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The High Court order has been quashed by the Supreme Court of India dismissing the ITC advantage claimed as the Uttar Pradesh Value Added Tax Act, 2008 (‘the UP VAT Act’) has no provision to compute the ITC apportionment. The taxpayer Modi Naturals Ltd is a company that secures the business of manufacture and sale […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench ruled that rental income obtained from letting out property shall get taxed under the head “Income from house property.” Thus, the bench permitted a deduction under Section 24(a) of the Income Tax Act, 1961. The taxpayer, U & I Business Services Pvt. Ltd., is a resident corporate […]
The reassessment proceedings executed against the non-existent/amalgamated entity under Section 148 A of the Income Tax Act have been cancelled by the Madhya Pradesh High Court stating that despite being available the other remedy has no bearing on the same cases when the entity has stopped to exist under the amalgamation. There is no independent […]
The Income Tax Appellate Tribunal’s Delhi Bench ruled that the National Highways & Infrastructure Development Corp. India (NHIDCL) received funds in a fiduciary capacity from the government. The interest earned on deposits in bank accounts, derived from the funds for infrastructure projects, was deposited into the Consolidated Fund of India. Yogesh Kumar US (Judicial Member) […]
The Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the Tax Deducted at Source (TDS) amount paid via the appellant to the Income Tax Department cannot be considered as part of the service charges paid to an overseas service provider. Consequently, the tribunal determined that service tax does not apply […]
Government sources anticipate that the current robust trend in direct tax and GST collections will likely persist, potentially surpassing the Budget Estimate by a significant margin in the fiscal year 2023-24. However, these projections stem from the initial evaluations conducted as part of the government’s pre-budget procedures. A more definitive outlook is contingent upon forthcoming […]
There was proper verification on the portion of the customs house agent (CHA) concerning the genuineness of the Importer-Exporter Code (IEC) and GSTIN, the Delhi High Court ruled. The bench of Justice Yashwant Varma and Justice Dharmesh Sharma witnessed that only allegations that certain other individual was importing the goods in the name of the […]
The Goods and Services Tax (GST) department is introducing a registration system on November 7th, starting from Vapi, Gujarat and a formal event will also take place. This system will be the country’s first implementation of biometric data-based registration for GST numbers. During the registration process for a new GST number, the department will now […]
The Allahabad High Court recently ruled that allegations of law violations cannot be addressed under the extraordinary jurisdiction of the Court, as outlined in Article 226 of the Indian Constitution unless there is a claim of inherent lack of jurisdiction. Read Also: Allahabad HC: For Claiming GST Credit, Petitioner Must Prove the Transaction’s Genuineness Beyond […]
