"01 January 2023" Archive

Net interest income on deposits with scheduled bank is taxable u/s 56 of Income Tax Act

Gnana Shale Souhardha Cooperative Limited Vs PCIT (ITAT Bangalore)

ITAT Bangalore held that interest on deposits kept with scheduled banks only the net interest i.e. the interest income reduced by the administrative expenses and other proportionate expenditure to earn the said income had to be brought to tax u/s 56 of the I.T. Act....

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Duty passed on via supplementary invoice is eligible as cenvat credit

Vedanta Limited Vs C.C.E (CESTAT Ahmedabad)

CESTAT Ahmedabad held that duty passed on via supplementary invoice is eligible for cenvat credit as it is not due to reason of any suppression of fact, fraud, collusion or wilful mis-statement, etc and hence not barred by provisions of Rule 57AE of Central Excise Rules, 1944....

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Corporate Tax Rate Applicable for AY 2021-22, AY 2022-23 & AY 2023-24

Income tax rates are decided and governed by Income Tax Act 1961 and are subject to change every year. This article will cover the income tax rates applicable to Domestic Companies for the Assessment Year 2021-2022, Assessment Year 2022- 2023 and Assessment year 2023-2024 respectively, also cover Minimum Alternate Tax (MAT) provisions alo...

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Posted Under: Income Tax |

Rejection of appeal on technical ground amounts to denial of principles of natural justice

Dheeraj Exports Vs DCIT (ITAT Ahmedabad)

Simply rejecting on a technical ground amounts to denial of principles of natural justice to the assessee. Therefore, we are remanding back the appeal to the file of the CIT(A) for proper adjudication on merit....

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Non-compliance of procedure of GST circular will not dis-entitle petitioner from claiming GST refund

Balkrishna Industries Limited Vs Union of India (Gujarat High Court)

Balkrishna Industries Limited Vs Union of India (Gujarat High Court) The petitioner has prayed for direction to refund of Rs. 21,71,74,611/-, which is unutilised input tax credit to be refunded without any Integrated Goods and Services Tax (IGST) debit with interest. Section 16 of the Act allows registered person to take credit on input t...

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Deduction u/s 80P(2)(d) available on dividend & interest from investment with co-op bank

Rajkot Jilla Co-Op Cotton Marketing Union Ld Vs ITO (ITAT Rajkot)

ITAT Rajkot held that dividend income and interest earned on surplus held with cooperative bank would be eligible for deduction under Sec.80P(2)(d) of the Income Tax Act....

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Cenvat eligible on insurance premium paid for group insurance of employees opting under VSS

Reliance Industries Ltd Vs Commissioner of Central Excise & Service Tax (CESTAT Mumbai)

Reliance Industries Ltd Vs Commissioner of Central Excise & Service Tax (CESTAT Mumbai) CESTAT Mumbai held that insurance premium paid for group insurance to cover employees opting for Voluntary Separation Scheme (VSS) amounts to input service and accordingly cenvat credit available under Cenvat Credit Rules, 2004. Facts- The appellan...

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HC quashed vague GST registration cancellation order with no reasons for cancellation 

Dominic David Vs State Tax Officer (Kerala High Court)

The show cause notice issued to the petitioner in this case shows that the same has been issued in Form GST Reg 31, which is the form for issuing a notice regarding suspension of registration....

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Service of notice to last known address is valid service

Jay Atulbhai Mody Vs I.T.O (ITAT Rajkot)

ITAT Rajkot held that service of notice to the last known address of the assessee cannot be held as invalid service of notice as assessee has left the place to unknown location without informing anyone....

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Application admitted by ARA vitiated by law if investigation already commenced prior to filing of application

Golla Venkateswara Rao Vs. State of Andhra Pradesh  (Andhra Pradesh High Court)

When investigation has already commenced prior to the filing of application, the ARA shall not admit the application as per proviso to sub-section (2) of Section 98, we are of the view that the ARA should not have admitted the application in the instant case and issued its ruling....

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