TRENDING NOW

CBIC clarifies perquisites provided by employer to the employees as per contractual agreement not subject to GST

IT Department issues note on e-proceedings for cases under international taxation and central charges and faceless assessment

FAQs on GST applicability on ‘pre-packaged and labelled’ goods

FAQs on AIS - Annual Information Statement
Shadow
Shadow

Latest Stories

Shadow

Judicial Pronouncement

  • Income Tax
  • Indirect Tax
  • Corporate Law
  • Other

Mar 23, 2023

ITAT Jaipur: Where the AO has not rejected books of accounts and there being no material that the sales of assessee are bogus, addition on account of unexplained cash deposit cannot be made by invoking provisions of sec.68 of the Act  

Mar 23, 2023

ITAT Kolkata: For the purposes of Section 2(22)(e) of the Actthe accumulated profits have to be arrived at after allowing depreciation asper the Income Tax Act and not as per Companies Act

Sep 20, 2022

Amritsar ITAT: Since no addition was made on the issue for which re-assessment notice was issued to the assesee, there was no jurisdiction to make addition on any other issue. Entire re-assessment proceedings held invalid. Order quashed.

Sep 20, 2022

Pune ITAT: Proportionate deduction claimed u/s 80IB(10) for completed portion of the project allowable only if the said completed portion is actually habitable

Sep 12, 2022

Varanasi ITAT: Where complete details were filed along with bills and vouchers, the assessee has discharged its onus and now it was upon the AO to point out specific defects in the books of accounts as well as bills and vouchers after making necessary enquiries and investigation and the authorities are to point out which expenses are not allowable and reasons thereof. No adhoc disallowances can be made in absence of such investigation by AO

Sep 12, 2022

Delhi ITAT:  Excise duty refund and interest subsidy received are ‘capital receipts’ and not to be included in book profits for the purpose of computing tax payable u/s 115JB

view all

Jan 19, 2023

CESTAT, New Delhi - Telecom operators discharging service tax on the whole MRP value of SIM cards and recharge cards there could be no further service tax liability on the persons who are dealing/selling the said SIM cards or recharge cards to the public. When the appellants have received incentives and discounts in the course of their trading activity, they are not liable to pay service tax. Department was fully aware of the activities of the appellant and had issued a show cause notice so  Department cannot allege that it was not aware of the activities of the appellant and that the appellant had suppressed any information.

Jan 19, 2023

CESTAT, New Delhi - The buyer of the appellant who himself has undertaken the responsibility of segregating such defective pieces where defect was not arising out of mis-handling and has charged the compensation in form of penalty from the appellant for undertaking such an activity and this particular fact is sufficient to hold that the activity was performed by the buyer for himself, as such cannot be called as eligible input service in terms of section 2(l). The activity in question is the activity undertaken by the buyer of the manufacturer that too to ensure his right as he got reserved between the contracting parties for not receiving the damaged goods.

Jan 18, 2023

CESTAT, Chennai - The authorities have found that the violation, if any, has not resulted in any specified categories of items being imported or that there was any reason to hold that there has been an improper importation of the goods in question, resulting in confiscation of the same. The goods have not been imported contrary to any prohibition imposed by or under the Act or contrary to any prohibition imposed by any other law for the time being in force. Authorities below are not justified in demanding redemption fine and penalty under Section 112(a).

Jan 18, 2023

CESTAT, Kolkata - Cenvat credit used on inputs/capital goods used in power plant set up by the manufacturer is admissible if the final product is dutiable. Removal of coal Fly Ash is one of the necessity for running of the captive power plant and without such removal of the coal fly ash from the captive power plant, the same cannot operate and run, in which case, the power won’t be generated and the appellant would not be in a position to manufacture their final product. Appellants are entitled to service tax paid on the services used by them for removal of coal fly ash from the captive power plant.

Jan 17, 2023

CESTAT, New Delhi - Appellant have produced documents of transport before the Tribunal as well as the bilties that the goods were being transported from Delhi to Ahmedabad. Appellant had appeared before the Customs Department and had claimed the goods and no other person has claimed the goods in question. In view of admitted town seizure, it was the onus on the Customs Department to lead evidence in support of allegation as to the smuggled nature of goods. Sale-purchase of goods in India is supported by the levy of Sales Tax by the Sales Tax Department of Rajasthan.

