Tax
Income Tax Act | Section 56(2)(Viic) Not Applicable To Fresh Issuances Or Allotments Of Shares By A Company: Gujarat High Court
The Gujarat High Court recently delivered a crucial ruling on the interpretation of Section 56(2)(viic) of the Income Tax Act, 1961, stating that the provision does not apply to fresh issuances or allotments of shares by a company.According to section 56(2)(viib), if a company receives, in any previous year, any consideration for the issue of shares that exceeds the face value of such shares...
Income Tax Act | Valid Show-Cause Notice Crucial For Recovery Under Section 179: Gujarat High Court
In a recent ruling, the Gujarat High Court has set aside an Income Tax Liability Order, highlighting the crucial requirement of a valid show-cause notice for recovery under Section 179 of the Income Tax Act, 1961.The above ruling came in a petition challenging the order dated 27.03.2019 under Section 179 of the Income Tax Act, 1961 against the petitioner holding him in his capacity as a...
2 Years Limitation To File GST Refund Application Is Directory & Not Mandatory: Madras High Court
The Madras High Court has held that the 2-year limitation to file a GST refund application is a directory and not mandatory.The bench of Justice Krishnan Ramasamy has observed that the terms used in Section 54(1) of the CGST Act ''may make application before two years from the relevant date in such form and manner as may be prescribed'', which means that the assessee may make application...
S.73 CGST Act| ‘No Reasonable Opportunity Granted To Respond’, MP High Court Quashes Show Cause Notice Against Raymond
Madhya Pradesh High Court has recently quashed a show cause notice and order of demand issued against Raymond Limited by observing that a minimum of 30 days must be given to afford ‘reasonable opportunity’ for the noticee to respond as per Section 73 of CGST Act.“Though no time period is stipulated in Section 73 for the noticee to respond but it is obvious that the statute...
Indian Jewellers Having Valid Licence To Import Gold Concessional Customs Duty From UAE Can Import It Through Bullion Exchange: DGFT
The Director General of Foreign Trade (DGFT) has notified that under the terms of the free trade agreement, Indian jewellers who hold a valid licence to import a certain amount of gold from the UAE at a reduced customs charge may do so through the bullion exchange IIBX.The DGFT has amended the import policy conditions for gold under HS Code 71081200 in Chapter 71 of Schedule I (Import Policy)...
Seized Cash Should Be Treated As Advance Tax As Per Law, There Was No Default In Payment Of Advance: Delhi High Court
The Delhi High Court has held that the seized cash was offered by the assessee, under the regime that was prevailing then, to be treated as the advance tax, and thus there was no default in payment of the advance. Although its payment or adjustment was triggered due to a search action,The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the petitioner had offered...
Initiation Of Revision Proceedings By Issuing Show Cause Notice And Passing Revision Order Without DIN Are Invalid: ITAT
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the initiation of revision proceedings by issuing show cause notice and passing a revision order without a Document Identification Number (DIN) is invalid.The bench of T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member) have observed that the Office of the PCIT has literally not followed...
Appeal Against ITAT Order Dismissing Revenue’s Recall Application Does Not Lie Before High Court: Orissa High Court
The Orissa High Court has held that the order passed by the Income Tax Appellate Tribunal (ITAT) dismissing the department’s appeal on the ground of the low tax effect is appealable before the High Court under Section 260A of the Income Tax Act, 1961; however, an appeal against the ITAT order dismissing Revenue’s recall application does not lie before the High Court.The bench of Acting...
Reassessment Notice Severed At Old Address Despite Knowing Assessee’s New Address: Delhi High Court Quashes Assessment Order
The Delhi High Court has quashed the assessment order as the notice under Section 148 was improperly served as it was sent to the old address, despite the fact that the department was aware of the new address.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that no notice, under Section 143(2) of the Income Tax Act, was issued to the respondent or assessee...
CBDT Amends ITR -7 To Allow Taxable Income Of Assessees Eligible To File ITR -7 Liable For Tax Rate At The Rates Applicable To AOP
The Central Board of Direct Taxes (CBDT) has amended ITR -7 so as to allow taxable income of assessees eligible to file ITR -7 liable for tax rate at the rates applicable to AOP i.e. Slab rate applicable to Individuals.The Board has notified the Income-tax (Twenty-Seventh Amendment) Rules, 2023.Earlier to this amendment taxable income was liable for a 30% flat tax rate under section 115 BBI....
CBIC Notifies Biometric-Based Aadhaar Authentication Through GST Seva Kendras Approved For Andhra Pradesh
The Central Board of Indirect Taxes and Customs (CBIC) has notified the biometric-based Aadhaar authentication through Goods and Services Tax (GST) Seva Kendras has been approved for Andhra Pradesh.At the 50th GST Council Meeting, which took place in New Delhi on July 11, 2023, it was suggested that a risk-based biometric Aadhar authentication pilot program be carried out in Gujarat...
Parties Cannot Deem SGST And CGST As IGST Without Compliance With Taxation Enactment Provisions: Patna High Court
The Patna High Court has dismissed the writ petition filed by Vishwanath Iron Store, a partnership firm registered under the Bihar State Goods and Services Tax Act, seeking correction of a GST invoice for the purpose of availing input tax credit, while stating Understanding between parties cannot supersede the provisions of taxation laws.Chief Justice K. Vinod Chandran and Justice Rajiv...