Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights

The Bombay High Court has quashed the reassessment proceedings alleging escapement of income on transfer of leasehold rights.The bench of Justice K.R. Shriram and Justice Neela Gokhale has observed that if the amount was already considered in the subsequent AY and the assessment order was also passed, the question of escapement of income for the same amount in the previous AY will not arise...

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023

Delhi High Court Appellant Was Pursuing Review Petition In Good Faith, Delhi High Court Condones Delay In Filing Appeal Against ITAT Order Case Title: Resorts Consortium India Limited Versus ITAT Citation: 2023 LiveLaw (Del) 1178 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...

Absence Of Prescribed Rates On Petroleum Products And Indian Made Foreign Liquor Before 26.03.2022, Tax Demand Invalid: Kerala High Court

The Kerala High Court held that the absence of prescribed rates on petroleum products and Indian-made foreign liquor before March 26, 2022, made the tax demand invalid.The bench of Justice Dinesh Kumar Singh has observed that though the petitioners were permitted to effect the parcel sales, the rate was not prescribed, and the rate has been prescribed only by the notification dated March...

L.G. Electronics Not Entitled To Claim Concessional Rate Of Basic Customs Duty On Import Of G-Watch: CESTAT

The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the assessee, L.G. Electronics, is not entitled to claim the concessional rate of basic customs duty on the import of G-Watch.The bench of Rachna Gupta (Judicial Member) and Hemambika R. Priya (Technical Member) has observed that once the G-Watch works on the internet, it is not acceptable that...

Dept. Can Dispute Residential Status On Strength Of TRC But Not Without Establishing Assessee To Be Shell Company: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that though the department has the authority to dispute the residential status of the assessee merely on the strength of the Tax Residency Certificate (TRC), it is incumbent upon the department to make a proper inquiry and to establish the fact that the party claiming benefit and the strength of the TRC is a shell or...

Canned Pineapple Slices Classifiable Under Customs Tariff Heading No. 0804, Exemption Not Applicable: CESTAT

The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that canned pineapple slices’ are classifiable under Customs Tariff Heading No. 0804.The bench of Rachna Gupta (Judicial Member) and Hemambika R. Priya (Technical Member) has observed that there was confusion in the department itself regarding the classification of canned sliced pineapples. It has...

Club Membership Fees Paid By ICICI Bank For Employees Are To Be Treated As Business Expenditure: ITAT

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has observed that club membership fees for employees are to be treated as business expenditures of a company under Section 37 of the Income Tax Act.The Bench of Amit Shukla (Judicial Member) and Padmavathy S. (Accountant Member) has upheld the decision of the CIT (A) and deleted the disallowance made by the AO by relying on its own...

Employee Can’t Be Penalised For Non-Deposit Of TDS By Employer: Delhi High Court

The Delhi High Court has held that the employer of the petitioner or assessee, having failed to perform his duty to deposit the deducted tax with the department, cannot be penalized. It would always be open for revenue to proceed against the employer of the petitioner for recovery of the deducted tax.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that...

Bombay High Court Orders Dept. To Refund Tax Deposited By HSBC Under Protest

The Bombay High Court has ordered the department to refund the tax deposited by HSBC under protest.The bench of Justice G. S. Kulkarni and Justice Jitendra Jain observed that once the amounts were deposited by the petitioner and retained by the department without the authority of law, the claim of the petitioner for refund could not have been denied. It was appropriate for the petitioner...

IBBI To Regularly Share Public Announcement Details With Nodal Officer At The GST Commissionerate: Kerala GST Dept.

The Kerala GST Department has issued Standard Operating Procedure (SOP) for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (NCLT).The Insolvency and Bankruptcy Board of India (IBBI) is expected to regularly share the details of the public announcement with an identified officer designated as the Nodal Officer at the Commissionerate. The...

ITAT Deletes Addition On Consideration Received By German Entity For Offshore Supplies

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that addition on consideration received by the German entity for offshore supplies.The bench of Challa Nagendra Prasad (Judicial Member) and M. Balaganesh (Accountant Member) has observed that the offshore services that primarily involve the offshore supply of drawings and designs are inextricably linked with the offshore supply...

Orissa High Court Allows Expenditure Towards Contribution For Running Of School As Business Expenditure

The Orissa High Court has held that the expenditure towards the contribution for the running of the school is a business expenditure.The bench of Justice S.K. Panigrahi and Justice G. Satapathy has observed that expenditure towards contribution for the running of the school is an expenditure for the smooth functioning of the business of the assessee and also an expenditure wholly and...