"02 November 2022" Archive

GST not payable on liquidated damages if principal supply is exempt

In re Achampet Solar Private Limited (GST AAAR Telangana)

In re Achampet Solar Private Limited (GST AAAR Telangana) The CBIC has issued Circular No. 178/10/2022-GST dated:3.8.2022 related to GST applicability on liquidated damages. As per para 7.1.6 of the said circular, it was, interalia, observed that when principal supply is exempt, the ancillary activities to such principal supply would not ...

CGST Act 2017 updated till 30th September 2022- Free E-Book

In this Article Author compiled  CGST Act 2017 with all notification / Acts issued and changes which occurred till Till 30th September 2022 including the changes vide Finance Act, 2022. Books contains all Section of CGST Act 2017 updated with changes till 30th September 2022. Book is Updated by By Ghanshyam Upadhyay and Praveen Upadhyay ...

Central Bank Digital Currency (CBDC) – A Curtain Raiser, A Catalyst…

Govt. has announced launch of CBDCs (or e-Rupee) during the presentation of Finance Bill, 2021 which has triggered a lot of inquisitiveness amongst many stakeholders from the perspective of its Advantages, Benefits, Challenges, Threats and Concerns etc....

TDS Liability is not attracted on Discount given to Distributors of Sim Cards: ITAT

Vodafone Idea Ltd Vs DCIT (ITAT Mumbai)

ITAT held that the sale of SIM cards/recharge coupons at discounted rate to the distributors was not commission and therefore not liable to deduct the TDS under Section 194H....

Expenditure of ESOP is revenue expenditure

TE Connectivity Services India Private Limited Vs National Faceless Assessment Centre (ITAT Bangalore)

ITAT Bangalore held that the expenditure on account of ESOP is a revenue expenditure and had to be allowed as deduction while computing income....

Companies with similar functionality can be compared while valuing international transaction

Facebook India Online Services Private Limited Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held that for comparability of company with that of the assessee, in case of international transactions, the criteria of functionally comparability needs to be considered....

Impugned order quashed for want of proper notice

Sunil Kumar Agrawal Vs State of Chhattisgarh Through Joint Commissioner (Chhattisgarh High Court)

Chhattisgarh High Court held that impugned order is not sustainable as Show Cause Notice under Section 49 (3) is not stated to be issued nor placed on record by learned counsel for the State....

Sub-leasing of container amounts to deemed sale and hence service tax not leviable

Nayana Premji Savala Vs Union of India (Bombay High Court)

Bombay High Court held that sub-leasing of containers by original lessee to another lessee wherein, possession and control is transferred, the same amount to deemed sale within the meaning of Article 336(29A)(d) of the Constitution of India and hence service tax not leviable....

Maximum fine for commission of offence u/s 138 of NI Act is twice the amount of cheque

M. Shabeer Vs Anitha Bajee (Kerala High Court)

Kerala High Court held that statutory provision with regard to punishment provided for commission of offence u/s 138 of Negotiable Instrument Act, 1881 is clear that the maximum fine shall be twice the amount of the cheque and nothing more...

Depreciation on goodwill resulted from approved scheme of amalgamation is allowable

Carolina Food And Industries Pvt. Limited Vs DCIT (ITAT Kolkata)

ITAT Kolkata held that the claim the depreciation on goodwill which has resulted from the scheme of amalgamation which was duly approved by the Hon’ble Calcutta High Court cannot be rejected....

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