Tax
ITAT Cases Weekly Round-Up: 31 March To 6 April 2024
Jaipur ITAT Directs Dept. To Allow Taxpayer To File Revised Appeal Memo In Form No. 35 For Removal Of Deficiency Case Title: Zila Parisad verses Addl. CIT, TDS While relegating the taxpayer to file a revised appeal memo in Form No. 35 either on the e-filing portal of the department or physical form, the Jaipur ITAT restored the matter back to the file of the CIT(A) to adjudicate...
Indirect Tax Cases Weekly Round-Up: 31 March To 6 April 2024
Delhi High Court Second Petition Can't Be Filed If First Petition Challenging ITC Reversal Is Unconditionally Withdrawn: Delhi High Court Case Title: Jetibai Grandsons Services India Pvt Ltd Versus Union Of India & Ors. Citation: 2024 LiveLaw (Del) 384 The Delhi High Court has held that the petitioner, having unconditionally withdrawn the earlier petition and...
Jharkhand High Court Allows Application for Revocation of Cancelled GST Registration Despite Expiry of Limitation Period
In a recent ruling, the Jharkhand High Court has permitted the filing of an application for revocation of cancelled GST registration, despite the expiration of the limitation period. The decision stemmed from a petition filed by a proprietor aggrieved by the dismissal of their petition under section 107 of the Central Goods and Services Tax Act, 2017 (GST Act). The petitioner sought to...
S.16 UPVAT Act | Invoices, RTGS Details Not Sufficient For Deciding ITC Claim, Transportation Details Must Be Produced: Allahabad High Court
Placing reliance on the judgment of the Supreme Court in State of Karnataka vs. M/s Ecom Gill Coffee Trading Private Limited, the Allahabad High Court has held that input tax credit cannot be granted based solely on invoices and RTGS payment details.While dealing with Section 70 of the Karnataka Value Added Tax Act, 2003 the Supreme Court in M/s Ecom Gill Coffee Trading Private Limited held...
Delhi High Court Interprets Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)
The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value (FMV) of shares under Section 56(2)(viib) of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56(2)(viib) postulates that the FMV of shares shall be the value determined in accordance...
CBDT Circular Not Extending Time To File Application For Regular Registration Of New Provisionally Registered Trusts U/S 80G Violative Of Constitution: Madras High Court
The Madras High Court has held that the Circular dated May 24, 2023, issued by the Central Board of Direct Taxes (CBDT) not extending time to file applications for regular registration of new provisionally registered trusts under Section 80G of the Income Tax Act is violative of the Constitution of India.The bench of Chief Justice Sanjay V. Gangapurwala and Justice D. Bharatha Chakravarthy...
Proper Officer Has To Consider Reply On Merits And Then Form An Opinion: Delhi High Court
The Delhi High Court has held that the proper officer has to consider the reply on merits and then form an opinion.The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja has observed that the proper officer merely held that the reply is incomplete, not clear, and unsatisfactory, which ex-facie shows that the proper officer has not applied his mind to the reply submitted by...
Direct Tax Cases Weekly Round-Up: 31 March To 6 April 2024
Delhi High Court Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court Case Title: Valley Iron & Steel Co.Ltd Versus PCIT The Delhi High Court has held that income tax additions made towards unsubstantiated share capital are eligible for deduction under Section 80-IC of the Income Tax Act. Delhi...
Confiscation & Penalty Order Must Be Quashed If Quantification Of Stock Based On Eye Estimate: Allahabad High Court
The Allahabad High Court has held that once the Appellate Authority has recorded a specific finding that quantification of stock was based on eye estimate and not in accordance with law, the confiscation order as well as the penalty order are liable to be set aside.“When the Appellate Authority had come to the finding that the officers in the survey did not carry out the quantification of...
S.58 UPVAT | In Revisional Jurisdiction, HC Must Uphold Sanctity Of Judgments/Orders, Must Intervene Only When There Are Compelling Reasons: Allahabad HC
While elaborating the difference between 'appeal' and 'revision', the Allahabad High Court has held that in exercise of its revisional jurisdiction, the High court must uphold the sanctity of judgments and orders and intervene only when there are compelling reasons to do so.“High Courts, in their capacity as revisional bodies, are entrusted with the solemn duty of upholding the sanctity of...
Entry Tax | Indian Made Foreign Liquor Not Taxable Under UP Entry Of Goods Into Local Area Act 2007: Allahabad High Court
The Allahabad High Court has recently quashed assessment order taxing Indian Made Foreign Liquor under the UP Entry of goods into Local Area Act 2007 on grounds that it is not provided in the schedule to the Act.Provisional assessment order against the petitioner was passed on 19.04.2006 under Section 4-A (Realization Of Tax Through Manufacturer) of the Uttar Pradesh Entry of Goods into...
CBDT Enables Functionalities To File ITR-1, 2, 4 & 6 For A.Y. 2024-25
The Central Board of Direct Taxes (CBDT) has enabled the functionalities to file commonly used ITRs namely ITR-1, 2, 4 & 6 For A.Y. 2024-25.The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2...