Sec. 263 revision can be exercised if appeal was filed against order of AO but CIT(A)’s decision is pending: ITAT

INCOME TAX : Unlike the proviso to section 33A of the 1922 Act which has been omitted by section 263 of the Act, Explanation 1(c) in section 263 does not completely exclude the jurisdiction of PCIT to revise AO's order if the order is pending in an appeal before the CIT(A) or has been made the subject of an appeal to the ITAT.

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000318184/sec-263-revision-can-be-exercised-if-appeal-was-filed-against-order-of-ao-but-cita’s-decision-is-pending-itat.aspx

Bombay HC quashes faceless assessment order as draft assessment order wasn’t served upon assessee

INCOME TAX : Sub-section (9) of section 144B renders non-est any assessment made under Faceless Assessment Scheme, if it is not made in accordance with the procedure laid down in the said Section

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000318171/bombay-hc-quashes-faceless-assessment-order-as-draft-assessment-order-wasn’t-served-upon-assessee.aspx

HC dismissed writ petition challenging sec. 201 notices as assessee can approach CIT(A) against final assessment order

INCOME TAX : Where assessee had made payments to non-residents without deduction of tax at source and notices under section 201(1) and 201(1A) were issued to it and assessee challenged said notices before High Court in a writ petition, since on similar issue, demands had been raised against assessee for assessment years 2012-13 and 2013-14 which had been challenged by it before Commissioner (Appeals),

from www.taxmann.com Latest Case Laws https://ift.tt/3lmaiuJ

Assessee not liable to pay interest on delayed payment if sufficient balance lying in Cenvat Credit: CESTAT

EXCISE/ST/VAT: Where assessee is claiming that demand of reversal of Cenvat credit in relation to flats remaining unsold as on date of completion of project had been wrongly quantified by authorities and credit voluntarily reversed by assessee has not been considered,

from www.taxmann.com Latest Case Laws https://ift.tt/3D9n7id

HC quashed reassessment on grounds which AO duly considered during original assessment

INCOME TAX : Where assessee had explained how it had computed income from house property after deducting interest for construction period and why 1/5th of construction period interest was deducible and had also given its justification of eligible claim under section 80-IB(10), reopening of assessment on ground that assessee had computed income from house property by claiming 1/5th of construction interest on notional basis and had wrongly claimed deduction under section 80-IB,

from www.taxmann.com Latest Case Laws https://ift.tt/32F1p9b

Dispute of cheque bounce by non-executive directors is a matter of trial, couldn’t be adjudicated by HC u/s 482 of CrPC: SC

FEMA, BANKING amp; INSURANCE : Where appellant-directors of company filed petition before High Court seeking quashing of complaint against them filed under section 138 on ground that they were non-executive directors not responsible for day-to-day affairs of company, since, fact raised by appellants by way of defence was a matter of trial, High Court had rightly not interfered in exercise of its jurisdiction under section 482 CrPC for quashing of complaint

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317429/dispute-of-cheque-bounce-by-non-executive-directors-is-a-matter-of-trial-couldn’t-be-adjudicated-by-hc-us-482-of-crpc-sc.aspx

Insurance Co. to refund tax amount as there was no requirement for TDS as payment to claimant was below threshold limit: HC

INCOME TAX : Amount deposited by Insurance Company, on account of deduction of tax on interest amount was to be released in favour of applicants, as proportionate valuation of entitlement of interest amount to awarded amount was only Rs. 7000 per claimant i.e. below threshold limit of Rs. 50,000 which could be taxable by application of section 194A(3)(ixa)

from www.taxmann.com Latest Case Laws https://ift.tt/3xFUnfN

Non-handing of letter of possession of plot was an individual civil dispute, not a competition issue : CCI

COMPETITION ACT : Allegations of non-handling of letter of possession for residential plot by OP-builder to informant-allottee was in nature of an individual civil dispute rather than competition issue and thus, information against OP was to be closed

from www.taxmann.com Latest Case Laws https://ift.tt/3xzQ8CF

ST Exemption to US embassy not to be denied even if invoices didn’t carry serial number and date of undertaking

EXCISE/ST/VAT : Once correlation is established between assessee-service provider's invoices and undertakings provided by embassy of foreign country to assessee, substantive exemption could not be denied on ground that assessee's invoices did not carry serial number and date of embassy's undertaking

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000318118/st-exemption-to-us-embassy-not-to-be-denied-even-if-invoices-didn’t-carry-serial-number-and-date-of-undertaking.aspx

AO to allow TDS credit to employee even if TDS isn’t deposited by employer: Gujarat HC

INCOME TAX : Section 205 bars the Department from denying to employee-assessee the credit of TDS deducted by employer and reflected on the IT portal and also from raising direct demand for the same on employee-assessee even if the employer has not deposited the TDS deducted and has not issued Form 16 for the same

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000318066/ao-to-allow-tds-credit-to-employee-even-if-tds-isn’t-deposited-by-employer-gujarat-hc.aspx

Amount deposited during investigation is eligible for interest at 12% if successful in appeal being pre-deposit: CESTAT

GST/ST - Amount deposited during investigation and/or pending litigation is ipso facto pre-deposit on which interest is payable @ 12% pa

from www.taxmann.com Latest Case Laws https://ift.tt/32BJv7f

Lok Sabha passes Farm Laws Repeal Bill, 2021

Lok Sabha has passed The Farm Laws Repeal Bill, 2021 to repeal three farm laws namely Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Essential Commodities (Amendment) Act, 2020 and to amend the Essential Commodities Act, 1955.

from taxmann.com News https://ift.tt/32IGhPu

Submission of bids by opposite parties through a common internet protocol amounted to collusive bidding: CCI

COMPETITION LAW : Where in a tender floated by GAIL for restoration of well site locations in a GAIL operated block, OP bidders submitted their bids from a common internet protocol, and, e-mail dump of OPs had also revealed that OPs were in regular touch with each other during relevant period, when tender was issued, it could be concluded that OPs were indulged in collusive bidding, thus, OPs and their office bearers were directed to cease and desist from indulging in such practices

from www.taxmann.com Latest Case Laws https://ift.tt/3E86a99

General administration amp; selling expenses incurred by assessee cannot be treated as capital expenditure : ITAT

INCOME TAX : All expenses incurred prior to commencement of business are to be treated as pre-operative expenses and expenses incurred which do not form part of work-in-progress like office expenses, salaries, advertising, travelling expenses which are incurred for running of business operations are to be treated as revenue expenditure and allowed as deduction

from www.taxmann.com Latest Case Laws https://ift.tt/3E49ySw

Bar u/s 34 SARFAESI Act on filing civil suit is attracted if allegations of 'fraud' are made without any particulars: SC

FEMA, BANKING amp; INSURANCE: Bar under section 34 SARFAESI Act on filing civil suit is attracted if allegations of 'fraud' are made without any particulars

from www.taxmann.com Latest Case Laws https://ift.tt/3xqNbEl

Sec. 12A registration can’t be denied just because medical research to be carried out in hospital of settler Co. : ITAT

