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The council is not estopped from availing a measure against the bogus claim of the ITC only because the firms with which the transactions were alleged to have proceeded were enrolled during alleged transactions, Allahabad HC ruled. Justice Subhash Vidyarthi noted that fraud vitiates the most solemn proceedings and ruled that the I.T.C. benefit had […]
A judgment has been furnished by the Income Tax Appellate Tribunal (ITAT) Delhi on 17th May 2024, in the matter of Saroj Sangwan Vs Income Tax Officer (ITO), addressing critical issues surrounding Section 148 of the Income Tax Act. The same case, related to the AY 2011-12, examines the procedural virtue and jurisdictional control of […]
Expenditures on freebies to doctors by the pharmaceutical sector violate Medical Council of India ( MCI ) regulations and disallow deductions u/s 37(1) of the Income Tax Act 1961, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held. Concerning the case the taxpayer is a public company, engaged in the business […]
In a case before the Rajasthan High Court, Faruk Rathore, Proprietor of M/s Hindustan Trading Company, contested the levying of a heavy penalty for a minor offence connected to a lapsed GST e-way bill during transit. The matter underscores the disproportionate penalties imposed under the Central Goods & Services Tax Act, 2017 (CGST Act, 2017). […]
The Chennai bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that no tax liability is there on the petitioner for the impugned flats made before July 1, 2010, that has less than 12 units or flats. The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar (Technical Member) witnessed that […]
The refund of service tax paid on cancelled bookings of flats has been permitted by the Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT). According to Rule 66E(b)(sic) of the Service Tax Rules, 1994, in construction services, service tax is needed to be filed on the amount obtained from the buyers for […]
The Madras High Court ruled that a tax recovery officer could not declare a sale that the taxpayer made in favor of a third party void if he discovers that the property of the taxpayer was transferred by the taxpayer to a third party to defraud the revenue. The bench of Justice C. Saravanan has […]
The Gauhati High Court has granted the interim stay of Show Cause Notice for the matter of Surya Business Private Limited, asking for the reversal of GST ITC on account of default at the supplier’s end. The bench of Justice Manish Choudhury has noted that the plea contesting the Show Cause Notice pursuing reversal of […]
A new regulation for the assessment year 2024-25 has been enforced by the central government, mandating that purchasers settle payments for goods procured from MSMEs within 45 days of delivery. Furthermore, all outstanding dues to MSMEs must be cleared before March 31, 2024. Failure to adhere to these timelines will result in the pending payment […]
