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Archive: 07 May 2022

Posts in 07 May 2022

Reopening cannot be proposed on the basis of change of opinion

May 7, 2022 624 Views 0 comment Print

Lokhandwala Construction Industries Private Limited Vs DCIT (Bombay High Court) Once a query is raised during assessment proceedings and assessee has replied to it, it follows that the query raised was a subject matter of consideration of the Assessing Officer while completing the assessment. It is not necessary that an assessment order should contain reference […]

Release Seized Goods on receipt of Bank Guarantee – HC directs GST Dept

May 7, 2022 1605 Views 0 comment Print

Tvl. Asian Paints Limited Vs Assistant Commissioner (ST) (Madras High Court) This Writ Petition has been filed seeking for issuance of a Writ of Mandamus directing the first respondent herein to accept the bank guarantee equivalent to the disputed penalty amount of Rs.25,86,662/- in accordance with the provisions of Section 129(1)(c) of the CGST Act, […]

Thin Capitalization In Indian Legislature – A Tax Conendrum?

May 7, 2022 6231 Views 0 comment Print

Multinational entities (MNEs) have actively contributed to the global value chain. These MNEs that have established affiliates or subsidiary companies transacting cross-borders and have always been a matter of discourse. Such related party transactions if ungoverned, tend to create a hassle for their respective jurisdictions in allocating taxing rights and could lead to an administrative tax tangle.

PCIT/CIT cannot impose any conditions for grant of Section 12AB(1)(a) registration

May 7, 2022 1044 Views 0 comment Print

Saifee Burhani Upliftment Trust Vs CIT (Exemptions) (ITAT Mumbai) In the present case, it has not been disputed that the assessee trust was duly registered under section 12AA of the Act. Thus, the only provision applicable to the assessee trust for the purpose of applying for registration is section 12A(1)(ac)(i) of the Act. Further, section […]

ITAT remands matter back to CIT(A) to grant one final opportunity to assessee

May 7, 2022 684 Views 0 comment Print

Plutus Industries Pvt. Ltd. Vs ITO (ITAT Delhi) We find the Assessing Officer in the instant case made addition of Rs.1,36,39,191/- u/s 68 of the Act in respect of unsecured loan obtained by the assessee from three directors on the ground that the assessee failed to substantiate with evidences to his satisfaction regarding creditworthiness of […]

Cenvat credit eligible even if input not arisen out of a process of manufacture

May 7, 2022 327 Views 0 comment Print

Eskay Kaycee Industries Pvt. Ltd. Vs Commissioner of CGST & Excise (CESTAT Kolkata) CESTAT find that the Appellant satisfied the essential requirements for CENVAT credit. Notwithstanding excisability of the input, the supplier of the input paid duty thereon and issued a valid invoice to the Appellant. The input so received in the Appellant’s factory was […]

AO cannot take different Opinion on Matters involving Similar Facts

May 7, 2022 2403 Views 0 comment Print

PCIT Vs Power Links Transmission Ltd. (Delhi High Court) Undoubtedly, the principles of res-judicata and estoppel are not applicable in taxation matters. However, it has been held that a departure from a finding during the past years would result in a contradictory finding. (See: Commissioner of Income Tax vs. Sridev Enterprises (1991) 192 ITR 165). […]

HC imposes cost of Rs. 5000 for delayed filing of writ against section 148 Notice 

May 7, 2022 597 Views 0 comment Print

Orion Book Binders Private Limited Vs ITO (Calcutta High Court) HC held that writ petition is allowed subject to payment of costs of Rs.5,000/- to the Calcutta High Court Bar Association Lawyers’ Benevolent Fund, since the impugned notice under section 148 of the Income Tax Act, 1961 has been issued on April 8, 2021 as […]

When sale is on FOR basis, place of removal will be buyer’s place

May 7, 2022 5454 Views 0 comment Print

Kirloskar Oil Engines Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad) There is no dispute in the fact that the sale of goods is on FOR basis, freight and transit insurance is included in the price of the goods and the same was not collected from the buyer of the goods. In this background, the place […]

Refund cannot be rejected merely for non-submission of documents before adjudicating authority

May 7, 2022 1650 Views 0 comment Print

Centroid Polymer Technologies Vs Commissioner of Central Tax & Central Excise (CESTAT Bangalore) Appellant submits that the appellate authority has rejected their appeals and denied refund on the ground that required documents in terms of Section 11B of Central Excise Act, 1944 as made applicable by Section 83 of Finance Act, 1994 have not been […]

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