INCOME TAX: Declining registration under section 12AA to assessee-trust, established for medical research, on ground that medical research to be carried out in hospital of settler company would convert charitable activities into commercial activities was mere surmises, and hence, not sustainable in eyes of law

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000318155/sec-12a-registration-can’t-be-denied-just-because-medical-research-to-be-carried-out-in-hospital-of-settler-co-itat.aspx

Subcontractors are liable to pay ST even if main contractor discharged tax liability on amount received from clients

EXCISE/ST/VAT : Sub-contractors are liable to discharge Service Tax irrespective of main contractor having discharged Service tax liability on amount received from clients

from www.taxmann.com Latest Case Laws https://ift.tt/3xrM7jB

Assessee can’t submit evidence for first time before HC if same was never submitted before lower authorities: HC

INCOME TAX : Where assessee-employee was treated as ‘Resident’ for having stayed in India for 182 days during relevant previous year as per section 6(1)(a) but assessee claimed that he was on foreign water for a total period of 184 days and his residential status should have been taken as ‘Non-Resident’, since assessee’s employer had calculated his stay in India for 182 days and had deducted tax at source under section 192,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317160/assessee-can’t-submit-evidence-for-first-time-before-hc-if-same-was-never-submitted-before-lower-authorities-hc.aspx

No ST on transaction charges amp; other fees paid by stock brokers amp; subsequently recovered from clients

EXCISE/ST/VAT : NSE/BSE transaction charges and SEBI turnover fees paid by stock brokers and subsequently recovered from their clients, not liable to Service Tax

from www.taxmann.com Latest Case Laws https://ift.tt/3CYLsHw

Person aggrieved from measures taken by secured creditor u/s 13(4) should approach DRT and not Civil Court: HC

FEMA, BANKING amp; INSURANCE : When a secured creditor adopts a measure under section 13(4), any person aggrieved by same should approach jurisdictional DRT and it was incumbent on DRT to deal with matter and, upon DRT coming to a conclusion that creditor had no debt to pursue, it would lose further authority over matter; however, Civil Court's doors remain open to receive an action,

from www.taxmann.com Latest Case Laws https://ift.tt/3rtkGFd

Offsetting sales tax liability against purchase input to be deemed as actual payment eligible for sec. 43B relief : HC

INCOME TAX : Where assessee set-off/adjusted sales tax liability that arose at time of purchase of raw materials against sales tax collected at time of sale of finished goods, such amount of sales tax liability set off/adjusted, by legal fiction, was deemed to be an actual payment of tax liability and was deductible under section 43B

from www.taxmann.com Latest Case Laws https://ift.tt/3xt9JUL

DRT cant apply Sec 5 of the Limitation Act, 1963 and condone delay in filing appeal against order of Recovery Officer

FEMA, BANKING amp; INSURANCE: DRT cannot apply section 5 of the Limitation Act, 1963 and condone the delay in filing an appeal u/s 30 against the order of Recovery Officer

from www.taxmann.com Latest Case Laws https://ift.tt/3r8wXyB

No sec. 263 revision if assessment proceedings were concluded by AO after taking one of possible views : HC

INCOME TAX : Where Commissioner invoked revision jurisdiction and set aside order of Assessing Officer with directions to frame a fresh assessment order on ground that Assessing Officer failed to make a disallowance of interest under provisions of section 14A read with rule 8D in view of fact that view taken by Assessing Officer of not making disallowance of interest under section 14A on ground that same had been incurred for purpose of business,

from www.taxmann.com Latest Case Laws https://ift.tt/3CVghg3

No ST on amount retained on forfeiture of earnest money deposit for non-delivery of goods

EXCISE/ST/VAT : Amount retained on forfeiture of earnest money deposit and compensation for non-delivery of goods are not liable to service tax under the declared service of agreeing to the obligation to refrain from an act or tolerate an act or situation

from www.taxmann.com Latest Case Laws https://ift.tt/3xrCHEs

Gain on sale of balance lot of shares to be given similar tax treatment which was given in sale of previous lot : ITAT

INCOME TAX : Where income/surplus arising from sale of shares (forming part of a lot purchased by assessee) had undisputedly been subjected to tax as STCG, then, by way of an implication it could safely be inferred that said entire lot of shares was purchased by assessee with an intention to hold same as a capital asset, hence, balance shares would also be given a similar treatment

from www.taxmann.com Latest Case Laws https://ift.tt/3ldfVLX

No ST on broadcasting rights sold by Indian re-seller if broadcasting amp; telecasting would be outside India

EXCISE/ST/VAT : Demand of service tax is not sustainable merely because re-seller of broadcasting rights is in India when such telecast right was obtained for broadcasting cricket matches held in Zimbabwe and the telecast was in Bangladesh

from www.taxmann.com Latest Case Laws https://ift.tt/3HUHO55

AO can’t invoke rectification jurisdiction on issues that are debatable in nature : HC

INCOME TAX : Where Assessing Officer estimated income of assessee at rate of 12.5 per cent on contractual receipts and upon making such estimation, allowed depreciation under section 32 but subsequently, by invoking powers under section 154, Assessing Officer added depreciation to income of assessee, since deduction of depreciation from gross income which is computed on basis of estimation on main contractual receipts is a debatable question of law and fact,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317401/ao-can’t-invoke-rectification-jurisdiction-on-issues-that-are-debatable-in-nature-hc.aspx

Delhi HC directed AO to refund sum adjusted over 20% of disputed demand from refund payable to assessee

INCOME TAX : Where order was passed under section 245 for adjustment of refund in excess of 20 per cent of disputed outstanding demand but it did not give any special/particular reasons as to why amount in excess of 20 per cent was recovered from assessee, since said order was contrary to Instruction No. 1914, dated 21-3-1996 which stipulates pre-deposit of only 20 per cent of disputed demand, Asstt. Commissioner was directed to refund amount adjusted in excess of 20 per cent of disputed demand

from www.taxmann.com Latest Case Laws https://ift.tt/313MsNj

‘UFO moviez’ abused dominance by restricting ‘DCE’ from playing films that weren’t processed by its subsidiary Co.