Jan 16, 2023

CESTAT, New Delhi - Interest is payable for default in depositing the tax by the due date voluntarily or after determination of the amount of duty under Section 11A. Here both the conditions are not available to Revenue as admittedly neither there is any determination of duty liability of NCCD under Section 11A, nor there is voluntary default in deposit of the amount of NCCD. In absence of condition precedent in Section 11AA, no interest can be demanded from the appellant –assesse. The appellant was prevented from deposit of dues, due to glitch on the portal, which is wholly attributable to inaction on the part of Revenue and Revenue cannot take advantage of its wrong doing, by levy of interest.  

view all

Jan 12, 2023

NCLAT, New Delhi - Deduction of TDS itself is not sufficient to conclude the transaction. Appellant has miserably failed to prove that the amount of Rs. 10 Lakh, reflected in the ledger account was paid by the Respondent towards the part payment of the amount due in order to extend the period of limitation of three years from the said date specially in the absence of the evidence of any writing in this regard or otherwise an admission of the Respondent who has categorically denied the same in its reply. Appellant cannot take the advantage of the note for the purpose of brining the application filed under Section 7 within the period of limitation.The application filed under Section 7 by the Appellant was barred by limitation and has rightly been dismissed by the Adjudicating Authority.

Jan 11, 2023

NCLAT, Chennai - The Resolution Plan was approved by the Adjudicating Authority after almost a year after the lodging of the initial FIR and this Tribunal does not have jurisdiction to decide the title of the land more so when a Civil Suit has already been preferred by the Appellant and they have already opted for seeking a remedy before the Civil Court. Appeal is with respect to the Dispute regarding the Title of the Subject Land which the Appellant claims was erroneously included in the assets of the Corporate Debtor by the Resolution Professional, which subject matter is already seized by the Civil Court. Appellant may work out its remedy for redressal of its grievances, before the `Civil Court of Law itself, ofcourse, in accordance with `Law, if it so desires / advised

Jan 10, 2023

NCLAT, New Delhi - The restoration of the name of the Company is subject to filing of all the outstanding documents required by law and completion of all statutory formalities including payment of any late fee for the outstanding period and any other charges leviable by ROC and also payment of cost of Rs. 50,000/- to be paid to the ‘Prime Minister’s Relief Fund’ within two weeks. The name of the Company shall stand restored on the Register of ‘Registrar of the Companies’ as if the name of the Company was not struck off in accordance with Section 248 (5)

Dec 22, 2022

NCLAT, New Delhi - Judgement/decree for money or Certificate of Recovery or Arbitral Award in favour of the ‘Financial Creditor’, constitutes an ‘acknowledgement of debt’ and gives rise to a fresh cause of action, provided it is within three years of the default. The ‘date of default’ defined under Section 3(12) of the Code is to mean ‘non-payment of a date which has become ‘due and payable’ whether in whole or any part and is not paid by the Corporate Debtor’. The material on record shows that the ‘Corporate Debtor’ has been consistently acknowledging its ‘debt’ by way of letters in Restructuring Packages, and also by way of communication the Appellant/‘Financial Creditor’ for Restructuring, apart from the liability being shown in the Balance Sheets. Section 7 Application is not ‘barred by Limitation’, and that there is a ‘debt’ and ‘default’

Dec 22, 2022

NCLAT, Chennai - A Lease, more than 12 months has to be registered in the manner known to Law and in accordance with Law and an unregistered Lease / Documents cannot be looked into by a Court of Law / Tribunal even for a collateral purpose. Adjudicating Authority had in the impugned order had mentioned that Dr. A.M. Arun had already paid the amount towards the Lease Rental and came to the right conclusion that IA is not maintainable but had directed the Resolution Professional to pay the rent at Rs.2,25,000/- till the continuation of the Corporate Insolvency Resolution Process which was agreed to be paid.

