Tax
Clandestine Removal Cannot Be Substantiated Without Any Corroborative Evidence: CESTAT
The Kolkata Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that clandestine removal cannot be substantiated without any corroborative evidence.The bench of R. Muralidhar (Judicial Member) and K. Anpazhakan (Technical Member) has observed that the names of the probable buyers were available in the print out taken from the CPUs. However, no enquiry was caused at...
Long-Term Capital Gains Exempted From Income Tax, Non-Disclosure Doesn't Amount To Loss Of Revenue: Gauhati High Court
The Gauhati High Court has held that the long-term capital gains are exempt from income tax, and the non-disclosure while computing the long-term capital gains cannot result in causing prejudice to the department.The bench of Justice Kaushik Goswami has observed that the Principal Commissioner of Income Tax has initiated the proceedings simply on the basis of the proposal of the...
'Transit Rent' Can't Be Considered As 'Revenue Receipt', Not Liable To Be Taxed: Bombay High Court
The Bombay High Court has held that 'Transit Rent' is not to be considered a revenue receipt and is not liable to be taxed. As a result, there will be no question of the deduction of TDS from the amount payable by the developer to the tenant.The bench of Justice Rajesh S. Patil has observed that the ordinary meaning of rent would be an amount that the tenant or licensee pays to the landlord...
“Reason To Believe” U/S 148A(C) Income Tax Act Amended To “Info Which Suggests”; Thorough Consideration Of Assessee's Reply Not Necessary: Allahabad HC
The Allahabad High Court has held that a pointwise consideration of objections that may be raised by an assessee in response to a notice issued to him under Section 148 A(b) is not necessary while passing an order under Section 148A(d) of the Income Tax Act, 1961.Section 148A of the Income Tax Act, 1961 relates to procedure of inquiry to be followed by an Assessing Officer prior to issuance...
S.75(4) CGST | Allahabad HC Directs Commissioner To Take Disciplinary Action Against Adjudicating Authorities Violating PONJ Without Justifiable Reasons
While dealing with the non-compliance of mandatory provision for opportunity of hearing under Section 75(4) of the Central Goods and Services Tax Act, 2017, the Allahabad High Court directed the Commissioner, Commercial Tax, Uttar Pradesh to take remedial action, including disciplinary proceedings against erring adjudicating authorities for violating principles of natural justice...
Direct Taxes Weekly Round-Up: 19 To 25 May 2024
Delhi High CourtAssessee Can't Be Obstructed From Availing DTVSV Act Benefits Even When Limitation Period For Appeal Hasn't Expired: Delhi High CourtCase Title: PT Bukaka Teknik Utama Versus Commissioner Of Income Tax (IT), Delhi - 2The Delhi High Court has held that the assessee can't be obstructed from availing of the benefits of the Direct Tax Vivad se Vishwas Act, 2020 (DTVSV Act) even...
CESTAT Cases Weekly Round-Up: 19 To 25 May 2024
Bus Meant For Carrying Passengers, Can't Be Called Means Of Transport Of Goods, Service Tax Payable: CESTATCase Title: M/s. Rajasthan State Road Transport Corporation Versus Commissioner of Central Excise and Service Tax CommissionerateThe Delhi Bench of Customs, Excise and Service Tax Appellate (CESTAT) has held that service tax is payable on buses meant for carrying passengers and cannot...
Date Of Possession Of New Property To Be Considered As Date Of Acquisition; ITAT Allows Deduction
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the date of possession of new property to be considered as date of acquisition and the assessee is entitled to deduction under Section 54 of the Income Tax Act on the purchase of new property.The bench of Raj Kumar Chauhan (Judicial Member) and Prashant Maharishi (Accountant Member) has observed that the date of possession...
Dept. Can't Re-Determine MRP Of Laptops Imported By Acer India Supplied With Laptop Bag: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the department cannot re-determine the MRP of laptops imported by Acer India.The bench of Sulekha Beevi C.S. (Judicial Member) and Vasa Seshagiri Rao (Technical Member) has observed that though the adjudicating authority has stated that Rule 6 of 2008 is applied to redetermine RSP, it can be seen...
Indirect Taxes Weekly Round-Up: 19 To 25 May 2024
Delhi High CourtAdditions U/s 69C Based Merely On CBIC Information Can't Be Sustained: Delhi High CourtCase Title: Bausch And Lomb India Private Limited Vs Assessment UnitThe Delhi High Court sets aside the assessment order and remits the matter to AO on the ground that the additions of Rs.70.10 Cr. made under Section 69C as unexplained expenditure based merely on information received...
Set Top Boxes Satisfy Definition Of 'Inputs', Dish TV Entitled To 100% Credit: CESTAT
The Allahabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Dish TV is entitled to 100% credit as the set top boxes satisfy the definition of 'Inputs'.The bench of P. K. Choudhary (Judicial Member) and Sanjiv Srivastava (Technical Member) has observed that the set top boxes satisfy the definition of inputs as they are goods used by the output service...
CBDT Notifies Cost Inflation Index For Assessment Year 2025-26 At 363
The Central board of Direct Taxes (CBDT) has notified the final Cost Inflation Index (CII) for Assessment Year 2025-26) at 363.“This notification shall come into force with effect from the 1st day of April, 2025 and shall accordingly apply in relation to the assessment year 2025-26 and subsequent assessment years,” the CBDT notification read.The CII number for Assessment Year 2024-25...