Tax
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...
CBDT Grants Income Tax Exemption To Godavari River Management Board, Hyderabad
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption under section Sec.10(46) of the Income Tax Act for Godavari River Management Board, Hyderabad.Godavari River Management Board, Hyderabad' is a Board constituted by the Central Government in pursuance of section 85 of the Andhra Pradesh Reorganisation Act, 2014, in respect of the various income arising to...
Explanations 6 & 7 Appended To Section 9(1)(i) Income Tax Act To Be Given Retrospective Effect: Delhi High Court
The Delhi High Court has held that Explanations 6 and 7 appended to section 9(1)(i) Of the Income Tax Act, 1961 to be given retrospective effect.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that Section 9(1)(i) of the Income Tax Act inter alia seeks to impose tax albeit via a deeming fiction qua all income accruing or arising, whether directly or...
CBDT Extends Time For Processing 'Non-Scrutiny ITRs' For AYs 2018-19 To 2020-21
The Central Board of Direct Taxes (CBDT) has extended the time for processing 'non-scrutiny ITRs' for AYs 2018-19 to 2020-21 till January 2024.It has been brought to the notice of the Central Board of Direct Taxes that due to certain technical issues or for other reasons not attributable to the assessees concerned, several returns for assessment years (AYs) 2018-19, 2019-20 and 2020-21,...
Tax Can't Be Imposed Presuming Possible Order Of The Small Causes Court: Bombay High Court
The Bombay High Court has held that one cannot tax the amount that has not accrued to the assessee and has not been received by the assessee on the assumption and presumption that in the future, the small Causes court will at least order the said sum in favour of the appellant or assessee.The bench of Justice G.S. Kulkarni and Justice Jitendra Jain has observed that the determination of...
Bombay High Court Dismisses Petition Filed By Serum Institute Of India Challenging 2016 Amendment To Income Tax Act
The Bombay High Court has dismissed a petition filed by Serum Institute of India Pvt. Ltd. challenging a 2016 amendment to the Income Tax Act.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the amendment to Section 2(24) by insertion of the impugned sub-clause that includes various subsidies and concessions only indicates the well-established jurisprudential...
Provisions For Self-Assessment Are More Onerous Than Regular Assessment Regime: Kerala High Court
The Kerala High Court has held that filing an untrue or incorrect return assumes more rigour in the teeth of the onerous obligation, resulting in the imposition of a penalty.The bench of Justice Dinesh Kumar Singh has observed that provisions for self-assessment create an obligation on the assessee to file a correct return, which is more onerous than in a regime that mandates regular...
Tax Cases Monthly Round Up: November 2023
Supreme Court Supreme Court Affirms Penalty On 'Zarda' Manufacturers For Misclassifying Product As 'Chewing Tobacco' For Central Excise Duty Case Title: Commr. Of Cen. Exc. Ahmedabad v M/S Urmin Products P. Ltd. And Others Citation: 2023 LiveLaw (SC) 949 The Supreme Court while adjudicating a matter wherein the Assesssee deliberately misclassified the ‘Zarda’ produced by it...
SAT Criticizes SEBI For Negligence in Unfreezing Kirloskar Family Demat Accounts Despite Orders; Imposes ₹5 Lakh Costs
On Monday, the Securities Appellate Tribunal (SAT) strongly criticized the Securities and Exchange Board of India (SEBI) for its failure to unfreeze the demat accounts of five Kirloskar family members, despite a previous order to do so last year.Presiding Officer Justice Tarun Agarwala and Technical Member Meera Swarup, constituting the Coram, instructed SEBI to pay a penalty of ₹5 lakh to...
ITAT Allows Section 80G Registration To Trust Recycling Post-Consumer Plastic Waste
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has allowed the registration under Section 80G of the Income Tax Act to the trust recycling post-consumer plastic waste.The bench of Sandeep Singh Karhail (Judicial Member) and Amarjit Singh (Accountant Member) has observed that the assessee earned income only from donations, the sale of scraps, and the sale of finished goods, and no...
Value Of Scrap Need Not Be Included In The Assessable Value: CESTAT
The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the value of scrap need not be included in the assessable value.The bench of Suvendu Kumar Pati (Judicial Member) and Anil G. Shakkarwar (Technical Member) has observed that for two other periods, pre- and post-2007, demand against the appellant has been set aside for the reason that the value of...
Supply Of Software Amounts To Sale Of Goods, Service Tax Demand Not Sustainable: CESTAT
The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the supply of software amounts to the sale of goods, and the service tax demand is not sustainable.The bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that the appellant has developed smart terminal software (STM) for comprehensive terminal automation, which they...