Dec 21, 2022

NCLAT, New Delhi - Regulation 20 (6) of CCI(General) Regulations, 2009 can be used in furtherance of exercise of jurisdiction under Section 26(7) which is required to be invoked in a case where DG under Section 26(5) submits report regarding non contravention of the provisions of the Act. In any event taking shelter of Regulation 20(6) of Regulation 2009 CCI was not authorised to pass an order for further investigation and the same cannot be justified. The order impugned is liable to be set aside since the order is primarily passed on the supplementary investigation report submitted by the DG which was conducted on a void order of the CCI. The matter is remitted back to the CCI to pass order afresh on the basis of the 1st DG Report submitted by the DG.

view all

Jul 11, 2022

Telangana HC: Sine qua non for exercising power under sub section (1) of Section 5 is that the attaching authority must have reason to believe, which must be recorded in writing. The reason to believe must have a direct nexus or live link with the materials in possession pertaining to the above aspects. Offence of money laundering is not an independent or autonomous offence but is dependent on commission of a predicate offence

Jul 01, 2022

AP High Court: When greater harm would be caused to the petitioner in case interim order is not granted and no loss is caused to the respondent if the interim order is passed, there shall be interim order restraining the respondent from giving effect to and operating the online ticketing solution for ticketing as enacted under the impugned Act, Rules or under the impugned provisions

Jun 07, 2022

Bombay High Court: Clause stating liability to pay GST would be on the applicant cannot contemplate payment of interest on default in timely payment by the respondent and therefore liability of GST on such interest cannot be fastened on the applicant

Jun 06, 2022

Kolkata High Court: Where a specific time period has been mentioned in the scheme for making of application, a unit is required to comply the same in order to avail the benefits under the Scheme. The petitioners themselves are solely responsible for the delay in making such application and accordingly the unit ought not to be found fit for availing the subsidy as per the Scheme

Jun 02, 2022

P&H High Court: The businesses can fail for several reasons such as market conditions, labour unrest, lack of raw material, events like pandemic of Covid-19 etc.  and merely looking at the quantum of loss caused to a banker, it cannot be presumed that there was a fraud committed by the borrower/guarantor when no criminal case alleging fraud has even been filed against the borrower/guarantor. Accordingly, the action of the respondent Bank in seeking issuance of an LOC to prevent the petitioner from leaving the country on the ground that she was a guarantor to company’s loan is arbitrary, illegal and violative of Article 21 of the Constitution of India

May 26, 2022

Delhi High Court: The Real Estate Appellate Tribunal has been constituted as a forum whose jurisdiction may be invoked by any person aggrieved by a direction, decision or order made by the Authority or an Adjudicating Officer and Sections 43 and 44 of the Act do not confer, recognize or envisage any original or plenary power or authority being exercised by the Appellate Tribunal. The injunction is not shown to have been preceded by any enquiry with respect to the validity of a particular project or even a prima facie assessment or evaluation of the validity of a single project and it does not even take note of a proven or evident violation of the provisions of the Act by a particular project. Accordingly orders dt. 17 November 2021 and 24 November 2021 issued by the Tribunal are set aside

view all

What’s Hot

  • News
  • Statutes
  • International

May 25, 2023

  The Infrastructure Finance Secretariat (IFS), Department of Economic Affairs, Ministry of Finance, Government of India, in partnership with Government of Madhya Pradesh, conducted the infrastructure outreach workshop at Bhopal on 24 and 25 May 2023. This is the fourth workshop in a series of outreach workshops planned with State Governments and Union Territories and key central infrastructure ministries, with the objective of understanding ground issues faced by project sponsoring authorities in undertaking large infrastructure projects. The aim of the workshop was to bring together government officials of the centre & state, private sector experts and academicians associated with the infrastructure sector on a common platform to initiate dialogue between Center and state governments by spreading awareness on various schemes, financial instruments and trends in infrastructure in india.  

