"21 November 2022" Archive - Page 4

Addition of unexplained income unsustainable as source of money and identity of creditors explained

ITO Vs Sporting Pastime India Ltd. (ITAT Chennai)

ITAT Chennai held that addition of unexplained income unsustainable as source of money including identity of the creditors is duly explained by the assessee and further the amount has been transferred through proper banking channel only....

Matter remanded to re-look non-imposition of penalty u/s 114

Penanshin Shipping India Pvt. Ltd Vs Commissioner of Customs (CESTAT Chennai)

CESTAT Chennai held that adjudicating authority has ordered confiscation of red sander but refrained from confiscation of container u/s 119 and accordingly penalty u/s 114 on the appellant was not imposed. Matter remanded to re-look into the non-imposition of penalty....

Foreign Tax Credit cannot be denied for delay in furnishing of Form No. 67

Shashidhar Seetharam Sharma Vs ITO (ITAT Bangalore)

ITAT Bangalore held that rule 128(9) of the Income Tax Rules doesnt provide for disallowance of Foreign Tax Credit in case of delay in filing of Form No. 67 and Filing of Form No. 67 is not mandatory, hence Foreign Tax Credit cannot be denied for delay in furnishing of Form No. 67....

CGST Rule 86B Restriction on use of amount available in Electronic Credit Ledger

Rule 86B has been introduced which has imposed 99% restricted on ITC available in Electronic Credit Ledger of Registered Person. This means 1% of output liability to be paid in cash. This limitation is applicable where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds Rs. Fifty Lakh Rupees. The...

Posted Under: Income Tax |

Service of construction of school/ hospital building to Charitable Institutions/ trust is exempt from service tax

S. Kumar Builders Vs Commissioner of Central Goods (CESTAT Delhi)

CESTAT Delhi held that services relating to construction of school building or hospital building to a charitable institutions/ trust registered u/s. 12AA of the Income Tax Act is exempt under service tax vide clause 2(k) of notification no. 25/2012-ST....

Rejection of books of accounts based on insignificant defects is unjustifiable

ACIT Vs Motisons Jewellers Ltd. (ITAT Jaipur)

ITAT Jaipur held that rejection of books of account on the basis of insignificant defects is unjustified as Before invoking provisions of section 145(3) AO has to bring on record material the basis on which he has arrived at the conclusion with regard to correctness/ completeness of the accounts....

HC allows writ subject to payment of costs of Rs. 1,00,000

Simplex Infrastructures Ltd. Vs Joint Commissioner of Central Tax (Karnataka High Court)

Simplex Infrastructures Ltd. Vs Joint Commissioner of Central Tax (Karnataka High Court) In the usual course if the assessee knocks the doors of the Writ Court without exhausting the alternative remedy of appeal available under the Act, no exception can be found with the Writ Court in rejecting the writ petition as not maintainable, but [...

Change of opinion by AO cannot be base for initiation of re-assessment proceedings

ACIT Vs Dinesh M. Raste (ITAT Pune)

ITAT Pune held that it is an admitted fact that assessee has fully and truly disclosed all the material facts and hence initiation of re-assessment proceedings merely on the change of opinion by AO is impermissible in law....

Content of locker assessible in the hands of first owner of locker

Komal Nagpal Vs DCIT (ITAT Delhi)

ITAT Delhi held that locker being in joint names and first name was indicative of real ownership and hence the assessment of the contents of the locker should be rightly done in the hands of the first owner of the locker....

Refund of credit eligible u/s 142(6)(a) of CGST Act in case of procedural aberration

Clariant Chemicals India Ltd Vs Commissioner of Central Excise (CESTAT Mumbai)

CESTAT Mumbai held that eligibility of taking credit of the duties is undisputable and also there was procedural aberration in such case refund of credit by cash eligible u/s 142(6)(a) of the CGST Act....

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September 2023