Tax
DGFT Amends Export Policy Of Onion From “Free” To “Prohibited” Till March 31, 2023
The Directorate General Of Foreign Trade (DGFT) has amended the export policy for onions. The HS Code 0703 10 19, which was previously categorised as 'Free,' has been revised to 'Prohibited' until March 31, 2024.The Notification will come into effect from December 08, 2023. The provisions as under Para 1.05 of the Foreign Trade Policy, 2023 regarding transitional arrangement shall not...
CBIC Exempts Imports Of Yellow Peas From BCD And AIDC Till March 31, 2024
The Central Board of Indirect Taxes and Customs (CBIC) has exempted the imports of yellow peas from basic customs duty (BCD) and Agriculture Infrastructure and Development Cess (AIDC) up to March 31, 2024.The exemption, effective from December 8, 2023, to March 31, 2024, is deemed necessary in the public interest as per the powers conferred by the Customs Act, 1962, and the Finance Act,...
Plea Challenging GST SCN Issued To Online Gaming Company Playerzpot Media: Bombay High Court Issues Notice Dept.
The Bombay High Court has issued the notice to the department on a plea challenging the GST show cause notice (SCN) issued to online gaming company Playerzpot Media.The bench of Justice G. S. Kulkarni and Justice Jitendra Jain has ordered the GST authorities to refrain from passing any final orders on the SCN without leave of the Court.The petitioner or assessee has assailed the SCN on...
Income Tax Act | To Compute Deduction Under S. 80-IA, Market Value Of Electricity Is The Rate At Which State Board Supplies Power : Supreme Court
The Supreme Court has held that for the purpose of computing deduction under Section 80 IA of the Income Tax Act, 1961, the rate at which the State Electricity Board supplies power to the consumers has to be taken as the market value of electricity. Section 80-IA of the Income Tax Act deals with deductions in respect of profits and gains from industrial undertakings or enterprises engaged...
ITAT Directs Reconsideration Of Form No.10AB For S. 80G Registration By Giving Proper Opportunity Of Being Heard To Assessee Trust
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has directed the department to reconsider Form No.10AB for final registration under section 80G of the Income Tax Act by giving the proper opportunity of being heard to the assessee trust.The bench of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed, (Accountant Member) have observed that the time is extended up till...
Availability Of Cash With Different Companies Is Sufficient To Explain Cash Found At The Time Of Search: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the availability of cash with different companies is sufficient to explain the cash found at the time of the search.The bench of Astha Chandra (Judicial Member) and N.K. Billaiya (Accountant Member) has observed that the very same Assessing Officer assessed the nine group concerns and companies and accepted the availability...
Punjab & Haryana High Court Allows CENVAT Credit To Maruti Suzuki On Training And Coaching Service, IT (Software) Services
The Punjab and Haryana High Court has allowed the cenvat credit to Maruti Suzuki on training and coaching services, IT (software) services (CHA), cargo handling services for export, warehouse and storage services, land survey services, and hotel Broadway services.The bench of Justice G.S. Sandhawalia and Justice Harpreet Kaur Jeewan has observed that the service is required as it is not only...
Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court
The Delhi High Court has held that senior officers like ACIT and PCIT are expected to apply their minds to such requests and, only after that, approve the initiation of reassessment proceedings.The bench of Justice Rajiv Shakdher and Justice Anish Dayal has observed that the reopening of the concluded scrutiny assessment is a serious business. The Act provides for a layered approach precisely...
RBI Raises UPI Transaction Limit For Hospitals and Educational Institutions To Rs. 5 Lakh
The Reserve Bank Of India (RBI) has raised the UPI transaction limit for hospitals and educational institutions to Rs. 5 lakhs from Rs. 1 lakh.It was announced by RBI Governor Shaktikanta Das at the bimonthly Monetary Policy Committee (MPC) meeting.The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit...
Indian Tax Authorities Favoured: Supreme Court Rules On The 'Most Favoured Nation' Controversy
In a ground-breaking judgment in the case of Assessing Officer Circle (International Taxation) 2(2)(2) New Delhi v. Nestle SA, the Supreme Court of India (“SC”) has definitively addressed the contentious issues surrounding the Most Favoured Nation (“MFN”) clause in Double Taxation Avoidance Agreements (“DTAA”). Background of the Controversy A DTAA is an agreement...
Prior Sanction Of Approval From Competent Authority Mandatory Before The Reopening Of Assessment: ITAT
The Dehradun Bench of the Income Tax Appellate Tribunal (ITAT) has held that prior sanction of approval under Section 151 of the Income Tax Act from the competent authority is mandatory before the reopening of the assessment.The bench of Kul Bharat (Judicial Member) and M. Balaganesh (Accountant Member) has observed that no approval under Section 151 of the Income Tax Act is on record for...
Income Tax | Form-10 Under Rule 17(2) Supplied After Limitation But Before Completion Of Assessment to Be Considered By AO: Allahabad High Court
The Allahabad High Court has held that if Form-10 under rule 17(2) for claiming exemption has been supplied to the assessing authority after the prescribed period but before completion of assessment, it ought to be considered by the Assessing Authority for granting benefit of exemption under Section 11(2) of the Income Tax Act, 1961 in original assessment proceedings.Placing reliance on...