May 25, 2023

  NITI Aayog will be organising its 8 Governing Council Meeting on the theme of ‘Viksit Bharat @ 2047: Role of Team India’ on May 27, 2023. Eight prominent themes will be discussed during the day-long Meeting including (i) Viksit Bharat@2047, (ii) Thrust on MSMEs, (iii) Infrastructure and Investments, (iv) Minimising Compliances, (v) Women Empowerment, (vi) Health and Nutrition, (vii) Skill Development, and (viii) Gati Shakti for area development and social infrastructure. As the world’s fifth largest economy and the most populous nation, India is at a stage in its economic development trajectory where it can achieve accelerated growth over the next 25 years. In this context, the 8 Governing Council Meeting provides an opportunity to create a roadmap for Viksit Bharat by 2047 in which Centre and States can work together as Team India. This 8 Governing Council Meeting is also being held in the backdrop of India’s G20 Presidency. India’s G20 motto ‘One Earth, One Family, One Future’ conveys its civilisational values and its vision of the role of each country in creating the future of our planet.

May 24, 2023

The Reserve Bank of India has directed that the Directive No. CO.DOS.SED.No.S3361/12.07.005/2022-23 dated August 23, 2022, issued to Thodupuzha Urban Co-operative Bank Limited, Kerala, the validity of which was last extended up to May 23, 2023, shall continue to apply to the bank for a further period of three months, i.e., from May 24, 2023 to August 23, 2023, subject to review.

May 22, 2023

RBI) has imposed, by an order dated May 18, 2023, a monetary penalty of ₹7.50 lakh (Rupees Seven lakh Fifty thousand only) on The Kanyakumari District Central Co-operative Bank Ltd., Nagercoil, Tamil Nadu (the bank) for non-compliance with directions issued by RBI on transfer of eligible funds to Depositor Education and Awareness Fund (DEA Fund) constituted as per section 26A read with section 56 of Banking Regulation Act, 1949 (AACS) and for non-adherence with Know Your Customer (KYC) Direction, 2016. The inspection report of the bank based on its financial position as on March 31, 2021, revealed, inter alia, that the bank had not transferred eligible unclaimed deposits to DEA Fund and had violated provisions of KYC Direction in respect of risk categorisation, and by allotting multiple Customer Identification Codes to same customers etc.

view all

May 24, 2023

In the Income-tax Rules, 2023, the CBDT has published a new Rule 133. The new regulation specifies how Net Winnings from games played online are to be calculated for Sections 115BBJ and 194BA. The amending regulation also changed a number of TDS/TCS-related forms to reflect the changes enacted in the Finance Act 2023.

May 24, 2023

For the purposes of  Section 56 (2)(viib)ofthe  Act, sub-clause (ii) of the first proviso was published by the CBDT as Notification No. 29/2023-Income-Tax, naming certain class of people. Government and government-related investors, financial institutions or organisations engaged in the insurance operations in accordance with the relevant laws, and various organisations enrolled with the SEBI or connected to educational organisations, healthcare facilities, nonprofit organisations, Broad Based Pooled Investment Vehicle or pension plans in particular nations and defined areas are all included in the notice.

May 24, 2023

The Income Tax Act's Circular No. 30/2023 was released by the CBDT. According to the notice, compensation obtained by a corporation in exchange for the issuing of shares that surpasses the face value of such securities is exempt from the restrictions under section 56(2)(viib). This waiver, nevertheless, only holds true if the payment was made by a business that complies with all its obligations and files the proper statement. The announcement will take effect on April 1, 2023.

May 24, 2023

  For non-governmental organisations salaried workers, the Income-tax Act of 1961 historically provided a tax deduction during leave encashment. The paid leave they had accumulated at the time of retiring, whether from superannuation or another source, was covered by this deduction. The maximum amount allowed for this waiver, nevertheless, was fixed at Rs. 3 lakh.The government of India has recently declared an enhanced maximum for the tax exemptions on leave payment in response to the suggestion made by the Honourable Finance Minister in his Budget Statement of 2023. The new cap will be fixed at Rs. 25 lakh over salaried non-governmental organisations workers as of April 1, 2023. The total amount that is exempted via taxation under provision 10(10AA)(ii) of the statute cannot exceed Rs. 25 lakh if a non-governmental organisation's worker gets such compensation from various companies in a single prior year. The Rs. 25 lakh threshold shall also be reduced by any deduction for taxes that the worker has previously received from their total income under provision 10(10AA)(ii) of the Code  

view all

Nov 08, 2022

The European Union's highest court overturned a 2015 tax ruling against Fiat Chrysler, dealing the bloc's regulators a new setback in a crackdown on multinational corporations' efforts to financially shield their operations.