COMPETITION LAW : Where OP supplied Digital Cinema Equipment (DCE) on lease to cinema theatre owners and had disabled DCE from accepting or playing any cinematograph film which had not been post-production processed by its subsidiary company 'S', thereby causing exclusion of competitors of 'S' from market, same was in violation to provisions of sections 3 and 4 and, accordingly, DG was to be directed to investigation into matter

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317147/‘ufo-moviez’-abused-dominance-by-restricting-‘dce’-from-playing-films-that-weren’t-processed-by-its-subsidiary-co.aspx

AO can’t recover an amount in excess of 20% of tax to grant stay of demand without assigning reasons : HC

INCOME TAX : Where no order had been passed by Assessing Officer under section 245 for adjustments of refunds and moreover, there was no order by Assessing Officer giving any special/particular reason as to why any amount in excess of 20 per cent of outstanding demand should be recovered from assessee in accordance with paragraph 4(B) of office memorandum dated 29-2-2016,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316655/ao-can’t-recover-an-amount-in-excess-of-20-of-tax-to-grant-stay-of-demand-without-assigning-reasons-hc.aspx

No ST on services provided by Indian telecom operators to subscribers travelling outside India : CESTAT

EXCISE/ST/VAT : Services provided by Indian telecom operators to subscribers travelling outside India were not taxable as "telecommunication service" or "support service of business or commerce". Services of overseas telecom operators were not "input service" for Indian telecom operators

from www.taxmann.com Latest Case Laws https://ift.tt/3p28xE6

No credit of ST paid on outdoor catering service used primarily for personal use or consumption of employee: SC

EXCISE/ST/VAT: Cenvat credit of service tax paid on outdoor catering service used primarily for personal use or consumption of employee is not admissible from 1-4-2011 after amendment to Rule 2(l) of Cenvat Credit Rules

from www.taxmann.com Latest Case Laws https://ift.tt/32yTudF

No reassessment allowed just to disallow set-off of STCG from business loss if it was allowed in original assessment : HC

INCOME TAX : Where while computing deduction under section 10AA there was no failure on part of assessee to disclose fully and truly fact that capital gains of Rs. 9.42 crores had been deducted against business losses and during assessment proceedings, Assessing Officer had himself allowed set off of Rs. 9.42 crores, reopening of assessment on above ground was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/3CKEp52

Reassessment can’t be initiated if doubt raised by AO can be cleared by resorting to provisions of sec. 133: ITAT

INCOME TAX : Where assessee had acted as per law, furnished return within prescribed time, in annexure-less mode, obtained audit report in prescribed form (Form 10CCB) in time and furnished same before Assessing Officer at earliest possible time, along with reply in response to notice under section 148(1), there was no reason to believe non-conduct of audit under section 80-IB and non-eligibility to deduction under section 80-IB(11A);

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317342/reassessment-can’t-be-initiated-if-doubt-raised-by-ao-can-be-cleared-by-resorting-to-provisions-of-sec-133-itat.aspx

Reassessment to tax capital contribution valid as partner failed to prove that asset brought by him wasn’t capital asset

INCOME TAX : Where assessee partner contended that reopening notice issued against him on ground that gains arising from transfer of gold by him to partnership firm as capital contribution at market rate was to be taxed under section 45(3) was unjustified as assessee was trading in gold and such gold was his stock-in-trade and not capital asset,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317027/reassessment-to-tax-capital-contribution-valid-as-partner-failed-to-prove-that-asset-brought-by-him-wasn’t-capital-asset.aspx

Contention of no hearing opportunity was provided is untenable if several adjournments were granted to assessee: ITAT

INCOME TAX : Where Commissioner (Appeals) had given sufficient notice to assessee before enhancing assessment and had also given several adjournments to assessee for hearing of appeals, but, assessee did not avail opportunity of being heard, contention of assessee that no reasonable opportunity of being heard had been given by Commissioner (Appeals) being without merits was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/30SmbSs

Quotation of higher price as compared to price quoted in previous tender didn’t amount to anti-competitive practice : CCI

COMPETITION ACT : Where informant, an NGO, alleged that in a tender floated by Public Health Engineering Department for installation and commissioning of RO in State of Rajasthan, OPs quoted high prices as compared to prices quoted by them in previous tender for similar work, indicating some cartelization amongst Ops since, allegation of informant did not prima facie disclose existence of any concerted action on part of OPs in submitting bids,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317161/quotation-of-higher-price-as-compared-to-price-quoted-in-previous-tender-didn’t-amount-to-anti-competitive-practice-cci.aspx

Disturbing loss figure as accepted in scrutiny is beyond scope of Sec. 154 rectification amp; Sec. 263 revision : ITAT

INCOME TAX : PCIT 's revision order u/s 263 is to be quashed where it is time-barred and is in respect of a rectification order passed by AO u/s 154 which could not be termed as prejudicial to revenue for the following reasons:(I) AO's rectification order merely stated the figure of returned loss accepted in scrutiny but omitted to be stated in the assessment order and the rectification order was infructuous as set-off claim

from www.taxmann.com Latest Case Laws https://ift.tt/3CHL53S

Activity of right to use goods where its possession is given with effective control over work-wears is liable to VAT and not ST: CESTAT Chennai

EXCISE/ST/VAT : Renting/leasing of work-wear to clients would not amount to Supply of Tangible Goods supply service so as to attract levy of Service Tax

from www.taxmann.com Latest Case Laws https://ift.tt/30PHjst

Giving a single day to file response to draft assessment order is unjustified : HC

INCOME TAX : Where AO passed a final assessment order without providing due opportunity to assessee to file its reply in response to a notice-cum-draft assessment order issued against it as time frame set out in said notice to file reply was extremely narrow (one day), impugned final assessment order passed in violation of principal of natural justice was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/32vSCXa

HC slams AO for invoking extending limitation period of 4 year for reassessment on mere change of opinion

INCOME TAX: Mere 'change of opinion' does not entitle AO to reopen assessment even within the limitation period of 4 years specified in the first proviso of the pre-amended section 147

from www.taxmann.com Latest Case Laws https://ift.tt/3oUKp6f

Exemption from TDS u/s 194C can’t be denied even if payer didn’t furnish transporter details in Form 26Q

INCOME TAX : Where assessee had furnished copies of PAN along with copies of invoices of transportation bill comprising complete address of transporter, phone no. and complete particulars of goods loaded through transportation and thereby led full evidences to establish genuineness of payment made for freight to transporters, same could not have been disallowed simply for technical lapse under section 194(7)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317167/exemption-from-tds-us-194c-can’t-be-denied-even-if-payer-didn’t-furnish-transporter-details-in-form-26q.aspx

Object of an association can’t be treated as non-charitable on grounds of earning revenue from commercial activity

INCOME TAX : Where main object of assessee-association, an apex body of all State Transport Corporation, was to improve public transport system in country, merely because it earned revenue from testing automobile parts and consultancy services, it could not be said that assessee-association was not charitable in nature

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317375/object-of-an-association-can’t-be-treated-as-non-charitable-on-grounds-of-earning-revenue-from-commercial-activity.aspx

Person holding pledge of shares isn't third person to get info. considered by AO for making attachment order: HC

INCOME TAX : Petitioner's writ petition seeking information/documents from revenue which were considered for passing provisional attachment was to be allowed as petitioner was holding pledge of shares in question and thus, could not be treated as a third person

from www.taxmann.com Latest Case Laws https://ift.tt/3rhOSD9

Limitation period not to be applied for refund when any duty was paid under protest during investigation: CESTAT

EXCISE/ST/VAT : Refund claim not to be rejected on grounds of limitation when duty paid in excess but appellant required to furnish necessary documentary evidences in support of its claim

from www.taxmann.com Latest Case Laws https://ift.tt/3oNFLqK

CIT(A) to give hearing opportunity to assessee who failed to appear but furnished written submissions: ITAT

