"14 May 2017" Archive

Calcutta Municipality cannot levy License Fee for Hoardings / Glow Signs

Vodafone Mobile Services Limited & Anr. Vs. The Kolkata Municipa l Corporation & Ors (Calcutta High Court)

The Corporation authorities have contended that, they have a policy guidelines of display of advertisement within the Kolkata Metropolitan area. Under such policy guidelines, the authorities are to look at the desirability of the content of the advertisement in the hoardings or glow signs. They are also to look at whether the hoardings or...

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Goods and Services Tax : A Game Changer

The GST is likely to roll out on July 1, 2017. Given the cross-country experience and empirical evidence on efficiency gains from the Value Added Tax (VAT) in the Indian context, we conjecture that implementation of GST is likely to ensure higher tax buoyancy and an improvement in government finances over the medium term....

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Posted Under: Corporate Law |

GST Issues, Perspectives and Way Forward

GST implementation brings several issues to the fore viz., determination of the revenue neutral rate, consensus on the divisible pool of resources, sharing the benefits of cesses, the administrative edifice and the technological platform. A dispute prevention mechanism would facilitate a smooth transition to the GST. The evolution in cent...

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Posted Under: Corporate Law |

SC on income from property: Is it is chargeable as house property Income or business income

Raj Dadarkar & Associates Vs. ACIT (Supreme Court of India)

merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income is to be treated as income from business...

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Interest on FDs for pre-operative period is taxable as Income from Other Sources

DRS Warehousing (South) Vs Income Tax Officer (ITAT Hyderabad)

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) Vs. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ...

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Demand for short TDS deduction due to wrong quoting of PAN not sustainable if mistake of quoting wrong PAN rectified in revised TDS return

State Bank of Patiala Vs DCIT (ITAT Indore)

Since the mistake of quoting wrong PAN has been rectified in the revised TDS return filed by the assessee which has been accepted by the department, therefore, there is no justification in raising a demand on account of short deduction of TDS....

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CESTAT bench must follow decision of coordinate bench

Vivilon Textiles Industries Ltd. Vs. CCE (CESTAT Mumbai)

We have also observed that in the earlier proceedings in this case the matter was heard by the division bench of this Tribunal. After hearing of the matter, a difference of opinion arose between the Members and the matter was referred to the third member of this Tribunal and thereafter a majority decision has been […]...

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Irrecoverable Bad debt in the course of business allowable as trading loss

DCIT Vs M/s Linde India Ltd. (ITAT Kolkata)

It has been held that ‘even though the expenditure is not admissible for the computation of the total income either as a bad debt or as an expenditure wholly incurred for the purpose of business, still, it can be allowed as an expenditure as a trading loss if it arises directly from carrying on the business and is incidental to the busi...

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Delay in Rent Payment cannot be condoned for Wilful Defaulters: SC

Pawan Kumar Gupta Vs B. R. Gupta (Supreme Court of India)

Condonation of delay can take place only when the defaulting tenants so pleads with justifiable reasons which would show that he was prevented from compliance by circumstances beyond his control. The tenant has not offered any explanation for the delay in deposit of rents. Therefore, we do not find any justification to interfere with the ...

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Delhi HC condemns VAT dept for deliberate delay in issue of VAT refund

Asian Polymers Vs Commissioner of Trade & Taxes & Anr (Delhi High Court)

Recently, in Asian Polymers Vs. Commissioner Of Trade & Taxes & Anr, the Delhi High Court reiterated that re-assessment cannot be used as a tool for causing delay in processing the refund applications. While scrapping the assessment orders passed by the DVAT Department, the division bench criticised the Officials in harsh words. ...

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