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The Madras High Court has ruled that Section 80P(2)(d) of the Income Tax Act does not apply to interest received from investments done in a cooperative bank. The court, in its decision to repeal the reassessment proceedings, relied on a previous decision given by a division bench in the case of Salem Agricultural Producers Co-operative […]
The Madras High Court has approved the Foreign Tax Credit (FTC) claim based on the submission of Form-67 after the Income Tax Return (ITR) filing but before receiving an intimation, deeming it as compliant. Justice Krishnan Ramasamy’s bench noted that initially, the returns were filed sans the FTC, but it was submitted before the final […]
The Madras High Court ruled that the GST Council doesn’t have the authority to determine the classification of flavoured milk while providing relief to Parle Agro regarding its taxability. In a recent judgment, a single judge bench declared that flavoured milk should be subject to a 5 percent GST rate. This contrasts with the GST […]
The Madras High Court has instructed the state tax officer to probe the misuse of login IDs linked to potential tax evasion by unidentified individuals. Justice C. Saravanan’s bench noted the petitioner’s claim of a third party exploiting their login ID to file returns and funnel a substantial input tax credit to this unauthorized entity. […]
The Indian government enacted the Goods and Services Tax Act on March 29, 2017, which took effect on July 1 of the same year. This act stands as the singular domestic indirect tax law applicable across the country, known as the Goods and Services Tax (GST). GST is a comprehensive tax imposed on both goods […]
In the case of M/s. Caterpillar India Pvt. Ltd. v. The Assistant Commissioner Chennai [WP No. 28092 of 2023 dated September 25, 2023], the Madras High Court granted the writ petition, affirming that recovery based solely on variations between Form GSTR-1 and Form GSTR-3B is impermissible without adherence to the prerequisites outlined in Rule 88C […]
The Madras High Court has ordered the income tax department to release the attachment on the pension account of the taxpayer, taking into account the individual’s age and health condition. This directive was issued by the bench composed of Justice R. Mahadevan and Justice Mohammed Shaffiq. They issued the order after observing that the entire […]
In a recent ruling, the Madras High Court has determined that the Aluminum Foil Container is subject to a 12% Goods and Services Tax (GST). The petitioner, M/s. Veeram Natural Products is a partnership firm involved in the production and distribution of Aluminum Foil Containers and Aluminum Foil in Roll Form, as well as Plastic […]
The Goods and Service Tax (GST) Act was inaugurated at midnight on July 1, 2017. This legislation’s primary objective is to provide a framework for imposing and collecting taxes on the intra-state supply of goods or services, or both, by the central government and related matters. Under the GST Act of 2017, 13 distinct types […]