INCOME TAX : Where assessee failed to appear for hearing but filed written submission alongwith fresh evidence, such fresh evidence would be a grievance in a circuitous manner by assessee seeking an opportunity of being heard to clarify facts and Commissioner ought to pass a speaking order after giving assessee a reasonable opportunity of being heard

from www.taxmann.com Latest Case Laws https://ift.tt/3DK7yyt

DRI officer has no authority to issue SCN under Customs Act, Notice to be stayed: HC

EXCISE/ST/VAT: Show cause notice issued by DRI officer under Customs Act, 1962 to be stayed, prima facie, DRI officer having no authority to issue notice thereunder

from www.taxmann.com Latest Case Laws https://ift.tt/30TJZF7

Creditors were responsible to get fair value on sale for collateral mortgaged by borrowers to recover overdue: HC

FEMA amp; BANKING : When collateral and securities were provided by borrowers, which would be available to creditors for sale to recover outstanding dues, creditors had responsibility to get a fair value for said collateral/security/immovable property

from www.taxmann.com Latest Case Laws https://ift.tt/3HMnSBh

Co-operative societies can’t use the word “Bank” in their names, RBI cautions general public

RBI has cautioned about Co-operative societies using the word “bank” in their names and for accepting deposits from non-members. RBI said that Cooperative societies cant use the words “bank", "banker" or "banking" as part of their names, except as permitted under the provisions of BR Act, 1949 or by the RBI. It also informed that Co-operative societies have neither been issued any licence under BR Act, 1949 nor are they authorized by the RBI for doing banking business.

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021592/co-operative-societies-can’t-use-the-word-“bank”-in-their-names-rbi-cautions-general-public.aspx

Nexus between input services amp; exported services not required to be established for refund of Cenvat Credit: CESTAT

EXCISE/ST/VAT: For refund of Cenvat credit, nexus between input services and exported services not required to be established

from www.taxmann.com Latest Case Laws https://ift.tt/3cDSBCa

No ST on construction services of roads, sewage treatment plant etc. provided to Rajya Krishi Utpadan Mandi Parishad

EXCISE/ST/VAT : Construction of boundary wall, godown, shops, toilets, roads, sanitation, water reservoir for drinking water supply, Sewage Treatment plant etc. provided to Rajya Krishi Utpadan Mandi Parishad, eligible to exemption under Sl. Nos. 12, 13 and 14 of Notification No. 25/2012-S.T.

from www.taxmann.com Latest Case Laws https://ift.tt/3oJ719S

Selling flats at amount lesser than stamp duty justified as flats had no parking space amp; electricity connection: ITAT

INCOME TAX : Where Commissioner (Appeals) passed an order allowing assessee's claim for LTCG arising from sale of government securities by applying cost inflation index and said issue was merged with order of Assessing Officer, said issue could not be re-examined by invoking section 263

from www.taxmann.com Latest Case Laws https://ift.tt/3kXql2b

SAT reduces penalty from Rs. 30 lakhs to Rs. 3 lakhs as non-disclosure by appellant didn’t cause any loss to investors

COMPANY LAW/SEBI : Where appellant, promoter of target company, failed to make disclosures of change in shareholding in scrips of company and, thus, violated regulation 13 of PIT regulation and regulation 29 of SAST regulation, since, such transaction had neither caused disproportionate gain to appellant nor any loss to investors, penalty of Rs. 30 Lakh imposed on appellant was harsh and same was to be reduced to Rs. 3 lakh

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316785/sat-reduces-penalty-from-rs-30-lakhs-to-rs-3-lakhs-as-non-disclosure-by-appellant-didn’t-cause-any-loss-to-investors.aspx

Interest actually paid in ‘One Time Settlement’ scheme is eligible for sec. 43B relief: ITAT

INCOME TAX : Where assessee company had raised a term loan from GIIC, however was unable to payback same and pursuant to OTS sanctioned by GIIC, sum of Rs. 1.19 crores had actually been paid by assessee company to GIIC out of interest of Rs. 3.24 crores that was disallowed under section 43B in earlier years, said sum actually paid would be eligible as a deduction during year under consideration under section 43B

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317372/interest-actually-paid-in-‘one-time-settlement’-scheme-is-eligible-for-sec-43b-relief-itat.aspx

Sum incurred to run business smoothly, and not to bring new asset into existence, is a revenue exp.: HC

INCOME TAX : Where an expenditure is incurred for doing business in a more convenient and profitable manner and has not resulted in bringing any new asset into existence, such expenditure is allowable as business expenditure

from www.taxmann.com Latest Case Laws https://ift.tt/30Ogo03

Excess stock found during search not taxable as unexplained investment if it isn’t separately identifiable: HC

INCOME TAX : Where nature and source of excess stock found during search was not specifically identifiable from profits which had accumulated from earlier years, AO was justified in holding that said excess stock was not undisclosed investment of assessee and no case of perversity or lack of enquiry on part of Assessing Officer was made out so as to render his decision erroneous under Explanation 2 to section 263

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316977/excess-stock-found-during-search-not-taxable-as-unexplained-investment-if-it-isn’t-separately-identifiable-hc.aspx

Demanding ST again on Ocean freight already included in value of goods imported amounts to double taxation: CESTAT

EXCISE/ST/VAT: Ocean freight was already included in value of inputs imported on CIF basis during period prior 30-6-2017; Customs duty and CVD having already been paid on such freight at time of import, demanding Service Tax again thereon amounts to double taxation and same liable to be refunded with interest

from www.taxmann.com Latest Case Laws https://ift.tt/3oOjRDI

ST leviable on rights transferred by successful bidder to third person for providing parcel, courier and allied services

EXCISE/ST/VAT : Where Road Transport Corporation entrusted their "parcel, luggage, newspaper, courier and allied services" to be carried on roofs of buses to successful bidder in tender, who in turn assigned it to another person, applicant was liable to pay tax as provider of franchisee service

from www.taxmann.com Latest Case Laws https://ift.tt/3cwDQRH

Excess stock found during search not taxable as unexplained investment if it isn’t separately identifiable: ITAT

INCOME TAX : Where nature and source of excess stock found during search was not specifically identifiable from profits which had accumulated from earlier years, AO was justified in holding that said excess stock was not undisclosed investment of assessee and no case of perversity or lack of enquiry on part of Assessing Officer was made out so as to render his decision erroneous under Explanation 2 to section 263

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316977/excess-stock-found-during-search-not-taxable-as-unexplained-investment-if-it-isn’t-separately-identifiable-itat.aspx

SAT reduces penalty for not finding GDR issue fraudulent but violation of disclosure norms

COMPANY LAW/SEBI : Where company 'T' issued GDRs which were fully subscribed by 'V' and directors of company failed to disclose to Stock Exchange material information that ‘V’ took a loan from foreign bank for which company ‘T’ provided security in form of Pledge Agreement, in view of fact that loan amount had been repaid by 'V' and proceeds of GDRs had not been diverted to any third party, GDR issue was not fraudulent and therefore while affirming finding of violation related to non-disclosure,