Nov 07, 2022

China's factory gate prices or producer price index (PPI) fell by 1.3% year-on-year for October, its first decline since December 2020, the National Bureau of Statistics (NBS) data showed on Wednesday. This was driven by faltering domestic demand amid COVID-19 curbs, a property slump and global recession risk hitting the economy. Consumer inflation moderated from a 29-month high in September.China's factory gate prices or producer price index (PPI) fell by 1.3% year-on-year for October, its first decline since December 2020, the National Bureau of Statistics (NBS) data showed on Wednesday. This was driven by faltering domestic demand amid COVID-19 curbs, a property slump and global recession risk hitting the economy. Consumer inflation moderated from a 29-month high in September.

Nov 03, 2022

During the 27th Session of the Conference of Parties to the UN Framework Convention on Climate Change (COP27), which will be held in Sharm El-Sheikh, Egypt, from November 6 to 18, India plans to push for clarity on the definition of climate finance for developing countries.

Nov 03, 2022

On Friday, November 4, 2022, the Supreme Court upheld the Employees' Pension (Amendment) Scheme, 2014 as "legal and valid," while reading down certain provisions of the scheme affecting current members.

view all

Beyond Taxes

Jan 30, 2023

Highlights of the 2022-23 Economic Survey

Jan 28, 2023

Budget will place an emphasis on spurring economic activity: Balagopal

Jan 28, 2023

Ex-parte assessment order issued in violation of natural justice principles carries civil consequences.

Jan 28, 2023

Fees received by cricket players from IPL team owners do not constitute "Business Support Service."

Jan 26, 2023

Deadline for issuance of SCN for fiscal year 2017-18 extended to September 30, 2023 by the Kerela High Court

Jan 23, 2023

Bicycle industry wants GST relief in the budget.

view all

Expert Corner

  • Income Tax
  • Indirect Tax
  • Corporate Law
  • Other

Jul 18, 2022

After 01.04.2021, the assessment order passed by NaFAC ought to have been passed in consonance with the provisions of Section 144B - Telangana HC rules

Telangana High Court on 11th July 2022 ruled that the assessment order passed under national...

Jul 16, 2022

Overriding effect of Insolvency and Bankruptcy Code, 2016 over Income Tax Act, 1961

As per the provisions of section 14 of the IBC, 2016, institution of a Suit or continuation of...

Jul 12, 2022

Condonation of Delay in filing of Appeal

ITAT, Surat – As per section 5 of the limitation act, length of delay is no matter;...

view all

Jul 12, 2022

Companies rendering Consulting Engineer Services under Service Tax Net before 2005 Amendment: Supreme Court

The Supreme Court's bench of MR Shah* and Sanjiv Khanna, JJ, has overturned the decision of the...

Jul 06, 2022

An Overview of GST notifications dated 5th July 2022

Central Board of Indirect Taxes and Customs, on 5th July 2022, issued 6 notifications giving effect...

May 31, 2022

Search, Seizure, and Arrest under GST

Where there are rules, there are rule breakers. To combat this, every tax administration has a...

view all
No Data
view all

Jun 01, 2022

Eligibility Criteria of Gratuity

Gratuity being an important retirement benefit to employees in the Indian context, is relevant for...

May 31, 2022

RISE OF CRYPTOCURRENCIES IN INDIA

In the fast-growing age of technological progressions and Globalisation, one thing is drawing the...

May 26, 2022

Real Estate Appellate Tribunal cannot pass suo moto orders: Delhi High Court

the Real Estate Appellate Tribunal has been constituted as a forum whose jurisdiction can be...

view all

Latest Stories

Opinion Poll

Can incentive be a good option for encouraging timely filing of return

Do you think there should be incentive for filing of early return instead of penalty for late return

Thought of the day

img

If you can't do great things, do small things in a great way - Napolean Hill

Upcoming Events

No Data
view all

Featured Experts

Ask Your Questions