Tax
Kerala High Court Allows Adjustment Refund Amount Towards Amount payable under Amnesty Scheme
The Kerala High Court has held that it is open to the department to consider an adjustment of the refund amount due to the appellant towards the amounts due from him by way of settlement under the Amnesty Scheme.The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M. has quashed the order passed by the Single Bench in which it was held that the Amnesty Scheme was essentially...
Goods Transported For Own Use, No Intention To Evade Tax, Kerala High Court Deletes Penalty
The Kerala High Court has held that the assessee, immediately after the goods were detained, produced the statutory declarations in Form 16 to demonstrate that the goods that were being transported were for the own use of the assessee.The bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M., while upholding the Tribunal's order, observed that there was no intention on the...
Educational Activities Neither Business Nor Profession, Covered Under Section 2 (15) Of Income Tax Act: Delhi High Court
The Delhi High Court has held that the assessee is carrying on educational activities that are covered by the provisions of Section 2 (15) of the Income Tax Act, and it is neither business nor profession of the assessee. The bench of Justice Yashwant Varma and Justice Ravinder Dudeja observed that the mode and manner in which education is imparted would be a concept that would have to...
SBI Not Entitled To Refund Of Krishi Kalyan Cess: CESTAT
The Chandigarh Bench of Customs, Excise, and Service Appellate Tribunal (CESTAT) has observed that SBI is not entitled to refund of Krishi Kalyan Cess (KKC).The bench of S. S. Garg (Judicial Member) has relied on the decision in the case of Bharat Heavy Electricals Ltd. and held by relying on the judgment in the case of Slovak India Trading Co. Pvt. Ltd. that the assessee is eligible for a...
Non-Filing Of GST Return Due To Technical Glitch, Bank Can't Be Penalised: Telangana High Court
The Telangana High Court has held that the petitioner bank could not file its return in the GST portal because of a technical glitch and cannot be saddled with demand, penalty, and interest.The bench of Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao has observed that it was the duty of the department to keep their portal functional. If the portal was not functional or had a...
Bank Charges & Bank Guarantee Charges Wrongly Included As Interest: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that bank charges and bank guarantee charges do not partake in the character of interest and had been wrongly included as interest while making disallowance under section 14A of the Income Tax Act.The bench of G.S.Pannu (Vice President) and Kul Bharat (Judicial Member) has observed that the assessee had disallowed the...
Long Term Capital Gain On Sale Of Shares By Mauritius Company Is Not Liable To Be Taxed In India: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that long-term capital gain on sale of shares by Mauritius Company is not liable to be taxed in India.The bench of Vikas Awasthy (Judicial Member) and Naveen Chandra (Accountant Member) has observed that the assessee had claimed long-term capital gains arising from the sale of shares as exempt from tax in light of Article 13(4)...
Failure To Carry Out Physical Verification Of Veracity Of Exporter Alone Is No Basis To Suspend License Of Custom Broker: Delhi HC
The Delhi High Court held that a custom broker cannot be held guilty of having failed to discharge the obligation placed in terms of Regulation 10(n) of CBLR 2018, simply because he has not carried out physical verification of the veracity of the exporter. As per the Customs Brokers Licensing Regulations, 2018, Section 10(e) states about the obligation of the Custom Broker to...
Extended Limitation Can't Be Invoked If No 'Omission' & Suppression Of Material Facts' To Evade Tax : Calcutta HC
The Calcutta High Court held that no service tax will be levied on activities such as cutting or mineral extraction which are part of mining operations, if mining operations are itself not subjected to service tax on the date of levy. The High Court clarified that if the State seeking to recover tax, cannot bring the subject within the letter of law, then it goes without saying that...
In Absence Of Appellant Or His Lawyer , Appeal Should Be Dismissed In Default Not An Order On Merit : Allahabad High Court
The Allahabad High Court has held that the term “ex-parte” in Rule 63(4) of the Uttar Pradesh Value Added Tax Rules, 2008 can be interpreted as for want of representation of the defendant after service of notice, the case may be decided on merits. However, when the appellant or his counsel is not present, the case may only be dismissed in default. The Court held that in...
Regular Entries In 7th Schedule Of Constitution Can't Be Given Wider Interpretation To Include Taxation Powers : Supreme Court
The Supreme Court has recently held that regular entries under List I and II of the 7th Schedule of the Constitution cannot be given a wider interpretation to include taxation powers which are covered under the domain of specific tax entries under the 7th Schedule. The 9 Judge Constitution Bench led by CJI DY Chandrachud observed this while holding that States have the power to levy tax...
Profit On Sale Of Listed Shares Held For More Than 12 Months To Be Taxed As Long-Term Capital Gains: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the profit on sale of listed shares held for more than twelve months should be taxed as long-term capital gains.The bench of G.S. Pannu (Vice President) and Anubhav Sharma (Judicial Member) has observed that provisions of Section 28(iv) of the Income Tax Act per se do not apply to the disputed transaction, as the assessee...