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A body financed by Govt. to promote members of SCs, STs or OBCs is eligible for Sec. 10(26B) relief: Kerala HC

INCOME TAX : Where assessee is a body viz., incorporated under Companies Act and formed to achieve or promote interests of members of Scheduled Castes or Scheduled Tribes or backward classes or of any two or all of them and receives full financial assistance from Government, it is entitled to exemption under section 10(26B)

from www.taxmann.com Latest Case Laws https://ift.tt/3x2lO3b

Profits gained by buying space on ships at lower price amp; selling at higher price can't be treated as Camp;F Agent Services: CESTAT

EXCISE/ST/VAT : Profits gained by buying space on ships at lower price and selling at a higher price to the customers cannot be called "Clearing and Forwarding Agent Service

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CCI imposes penalty on paper manufacturers for indulging in cartelization

COMPETITION LAW: Penalty was to be imposed on paper manufacturers for indulging in cartelization

from www.taxmann.com Latest Case Laws https://ift.tt/30ElvzY

No deemed dividend arises if sum is advanced to shareholder against sale of property: HC

INCOME TAX : Where assessee had not received any advance in nature of loan or advances as contemplated in section 2(22)(e) but received advance against sale of commercial space developed by assessee, Commissioner (Appeals) had rightly deleted addition made by Assessing Officer under section 2(22)(e)

from www.taxmann.com Latest Case Laws https://ift.tt/3Dt5OcV

A body formed but financed by Govt. to promote members of SCs, STs or OBCs is eligible for Sec. 10(26B) relief: HC

INCOME TAX : Where assessee is a body viz., incorporated under Companies Act and formed to achieve or promote interests of members of Scheduled Castes or Scheduled Tribes or backward classes or of any two or all of them and receives full financial assistance from Government, it is entitled to exemption under section 10(26B)

from www.taxmann.com Latest Case Laws https://ift.tt/3nxb7m5

Reopening of assessment on same facts duly considered during original assessment is not justified: HC

INCOME TAX : Where all documents pertaining to purchase of three properties were furnished by assessee and Assessing Officer also verified documents and clearly formed an opinion for purpose of grant of exemption under section 54F in respect of one property while passing original assessment order, reopening of assessment, taking a different opinion on same set of facts being a mere change of opinion was not justified

from www.taxmann.com Latest Case Laws https://ift.tt/3csEL5z

Sum received from seller to purchase a vehicle for promotion of its product isn’t taxable as business income

INCOME TAX : Where assessee worked as dealer/redistributor for companies CG and UI and incentive received by assessee from UI, specifically for purchase of van was not in nature of any benefit or perquisite which had arisen from business so as to treat value of same as business income of assessee in terms of section 28(iv), addition made by Assessing Officer under section 28(iv) was to be deleted

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317166/sum-received-from-seller-to-purchase-a-vehicle-for-promotion-of-its-product-isn’t-taxable-as-business-income.aspx

CESTAT allowed refund of ST paid under protest by Javed Akhtar for compensation for copyright infringement

EXCISE/ST/VAT : Retention of amount paid wrongly as service tax violates Article 265 of Constitution of India and the same is liable to be refunded when tax has been held as not payable on the same transaction in respect of another person

from www.taxmann.com Latest Case Laws https://ift.tt/3qUasxj

ITAT allows sec. 54F exemption on purchasing a residential floor in a building with commercial shops on other floors

INCOME TAX : Deduction under section 54F in respect of purchase of residential property on first floor of a complex having shops constructed on ground floor would be allowable, as, municipal records, purchase deed and copies of electricity bills relating to property placed on record supported contention of assessee that property was residential property

from www.taxmann.com Latest Case Laws https://ift.tt/32723Ml

Bombay High Court quashes a faceless assessment order passed without issuing a draft order

INCOME TAX : Where in faceless assessment NFAC passed a final assessment order under section 143(3), read with section 144B, against assessee without issuing any show cause notice which was mandatory requirement for faceless assessment under section 144B as well as serving draft assessment order, impugned assessment order was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/3Dtbvrr

Time barred written statement against recovery suit was rightly dismissed by DRAT: HC

FEMA, BANKING amp; INSURANCE : Where petitioners filed written statement of their defence after permissible limit for filing written statement had expired and alleged that they were provided legible copies of paper book belatedly, in view of fact that they neither claimed before DRT that any documents were illegible nor they produced so called illegible copies of documents before DRT which, if produced, would have satisfied DRT about their being illegible,

from www.taxmann.com Latest Case Laws https://ift.tt/3HA30NJ

HC quashes order passed on pretext that assessee didn’t file reply but it was acknowledged by dept.

INCOME TAX : Where Assessing Officer proceeded to consider case of assessee on an assumption that assessee had not filed any reply to show cause notice issued to it and passed assessment order, since acknowledgement from income tax department itself showed that department received assessee's reply, impugned order was bad on account of violation of principles of natural justice and was to be quashed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317305/hc-quashes-order-passed-on-pretext-that-assessee-didn’t-file-reply-but-it-was-acknowledged-by-dept.aspx

SEBI comes with up investor charter prescribing rights and responsibilities of investors

In order to protect the interests of investors, the market regulator, SEBI has introduced the investor charter to help investors understand the risks involved. The charter includes rights and responsibilities of investors and dos and don’ts of investing in securities market. One of the objects of charter is redressal of investor grievances filed in SCORES in a time bound manner.

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Entity engaged in upliftment of sanitation worker and manual scavengers is entitled for sec. 10(26B) exemption: HC

INCOME TAX : Where assessee company was fully owned by Government of India and engaged in work of development of National Safai Karamcharis who were involved in upliftment of Safai Karamcharis and Manual Scavengers who belong to Scheduled Caste, Scheduled Tribe or Other Backward Classes and also in inhumane practice of scavenging and other sanitation activities, it would be entitled to claim benefit of section 10(26B)

from www.taxmann.com Latest Case Laws https://ift.tt/3ntgBhQ

CIT can’t direct AO to add items to compute book profit for MAT without giving a reference of empowering provision

INCOME TAX : Commissioner was not justified in revising order and directing Assessing Officer to add decommissioning levy, interest on decommissioning fund, interest on R amp; M fund and interest on R amp; D fund to profit as per profit and loss account to arrive at book profit under section 115JB, particularly when in order passed by Commissioner, there was no mention as to under which category of Explanations (A) to (K) of section 115JB(2) these four items would fall

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317403/cit-can’t-direct-ao-to-add-items-to-compute-book-profit-for-mat-without-giving-a-reference-of-empowering-provision.aspx

Milling agent for Odisha Govt. abused dominance by not reimbursing charges and imposing unfair conditions to rice mills

