Tax
2023 Annual Digest Of Direct Tax Cases: ITAT
Bogus Long-Term Capital Gains From Transaction In Penny Stocks: ITAT Upholds AdditionCase Title: Hemil Subhashbhai Shah Versus DCIT The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the addition of bogus long-term capital gains from transactions in penny stocks. Gift From Family Members Do Not Require Any Special Occasion: ITAT Deletes...
Coconut Oil Sold By Amway As Hair Oil, Not Classifiable As Edible Oil Under DVAT Act: Delhi High Court
The Delhi High Court has held that coconut oil sold by Amway as a hair oil cannot be classified as edible oil under the DVAT Act.The bench of Justice Vibhu Bakhru and Justice Amit Mahajan, while ruling in favour of the department, observed that the coconut oil is sold by the appellant in small packs, is displayed in the category of hair care, the manner in which it is to be applied to hair,...
Income Tax: Denial of 80lA Benefit In 4th Year Of Assessment, U-Turn By Department Is Not Justified: Delhi High Court
The Delhi High Court has held that the Principal Commissioner Income Tax (PCIT) wrongly invoked jurisdiction under Section 263 of the Income Tax Act and fell in error by taking a U-turn in the fourth assessment year, thereby denying the benefit of Section 80IA of the Income Tax Act.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that no material was brought on...
Typo Error In E-Way Bill, Penalty Can't Be Imposed If There Is No Intention To Evade Tax: Allahabad High Court
The Allahabad High Court has held that a minor typographical error in the e-way bill without any other material establishing an intention to evade tax will not attract a penalty under Section 129 of the Goods and Service Tax Act, 2017.Placing reliance on the decision of Allahabad High Court in M/s. Varun Beverages Limited v. State of U.P. and 2 others, the judgment of Supreme Court in...
Heavy Earth Moving Vehicles Under MVA Can Only Be Driven By Licensed Individuals: Jharkhand High Court
The Jharkhand High Court has ruled that registration of mining equipment, including drill masters and dumpers is mandatory under the Motor Vehicles Act. However, the Court has further said that the issue of whether a vehicle is taxable or not will depend upon the test as to whether the vehicle is proposed to be used for transporting goods from one place to another.Brief FactsThe petitioner,...
Tax Cases Weekly Round-Up: 31 December 2023 To 6 January 2024
Supreme Court Supreme Court Dismisses UP Govt.'s Appeal Against Allahabad HC Order Quashing Demand Of Rs. 235.52 Crores Against VIVO Case Title: State of Uttar Pradesh and Anr. v. M/s Vivo Mobile India Private Ltd. & Ors. On Thursday(January 4), the Supreme Court dismissed a Special Leave Petition filed by the State of Uttar Pradesh against the order of the Allahabad...
Delhi High Court Directs Income Tax Commissioner To Accept BCI's Form No.10 After Condoning Delay
The Delhi High Court has directed the income tax commissioner to accept Form No. 10 submitted by the Bar Council of India (BCI) after condoning the delay.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the mandate of Section 119(2)(b) of the Income Act is to mitigate the genuine hardship of the assessee in certain circumstances and authorize the Commissioners...
Calcutta High Court Quashes Ex Parte Order Imposing Excise Duty On Incineration Of Lean Gas Used In Generation Of Electricity
The Calcutta High Court has quashed the ex parte order imposing excise duty on the incineration of lean gas used in the generation of electricity.The bench of Justice Md. Nizamuddin has remanded the matter back to the adjudicating authority concerned to pass a fresh adjudication order by allowing the petitioner to file an objection against the adjudication order by treating it as show...
S. 80IA(4) Deduction Available To Assessee Engaged In Developing Infrastructure Projects Like Roads, Canals: Gujarat High Court
The Gujarat High Court has allowed the deduction under Section 80IA(4) of the Income Tax Act to the assessee engaged in developing infrastructure projects like roads, canals, etc.The bench of Justice Bhargav D. Karia and Justice Niral R. Mehta has observed that the assessee has entered into a development of infrastructure facility agreement and not a work contract.The respondent or assessee...
NIC Notifies Blocking Of E-way Bills Without E-Invoice Details For B2B, B2E Transactions From March 2024
The National Informatics Centre (NIC) has notified the blocking of e-way bills without e-invoice details for B2B, and B2E transactions from March 2024.e-Invoice has been operationalised since October 2020 for taxpayers with Annual Aggregate Turnover (AATO) above Rs. 500 Crores and eventually in a phased manner, e-invoice generation is made mandatory for taxpayers with AATO above Rs. 5...
Investment In Shares In Indian Subsidiary 'Capital Account Transaction', Not Income: Delhi High Court
The Delhi High Court has held that investment in shares by a company in its Indian subsidiary is a “capital account transaction” which does not give rise to any income. Therefore, the same cannot be treated as income for taxation.Placing reliance on the earlier decision of Delhi High Court in Nestle SA v. Assistant Commissioner of Income Tax, the bench comprising of Acting Chief...
UP GST | No Interference Under Article 226 Unless Inherent Lack Of Jurisdiction Or Absence Of Relevant Material Established: Allahabad High Court
The 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 absence of relevant material is alleged and established.Petitioner challenged the adjudication notice issued under Section 73 (Determination of tax not paid or short paid or...