Tax
“Badam Milk Drink-Ready To Drink” Classifiable Under CTH 2202 9030: CESTAT
The Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that “badam milk drink-ready to drink” is classifiable under CTH 2202 9030.The bench of D.M. Misra (Judicial Member) and Pullela Nageswara Rao (Technical Member) observed that Badam Milk Drink—Ready to Drink contains flavourings, namely badam powder, cardamom, saffron, and maltodextrin, and...
ITAT Allows Section 80P Deduction On Interest Income Arising From Deposits/Investments Made With Co-Operative Bank
The Visakhapatnam Income Tax Appellate Tribunal (ITAT) has held that there is a deduction under Section 80P of the Income Tax Act on interest income arising from deposits or investments made with cooperative banks.The bench of Duvvuru Rl Reddy (Judicial Member) and S Balakrishnan (Accountant Member) has observed that the cooperative society is eligible for deduction under Section 80P(2)(a)(i)...
Appellant Was Pursuing Review Petition In Good Faith, Delhi High Court Condones Delay In Filing Appeal Against ITAT Order
The Delhi High Court has condoned a 79-day delay in filing an appeal as a review petition was filed before the Income Tax Appellate Tribunal (ITAT).The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the time spent by the applicant while pursuing the review proceedings deserves to be excluded even under principles analogous to Section 14 of the Limitation...
Section 148A(b) Notice Not Specifically Served On Assessee: Punjab And Haryana High Court Imposes Rs. 10K Cost On Dept.
The Punjab and Haryana High Court has imposed a cost of Rs. 10K on the income tax department and quashed the order under Section 148A(d) of the Income Tax Act and the notice under Section 148 of the Income Tax Act.The bench of Justice G.S. Sandhawalia and Justice Lapita Banerji has observed that the notice under Section 148A(b) of the Income Tax Act dated March 19, 2022, not having...
Income Tax Dept. Can Share Taxpayer's Information With Deputy Director General Of UIDAI: CBDT
The Central Board of Direct Taxes (CBDT) has notified that the income tax department can share taxpayer's information with the deputy director general of the Unique Identification Authority of India (UIDAI).“In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies Deputy Director General...
UP VAT Act | Enhancement Of Turnover Not A Necessary Consequence To Rejection Of Books Of Accounts: Allahabad High Court
The Allahabad High Court has held that turnover cannot be enhanced merely based on rejection of books of accounts. There has to be material as to suppression of turnover by the assesee to indicate evasion of tax.Relying on various judgments of the Allahabad High Court, Justice Piyush Agrawal held “Once the findings of fact has been recorded in favour of the petitioner, there is no cogent...
Biscuits Can Qualify As ‘Food Stuff’ To Be Eligible For Service Tax Refund: CESTAT
The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that biscuits can qualify as foodstuff so as to be eligible for the service tax exemption.The bench of R. Muralidhar (Judicial Member) and K. Anpazhakan (Technical Member) has allowed the refund, which was rejected by the adjudicating authority on the ground of limitation. The limitation would not...
Service Tax Liability Can’t Be Fastened On Compensation Received By Fabindia For Loss Caused By Breach Of Contract: CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax liability cannot be fastened on compensation received by Fabindia for loss caused by breach of contract.The bench of Binu Tamta (Judicial Member) observed that any penalty or compensation received for any loss or damage caused by breach or non-performance of the terms of the contract is...
Rejection Of Books Of Accounts Under UPVAT Act Will Not Necessarily Lead To Rejection Of Books Under Central Sales Tax Act: Allahabad HC Reiterates
The Allahabad High Court has reiterated that in absence of any material on record, rejection of books of accounts under local laws cannot be the sole ground for rejection of books of accounts under Central Sales Tax Act.“Merely because books of account under local sales have been rejected, the same will not necessarily be the ground for rejecting the books of account under Central Sales Tax...
Tax Payable After Credit Of Prepaid Taxes Is Less Than Rs.3,000, Prosecution Not Sustainable; Madras High Court
The Madras High Court has held that prosecution under Section 276CC of the Income Tax Act is not sustainable as the tax payable after crediting prepaid taxes was less than the prescribed sum of Rs. 3,000.The bench of Justice G.K. Ilanthiraiyan has observed that proviso (ii)(b) to Section 276CC takes care of genuine assessees who either file the returns belatedly but within the end of...
Kerala High Court Rejects Assessee ’s Claim For Service Tax Refund To Meet VAT Demand On Pest Control Contract
The Kerala High Court has rejected the assessee's claim for a service tax refund to meet the VAT demand on the pest control contract.The bench of Justice Anu Sivaraman has observed that the claim of the petitioner that the service tax authorities must be directed to meet the demand for VAT, if any, found payable by the petitioner cannot be accepted.The petitioner or assessee is in the business...
UPVAT Rules | Stricter Approach To Be Followed Before Giving Benefit Of Exemptions/ Deductions: Allahabad High Court
The Allahabad High Court has held that though in case of doubt, taxing statues are to be interpreted in favour of the assesee. However, a stricter approach needs to be followed before giving the benefit of exemptions and deductions.“The general rule of law in taxing statutes is that in case of any doubt the benefit should be given to the assessee. However, in case of exemption and deduction...