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...
ITAT Allows Depreciation Claim On Non Compete Fee, Deletes Penalty
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the claim of depreciation on non-competing fees.The bench of Yogesh Kumar U.S. (Judicial Member) and Pradip Kumar Kedia (Accountant Member) has deleted the penalty imposed pursuant to the addition of Rs. 21,89,970 made on account of disallowance of depreciation on noncompeting fees.The assessment order came to be passed...
Attempt To Export SCOMET Item Without Authorization Is Serious Violation; CESTAT Upholds Penalty Against Customs Broker
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that an attempt to export specialized chemicals, organisms, machinery, equipment, and technology (SCOMET) items without the required authorization is a serious violation.The bench of Justice Dilip Gupta (President) and P. V. Subba Rao (Technical Member) has observed that there is no evidence of...
Interest Can't Be Demanded When Entire Stamp Duty Paid During Pendency Of Appeal: Madras High Court
The Madras High Court has held that interest cannot be demanded when the entire amount as demanded by the authorities has been paid even during the pendency of the appeal.The bench of Justice R. Vijayakumar has observed that the present appeal has been filed under Section 47-A(10) of the Indian Stamp Act, 1899. Only after orders are passed by the Court will the liability get fastened upon...
Services Provided Outside To Indian Customers In Connection With Right To Use Of Process Can't Be Taxed : Delhi High Court
The Delhi High Court has held that the receipts from Indian customers for services provided outside' Indian Territory in connection with use or right to use of process or equipment by the assessee company cannot be taxed as royalty.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav, while dismissing the department's appeal, held that a person who is provided...
Jharkhand High Court Dismisses Dept's Appeals For Not Filing Delay Condonation Application Along With Appeal Memo
The Jharkhand High Court, while dismissing the appeal filed by the department, held that a delayed condonation application not filed with an appeal memo and subsequent filing cannot cure defects.The bench of Chief Justice B.R. Sarangi and Justice Sujit Narayan Prasad has observed that time and again if the appeal memo does not contain an application of delay condonation and was not filed at...
Revoking Suspension Of Customs Broker Licence Can't Restrict Dept. From Inquiring For Imposition Of Penalty: Delhi High Court
The Delhi High Court has held that the revoking suspension of license cannot restrict the customs department from inquiring for imposition of penalty.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that the mere fact that the suspension of license had come to be revoked cannot possibly be viewed as restricting the respondents from proceeding further in accordance...
CESTAT Quashes Service Tax Demand On Insurance Auxiliary Service And Short Account Of Insurance Premium Income
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has quashed the service tax demand on insurance auxiliary services and short accounts of insurance premium income.The bench of Justice Dilip Gupta (President) and Hemambika R. Priya (Technical Member) has observed that the CENVAT credit of the group health insurance policy for the employees cannot be denied to...
Budget 2024-25: FM Proposes Vivad Se Vishwas Scheme 2024 For Settling Income Tax Disputes Pending In Appeal
The Union Finance Minister Nirmala Sitharaman has proposed Vivad Se Vishwas Scheme 2024 for settling income tax disputes pending in appeal. The Finance Minister has also proposed that the monetary limit for filing of appeals to Tribunals, High Courts and Supreme Courts by the tax authorities in respect of direct tax, excise and service tax has been increased to Rs. 60 Lakhs, Rs. 2 crores and...
DGFT Notification Prohibiting Export Of Non-Basmati White Rice Can't Have Retrospective Effect: Andhra Pradesh High Court
The Andhra Pradesh High Court has held that the trade notification issued by the Directorate General of Foreign Trade (DGFT) prohibiting export of non-basmati white rice cannot have retrospective effect.The bench of Justice Ninala Jayasurya has observed that the Foreign Trade (Development and Regulation) Act-1992 does not confer any right to the authorities/department or enable them to issue...
Advance Ruling Application Not Restricted Only To Supplier: Rajasthan High Court Quashes AAR's Order Rejecting Application
The Rajasthan High Court, Jaipur Bench, has quashed the AAR's order rejecting the application for the advance ruling as not maintainable on the grounds that the applicant was not the supplier.The bench of Justice Avneesh Jhingan and Justice Ashutosh Kumar has observed that the appeal against the advance ruling is provided under Section 100 of the CGST Act. The concerned officer,...
Samsung India Entitled To Customs Duty Exemption On Imported IC-Codecs: CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Samsung India is entitled to customs duty exemption on imported IC-Codecs.The bench of Justice Dilip Gupta (President) and P. V. Subba Rao (Technical Member) has observed that HSN Explanatory Notes to CTH 8542 provide that monolithic ICs may be in the form of un-diced wafers. The IC-Codecs, as...