COMPETITION LAW : Where informant had entered into an agreement with OP-2 for custom milling of paddy, however OP-2 had not properly disclosed charges for custom milling, not properly reimbursed charges incurred by millers in providing services since last several years and unilaterally reduced rates of some services, conduct of OP-2 was an abuse of its dominant position as per provisions of section 4

from www.taxmann.com Latest Case Laws https://ift.tt/3Dofp4Q

AO can’t withhold refund after completion of assessment without assigning reasons: HC

INCOME TAX : Once a refund is declared after scrutiny proceedings and such refund is withheld, a reasoned order has to follow because assessment in such a case is done after production of materials and evidence required by Assessing Officer

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317702/ao-can’t-withhold-refund-after-completion-of-assessment-without-assigning-reasons-hc.aspx

Taxmann’s Investee EdTech ‘Mindler’ acquires ‘Immrse’ to provide virtual internships

Taxmann has invested in an education technology start-up Mindler Education Pvt. Ltd. Mindler is an ed-tech start-up that focuses on shaping the career guidance landscape. Mindler announces acquisition of Immrse, a virtual career internship and simulation platform to empower its users with an added solution to its existing portfolio of career discovery and planning tools.

from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021585/taxmann’s-investee-edtech-‘mindler’-acquires-‘immrse’-to-provide-virtual-internships.aspx

Assessee developing and protecting interest of commerce and industries is entitled to sec. 12A registration: ITAT

INCOME TAX : Where assessee was engaged in promoting and developing and protecting interest of trade, commerce, and industries and bifurcation of revenue and expenses showed that none of activity was in nature of trade, commerce or business, assessee fulfiled requisite conditions for falling under head 'charitable purpose' as defined under section 2(15)

from www.taxmann.com Latest Case Laws https://ift.tt/3l4Ya1p

Notice not containing complete address of assessee but his general location is not valid: ITAT

INCOME TAX : Where notice issued under section 148 merely mentioned name of assessee and general location of city, such generalistic notice issued without mentioning full and correct address of assessee would not be a valid notice for reopening of assessment

from www.taxmann.com Latest Case Laws https://ift.tt/3clIrpS

Assessee eligible for Sec. 264 revision if its application to get immunity from penalty got rejected: HC

INCOME TAX : Where an assessee makes an application under section 270AA(1) and such an application has been accepted under section 270AA(4), assessee cannot file an appeal under section 246(A) or an application for revision under section 264 against order of assessment or reassessment passed under section 143(3) or section 147; however, he can challenge order passed by Assessing Officer, rejecting its application made under section 270AA(1)

from www.taxmann.com Latest Case Laws https://ift.tt/3nhSHpm

Condition of pre-deposit on promoters for filing of appeals under u/s 43(5) of RERA is not discriminatory: SC

COMPANY LAW/RERA: From scheme of Real Estate (Regulation and Development) Act, 2016, its application is retroactive in character and it can safely be observed that projects already completed or to which completion certificate has been granted are not under its fold and therefore, vested or accrued rights, if any, in no manner are affected. However, all ongoing projects that commence prior to Act 2016 and in respect to which completion certificate has not been issued are covered under Act, 2016

from www.taxmann.com Latest Case Laws https://ift.tt/3HjKfxI

No appeal to be maintained against assessment order if assessee has filed application for immunity from penalty

INCOME TAX : Where an assessee makes an application under section 270AA(1) and such an application has been accepted under section 270AA(4), assessee cannot file an appeal under section 246(A) or an application for revision under section 264 against order of assessment or reassessment passed under section 143(3) or section 147; however, he can challenge order passed by Assessing Officer, rejecting its application made under section 270AA(1)

from www.taxmann.com Latest Case Laws https://ift.tt/3Dh33v8

Dispute relating to non-receipt of monthly rent is contractual in nature, outside purview of Competition Act: CCI

COMPETITION LAW : Where informant invested in hospitality project of OP and OP agreed to pay monthly rent of Rs. 14 thousand to informant and informant alleged that neither he received monthly rent nor refund of his money, in view of fact that said issues did not reveal any competition concern and same appeared to be purely individual consumer/contractual in nature, and as such remedies lie elsewhere and therefore information was to be closed against OP

from www.taxmann.com Latest Case Laws https://ift.tt/3niShik

No addition on basis of material found during search on third party without proving it’s nexus with assessee

INCOME TAX : Where AO made additions to income of assessee on basis of certain material found and seized during search conducted upon a colleague of assessee and his wife showing that assessee had received an illegal commission of certain amount, since no incriminating material was found during search conducted upon assessee and, further,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317367/no-addition-on-basis-of-material-found-during-search-on-third-party-without-proving-it’s-nexus-with-assessee.aspx

BCCI isn’t engaged in commercial activities as funds generated from IPL are used for promoting cricket: ITAT

INCOME TAX : Operational model of Indian Premier League tournament (IPL) was more entertaining, more economically viable, provided greater economic opportunities to all those associated with that tournament, and mobilized greater financial resources for popularising cricket, as long as purpose for which all funds at disposal of assessee-trust, BCCI, including additional funds generated from IPL, were employed for promoting cricket,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317933/bcci-isn’t-engaged-in-commercial-activities-as-funds-generated-from-ipl-are-used-for-promoting-cricket-itat.aspx

Accumulated CCR can be used against services which later became taxable; One to one correlation not needed: CESTAT

EXCISE/ST/VAT : Utilisation of accumulated Cenvat credit for payment of service tax even when output service on which service tax is paid has been made a taxable service subsequently, is permissible as there is no one-to-one correlation of inputs or input services used for providing taxable services

from www.taxmann.com Latest Case Laws https://ift.tt/3HnCLd9

No ST on amount received as compensation due to cancellation of coal blocks by order of SC: CESTAT

EXCISE/ST/VAT : Amount received as compensation as per law consequent to cancellation of coal blocks by order of Supreme Court cannot be termed as consideration and service tax is not liable to paid on such compensation

from www.taxmann.com Latest Case Laws https://ift.tt/3HqhfUW

No concealment penalty for erroneous claim without deliberate misrepresentation of facts : HC

INCOME TAX : Where Assessing Officer noted that assessee made an incorrect claim of deduction under section 10B and levied a penalty under section 271(1)(c), since an erroneous claim simpliciter does not automatically attract a penalty and it is only when an erroneous claim is based on a deliberate misrepresentation of facts or deliberate suppression of relevant material facts, that a penalty is imposed after deduction is denied, there was no question of imposing any penalty upon assessee

from www.taxmann.com Latest Case Laws https://ift.tt/3ngiXQZ

HC keeps recovery proceedings in abeyance until revenue decides application of sec. 80P to co-op. society

INCOME TAX : In case of cooperative societies revenue is to expeditiously decide permissibility of deduction under section 80P and till then, recovery proceedings pursuant to assessment order are to be kept in abeyance

from www.taxmann.com Latest Case Laws https://ift.tt/30vrbMr

Commission paid to distributor on achieving sale target is an allowable business exp. : ITAT

