Tax
CBIC Notifies Monetary Limits For Filing Appeals By Department Before CESTAT, High Courts And Supreme Court
The Central Board of Indirect Taxes and Customs (CBIC) has notified the monetary limits for filing appeals by the department before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), High Courts and Supreme Court.The Board has notified the monetary limit of Rs. 2 Crores for the appellate forum namely the Supreme Court.The monetary limit of Rs. 1 Crore is notified for High...
Petitioner Failed To Avail Appeal Remedy, Can’t Invoke Of The Extraordinary Jurisdiction: Patna High Court
The Patna High Court recently ruled on a writ petition challenging an assessment order and the rejection of an appeal based on the limitation ground.The Court stated that the petitioner by his own failure had not availed the appellate remedy and in that circumstance, there can be no invocation of the extraordinary jurisdiction under Article 226 of the Constitution of IndiaThe...
Tax Cases Weekly Round-Up: 12 November To 18 November, 2023
Supreme Court UP VAT Act | Assessee Entitled To Claim Full Input Tax Credit On Exempted Goods Produced As By-Products Or Waste Products During Manufacturing Of Taxable Goods: Supreme Court Case details: M/S Modi Naturals Ltd v The Commissioner of Commercial Tax UP Case No.: 2023 LiveLaw (SC) 976 The Supreme Court while relying on Explanation (iii) to Section 13 of...
AO Lacked Tangible Material To Form A Belief That Income, Chargeable To Tax Had Escaped Assessment: Delhi High Court Quashes Reassessment Notice
The Delhi High Court has held that AO did not have the tangible material on record that could have persuaded him to form the belief that income, otherwise chargeable to tax, had escaped assessment.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia, the AO, did not employ diligence while triggering the reassessment proceedings against the petitioner or assessee. Because AO...
Delhi Gymkhana Club Exigible To Tax Under Delhi Tax On Luxuries Act, 1996: Delhi High Court
The Delhi High Court has held that Delhi Gymkhana Club is exigible to tax under the Delhi Tax on Luxuries Act, 1996.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that the Delhi Tax on Luxuries Act, 1996, as it stood during the assessment period in question, extended its application also to the provision of residential accommodation in a club and, in any case,...
Concealment Of Income Above Rs.50 Lakhs, Extended Period Of Limitation Would Apply: Delhi High Court
The Delhi High Court has held that an extended period of 10 years would apply in serious tax evasion cases where there was evidence of concealment of income above Rs. 50 lakhs.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that, as per the Memorandum, in “normal cases”, no notice was intended to be issued if 3 years had elapsed from the end of the relevant...
Filing Of Form-67 After Filing ITR But Before Issuance Of Intimation, Amounts To Due Compliance: Madras High Court Allows Foreign Tax Credit Claim
The Madras High Court has allowed the Foreign Tax Credit (FTC) claim on the grounds that filing Form-67 after filing the Income Tax Return (ITR) but before the issuance of an intimation amounts to due compliance.The bench of Justice Krishnan Ramasamy has observed that the returns were filed without FTC; however, the same was filed before passing the final assessment order. The filing of FTC...
Telangana High Court; GST Exemption Doesn't Cover Affiliation Fee And Inspection Fee Paid By Colleges To University
The Telangana High Court has held that GST exemption as granted under Notification No.12 of 2017 of the GST Act, 2017 to the institutions providing education services does not cover Affiliation fee and Inspection fee paid by the College to the University. "we are of the firm view that firstly, the Notification No.12 of 2017, dated 28.06.2017, cannot be made applicable upon inspection...
Authenticity Of Transaction Cannot Be Disputed If E-Way Bill Not Cancelled Within Time: Allahabad HC
The Allahabad High Court held that once e-way bill has been generated by the assessee and the same has not been cancelled within the time prescribed in the Goods and Service Tax Act, 2017, movement of goods and genuineness of a transaction cannot be disputed by the Department.While quashing the penalty order issued under Section 129(3) of the GST Act, Justice Piyush Agrawal held “The purpose...
Activity Of Giving Investment Advices To The Client Abroad Amounts To Export Of Services: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the activity of giving investment advice to a client abroad amounts to the export of services.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that the decision to accept the advice rests with the foreign client. The client who is abroad can...
Assessee Willfully Concealed Income: Madras High Court Refuses To Quash Prosecution
The Madras High Court has dismissed the assessee’s criminal original petition and held that the assessee was found to have suppressed and concealed the income, and the mens rea is categorically proved against the assessee since he failed to disclose a major portion of the income in his return.The bench of Justice G. K. Ilanthiraiyan has observed that the provision makes it punishable...
Section 80P(2)(d) Deduction Available On Interest Earned From Investments Made In A Co-Operative Bank: Madras High Court Quashes Reassessment
The Madras High Court, while quashing the reassessment proceedings, held that Section 80P(2)(d) of the Income Tax Act is not available on interest earned from investments made in a cooperative bank.The bench of Justice Krishnan Ramasamy relied on a division bench decision in the case of Salem Agricultural Producers Co-operative Marketing Society, in which it was held that the co-operative...