyright', Hence Payment Made In Relation Thereto Cannot Be Taxed As 'Royalty' U/S 9(1)(VI), Clarifies Delhi ITAT
Emphasizing that the right to broadcast live events i.e., “Live Rights”, is not “copyright” and therefore any payment made thereto can't be said to be chargeable to tax as royalty under section 9(1)(vi) of the Income tax Act, 1961, the Delhi ITAT holds assessee as not in default for non-deduction of tax at source on foreign remittances made towards acquisition of right to...
CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT
While setting aside the CIT(A)'s order enhancing assessee's income under Section 251(1)(a) of Income tax Act, 1961 by disallowing Employees Stock Option Plan (ESOP) expenses under Section 37(1), the Mumbai ITAT held that the CIT(A) has acted beyond his jurisdiction in enhancing assessee's income, since the AO during the course of assessment, has not taken into consideration the assessee's...
Income From Sub-Letting Is 'Business Income' If Object Is Business Of Renting/Licensing Of Shops: Calcutta High Court
Finding that assessee's income from sub-letting/sub-licensing the space in question, has always been accepted by Respondent / Income Tax Department as, income from business, the Calcutta High Court held that assessee's income from sub-licensing/sub-letting is chargeable to tax as business income and not as income from house property.The Division Bench comprising of Justice Surya Prakash...
Income Tax Act | Penalty U/S 271E Cannot Be Levied On Repayment Of Loan In Absence Of Cash Transaction: Madras HC
While observing that transaction pertaining to loan between two concerns wherein the liability of borrower stood reduced in the books of accounts to an extent of payment made to clear the liability of assessee appears to be in accordance with law, the Madras High Court ruled that penalty under Section 271E of Income tax Act, 1961 cannot be levied on repayment of loan in absence of...
Kolkata ITAT Deletes Addition Made Based On Third-Party Statement Who Was Not Allowed To Be Cross- Examined By Assessee
Finding that assessee has discharged the burden of proving identity, creditworthiness, and genuineness of the creditors to the loan transaction, the Kolkata ITAT deleted the addition made for alleged unexplained loan under Section 68 of Income Tax Act, 1961 based on the statement of third-party in a post-search assessment whose cross-examination was never allowed to assessee.The Member of...
UPGST | Truck Is Capital Asset Of Transporter, Seizure Without Notice Affects Civil Rights: Allahabad High Court
The Allahabad High Court has held that the seizure of a vehicle transporting goods affects the civil rights of the transporter as the truck is a capital asset of the transporter. The Court held that the transporter ought to be afforded an opportunity of hearing before passing any penalty order against him.While observing that the vehicle carrying the goods could be released under proviso-1...
Delhi High Court Directs Customs Commissioner To Release Amount After Realising Redemption Fine, Penalty From Seized Foreign Currency
The Delhi High Court has directed the Customs Commissioner to release the remaining amount after realizing the redemption fine and penalty from the seized foreign currency.The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja has observed that ordinarily, the adjudicating officer needs to give the owner of the goods the option to pay a fine in lieu of confiscation, and if such a...
GST ITC Can Be Availed On Roof Top Solar System As It Constitute Plant And Machinery: AAR
The Gujarat Authority of Advance Ruling (AAR) has ruled that roof-top solar systems with installation and commissioning constitute plant and machinery.The bench of Amit Kumar Mishra and Riddhesh Raval has observed that applicants are eligible to avail of ITC on rooftop solar systems with installation and commissioning under the GST Act.The applicant is engaged in the business of manufacturing...
Maharashtra Goods and Services Tax (Amendment) Ordinance, 2023: Govt. Notifies Provisions Relating To 'Online Gaming'
The Maharashtra Government has notified the Maharashtra Goods and Services Tax (Amendment) Ordinance, 2023 which introduced the provisions relating to 'online gaming' and 'Online Money Gaming.'The addition of definitions for terminology like "virtual digital asset" and "specified actionable claim" is a noteworthy feature of this update. Furthermore, the Act substitutes the phrase...
Transactions Concerning Mutual Funds Not In The Nature Of Investment And Not Motivated By Trade: Delhi High Court
The Delhi High Court has held that transactions concerning mutual funds were in the nature of investment and not motivated by trade.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the intent has to be ascertained keeping in mind the magnitude and frequency of the transactions, the period for which shares are held, the purpose for which they are held, and...
Pair Of Bra Cups Are Used For One Brassier, Customs Duty Is To Be Charged On Value Of Pair: CESTAT
The Banglore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that if a pair of bra cups is used for one brassier, customs duty is to be charged on the value of the pair.The bench of P. A. Augustian (Judicial Member) and R. Bhagya Devi (Technical Member) has observed that duty is to be charged on the value of the pair and not on a single piece. The packing...