INCOME TAX : Where assessee manufacturer paid commission to sole distributor for achieving minimum sale target, since such commission expense incurred by assessee was wholly and exclusively for business purpose, same was to be allowed under section 37(1)

from www.taxmann.com Latest Case Laws https://ift.tt/3FhOcRW

SEBI inaugurates SEBI Pavilion at India International Trade Fair, New Delhi

With a view to showcasing the well-regulated securities market and spreading awareness about the capital market, the SEBI has decided to inaugurate the SEBI Pavilion at the India International Trade Fair (IITF), 2021 at Hall No.12A, Pragati Maidan, New Delhi.

from taxmann.com News https://ift.tt/30uLidI

Product ‘Nimbooz’ classifiable under tariff heading 2202 10 20: CESTAT Hyderabad

EXCISE/ST/VAT: In view of decision of Larger Bench decision of Allahabad Tribunal, Product 'Nimbooz' are classifiable under Tariff heading 2202 10 20

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317923/product-‘nimbooz’-classifiable-under-tariff-heading-2202-10-20-cestat-hyderabad.aspx

Delhi ITAT quashed assessment order as notice under section 143(3) was issued after statutory limit

INCOME TAX : Where pursuant to search Assessing Officer made additions in hands of assessee on account of unexplained jewellery and cash, however notice under section 143(2) for said assessment order was issued after statutory time limit, said order would become null and void ab initio

from www.taxmann.com Latest Case Laws https://ift.tt/3HrdQ8L

Sterilizing and packaging of gloves isn’t manufacturing for deduction under section 80-IB: HC

INCOME TAX : Where assessee company was purchasing non-sterilised gloves from outside market and subjected such gloves to a process of sterilisation and packing, since process of sterilisation and packing carried out by assessee did not create or bring any new product in existence, such process would not come within purview of 'manufacturing'; thus, no deduction under section 80-IB was to be granted to assessee

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317054/sterilizing-and-packaging-of-gloves-isn’t-manufacturing-for-deduction-under-section-80-ib-hc.aspx

Dept. not entitled to invoke extended period of limitation for no willful suppression on part of assessee: CESTAT

EXCISE/ST/VAT: Recipient of 'manpower recruitment or supply agency service' made short payment of tax under bona fide belief that he is liable to pay service tax at 75% of service value only; Department was not entitled to invoke extended period of limitation

from www.taxmann.com Latest Case Laws https://ift.tt/3wB5pT2

Dept. must allow adjustment of unutilised Cenvat credit not transferred to GST regime against service tax demand: CESTAT

GST/EXCISE/ST/VAT : There is no bar or disability under section 140(1) read with section 142 of CGST Act, 2017 on an assessee for claiming adjustment of tax demand from unutilised Cenvat credit (lying to credit as on 30-6-2017), which has not been carried forward to GST regime. Thus, Adjudicating Authority was directed to grant adjustment of unutilised amount of Cenvat credit against service tax demand payable by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/3C5INeF

Cost incurred in acquisition of shares of Co. can’t be treated as a cost of project for Sec. 35D deduction : HC

INCOME TAX : Acquisition of companies by acquiring 100 per cent subsidiary shares would not be construed as acquisition of fixed assets that were acquired or developed in connection with extension of industrial undertaking or setting up of new industrial unit of assessee, thus, cost incurred in acquisition of companies could not be claimed as deduction under section 35D

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317878/cost-incurred-in-acquisition-of-shares-of-co-can’t-be-treated-as-a-cost-of-project-for-sec-35d-deduction-hc.aspx

Disallowance under sec. 40A(2) without a comparable to prove the excessive payment is not justified: ITAT

INCOME TAX : Where AO disallowed professional expenses incurred by assessee company for taking consultancy and technical services from its sister concern by invoking provision of section 40A(2) on ground that said expenses were excessive of fair market value, since no comparable instance of third party rendering similar services was brought on record so as to show that said expenses incurred by assessee were excessive, such disallowance was to be restricted only to 10 per cent of total expenses

from www.taxmann.com Latest Case Laws https://ift.tt/3qqyY8K

Cenvat Credit of common input services if availed only in one unit can't be held incorrect or illegal: CESTAT

EXCISE/ST/VAT: Even if assessee availed Cenvat Credit in respect of common input service in one unit only; it was optional for assessee to either avail entire credit in said unit or distribute same proportionately to different unit

from www.taxmann.com Latest Case Laws https://ift.tt/3bW9qbd

Disallowed portion of interest exp. forms part of income; eligible for sec. 80P deduction: HC

INCOME TAX : Where revenue disallowed expenditure claimed by assessee-credit co-operative society towards interest paid on deposits received by it from its members, since such disallowed amount became income earned from business carried on by assessee society, same was to be allowed as deduction under section 80P(2)(i)(a)

from www.taxmann.com Latest Case Laws https://ift.tt/3BZRcA3

Grasim Industries held abusing its dominance by charging discriminatory prices from customers: CCI

COMPETITION ACT : Where OP being dominant entity in relevant market i.e. market for supply of VSF to spinners, was denying market access to its customers and was also imposing supplementary obligations upon them, OP was abusing its dominant position

from www.taxmann.com Latest Case Laws https://ift.tt/3CdDSsh

Revocation by Govt. to provide Covid-19 treatment can’t be sole ground to reject approval of hospital u/s 17(2)(viii)

INCOME TAX: Where petitioner-hospital filed application seeking renewal of approval under clause (ii)(b) of proviso to section 17(2)(viii) - While said application was pending, pandemic hit nation and petitioner was granted approval for providing treatment for covid patients by State government which was later revoked - Consequently,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317840/revocation-by-govt-to-provide-covid-19-treatment-can’t-be-sole-ground-to-reject-approval-of-hospital-us-172viii.aspx

AO couldn’t reject books of account merely on the grounds of decline in gross profit over past year: ITAT

INCOME TAX : Where assessee-trader explained substantial fall in GP rate due to fall in price of cardamom by almost half rate at end of year as compared to beginning of year, and there was exceptional circumstances of increase in turnover by 130 times, there would be no rational basis for estimating GP rate by Assessing Officer even though he had rejected books of account

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315728/ao-couldn’t-reject-books-of-account-merely-on-the-grounds-of-decline-in-gross-profit-over-past-year-itat.aspx

Not providing personal hearing in faceless assessment is a violation of principle of natural justice: Delhi: HC

INCOME TAX : Section 144B(7) provides for an opportunity of personal hearing, if requested by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/3BY9P7w

AO couldn’t reject books of account merely on the grounds of decline in gross profit over the years: ITAT

INCOME TAX : Where assessee-trader explained substantial fall in GP rate due to fall in price of cardamom by almost half rate at end of year as compared to beginning of year, and there was exceptional circumstances of increase in turnover by 130 times, there would be no rational basis for estimating GP rate by Assessing Officer even though he had rejected books of account

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315728/ao-couldn’t-reject-books-of-account-merely-on-the-grounds-of-decline-in-gross-profit-over-the-years-itat.aspx

Black Money Act applies to overseas assets even if they didn’t exist at the time the Act came into force: ITAT

INCOME TAX/BLACK MONEY : Relevant point of time for taxation, under Black Money (Undisclosed Foreign Income amp; Assets) and Imposition of Tax Act 2015(BMA), of an undisclosed foreign asset is point of time when such an asset come to notice of Government, it is immaterial as to whether it existed at point of time of taxation, or, for that purpose, even at point of time when provisions of BMA came into existence. Thus, a bank account abroad or any unaccounted asset abroad,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317805/black-money-act-applies-to-overseas-assets-even-if-they-didn’t-exist-at-the-time-the-act-came-into-force-itat.aspx

Interest paid by builder on failure to construct flat is compensatory in nature out of preview of sec. 194A: HC

INCOME TAX : Where on builder's failure to handover possession of flat to assessee, Real Estate Regulatory Authority directed builder to refund advance amount paid by assessee with compensatory interest, since, amount payable to assessee was in nature of a judgment debt, payment of which could not establish a debtor-creditor relationship between them, TDS under section 194A was not to be deducted on interest component

from www.taxmann.com Latest Case Laws https://ift.tt/3q3mm7C

ITAT allowed sec. 54 relief to woman who purchased new house jointly in name of married daughter amp; son-in-law

INCOME TAX : Where assessee sold a residential property and invested entire sale consideration on purchase of a new residential property, assessee was entitled to exemption of entire amount invested by her under section 54 even if new residential property was purchased in joint names of assessee, her daughter and son in law

from www.taxmann.com Latest Case Laws https://ift.tt/3GO2lrB

ITAT allowed sec. 54 relief to woman who purchased new house in name of her married daughter and son-in-law

INCOME TAX : Where assessee sold a residential property and invested entire sale consideration on purchase of a new residential property, assessee was entitled to exemption of entire amount invested by her under section 54 even if new residential property was purchased in joint names of assessee, her daughter and son in law

from www.taxmann.com Latest Case Laws https://ift.tt/2ZLnx0n

Sum received from husband with no intention to repay isn’t loan; no violation of Sec. 269SS: ITAT

INCOME TAX : Where assessee received substantial amount of cash from her husband which was used to purchase property for residence of family members, since amount was used for benefit of family not for business purpose and assessee provided reasonable explanation justifying cash transactions, no penalty could be levied under section 271D for voilation of section 269SS

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317647/sum-received-from-husband-with-no-intention-to-repay-isn’t-loan-no-violation-of-sec-269ss-itat.aspx

Exp. on expansion of business can’t be held capital exp. just because such expansion was termed as new business project

INCOME TAX : Where assessee-company incurred expenditure towards expansion of its existing business by way of a new project of starting a hotel chain, said expenditure was to be treated for purpose of carrying on existing business of assessee and, hence, allowable as revenue expenditure under section 37(1)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317014/exp-on-expansion-of-business-can’t-be-held-capital-exp-just-because-such-expansion-was-termed-as-new-business-project.aspx

Black Money Act, 2015 applicable to assets located abroad which didn’t exist when said Act came into force: ITAT

INCOME TAX/BLACK MONEY : Relevant point of time for taxation, under Black Money (Undisclosed Foreign Income amp; Assets) and Imposition of Tax Act 2015(BMA), of an undisclosed foreign asset is point of time when such an asset come to notice of Government, it is immaterial as to whether it existed at point of time of taxation, or, for that purpose, even at point of time when provisions of BMA came into existence. Thus, a bank account abroad or any unaccounted asset abroad,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317805/black-money-act-2015-applicable-to-assets-located-abroad-which-didn’t-exist-when-said-act-came-into-force-itat.aspx

No additions towards cash deposit as assessee filed cash flow statement showing sufficient source of income: ITAT

INCOME TAX : Where assessee explained source of cash credit in her bank account by filing material evidence, addition could not be made holding same as unexplained cash credit

from www.taxmann.com Latest Case Laws https://ift.tt/3nTlpMt

Grasim Industries held abusing its dominance by charging discriminatory prices from customers: CCI

COMPETITION LAW : Where Nanded Waghala Municipal Corporation decided to redevelop Mahatma Phule Market through OP2-builder by demolishing old structure and informant having a mobile handset repairing shop in said market and having lost his livelihood due to such demolition was aggrieved of fact that OP2 had refused to rehabilitate informant by denying allotment of a shop in newly re-developed market, said issue were beyond purview of competition

from www.taxmann.com Latest Case Laws https://ift.tt/2ZIeXzT

No ST on student recruitment services sub- contracted to assessee by foreign parent co. for foreign universities: CESTAT

EXCISE/ST/VAT : Where appellant was providing "student recruitment services" to its principal (IDP Australia), who, in turn, provided services to foreign universities since appellant was providing services which had been subcontracted to it by IDP Australia and there was nothing on record to show that appellant was liasioning or acting as intermediary between foreign universities and IDP Australia, impugned order of demand of service tax from appellant by treating appellant as an 'intermediary'

from www.taxmann.com Latest Case Laws https://ift.tt/2Y2XGAj

Appeals decided by CIT(A) after his compulsory retirement suffered from jurisdictional defect not curable: ITAT

INCOME TAX : Where Commissioner (Appeals), Noida had decided Income-tax Appeals pertaining to Ghaziabad Jurisdiction over which he had no jurisdiction, after his compulsory retirement, when he was functus officio, impugned orders suffered from jurisdictional defect which was not curable, hence would not be sustainable

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ITAT was justified in quashing reassessment as AO reopened same on mere change of opinion: HC

INCOME TAX : Where Tribunal found that Assessing Officer had changed his opinion, regarding deduction under section 24, to reopen assessment, it was justified in quashing reassessment

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Credit of education cess and higher education cess taken through TRAN-1 to be recovered along with interest and penalty: CESTAT

EXCISE/ST/VAT : Credit of education cess and higher education cess cannot be transferred into TRAN-1 Under GST.

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ITAT refused tax dept’s request to grant adjournment for a further period of 6 months on plea of Covid-19 pandemic

INCOME TAX : Where both parties were citing 'pandemic' as reason for either early disposal of matter or for seeking postponement of adjudication of matter and a request was made by department for an adjournment for a further period of six months after three adjournments, revenue's present request was highly unreasonable and unwarranted and adjournments could not be granted

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317004/itat-refused-tax-dept’s-request-to-grant-adjournment-for-a-further-period-of-6-months-on-plea-of-covid-19-pandemic.aspx

Revenue can’t content that it does not know about death of assessee at the time of issuing notice; SC dismissed SLP

INCOME TAX : SLP dismissed against High Court's ruling that notice issued under section 153C against dead person is unenforceable in law and in such case revenue cannot contend that as they have no knowledge about death of assessee, they are entitled to plead that notice is not defective

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317385/revenue-can’t-content-that-it-does-not-know-about-death-of-assessee-at-the-time-of-issuing-notice-sc-dismissed-slp.aspx