"04 January 2023" Archive

RBI releases Annual Report of Ombudsman Schemes, 2021-22

Press Release No. 2022-2023/1491 04/01/2023

The volume of complaints received under the Ombudsman Schemes/ Consumer Education and Protection Cells during the year 2021-22 increased by 9.39 per cent over the previous year and stood at 4,18,184 during the reported period....

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Non-compete fee taxable under business income

Dandvati Investments & Trading Company Pvt. Ltd. Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the amount of non-compete fee is taxable under section 28(va) of the Income Tax Act under the head ‘Income from Business & Profession’....

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Cenvat credit of service tax paid during setting up of factory is duly available

Basf Vs C.C.E. & S.T.-Vadodara-ii (CESTAT Ahmedabad)

CESTAT Ahmedabad held the eligible cenvat credit of service tax paid during setting up of the factory is duly available as without use of such service the appellant could not have possibly manufactured the excisable goods....

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Transfer of assets and liabilities in group amounts to slump sale

Lifestyle International Pvt. Ltd. Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that where the assets and liabilities of an undertaking are sold as a group or lumped together such a sale would qualify as a slump sale Accordingly capital gain on the same should be computed as section 45 to 50 of the Income Tax Act....

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A Guide to Reducing Your Personal Income Tax for Salaried person in India A.Y. 2023-24

The Indian Income Tax Act, 1961 is the primary legislation governing taxation in India. It provides for all aspects of taxation, from levy and assessment to collection and recovery of taxes. Every financial year, changes in the Income Tax Act are notified and implemented by the government, for the purpose of making the tax system [&hellip...

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Posted Under: Fema / RBI | ,

Demand under Pan Masala Packing Machines Rules unsustainable as number of machines remained same after replacement

Chandan Tobacco Co Vs C.C.E. & S.T.-Daman (CESTAT Ahmedabad)

CESTAT Mumbai held that demand under the provisions of Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 unsustainable as number of installed machines before and after replacement of machines remained same....

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Liability cannot be imposed on customs broker for undervaluation of exported goods

Sri Velavan Logistics Services Private Limited Vs Commissioner of Customs (CESTAT Chennai)

CESTAT held that valuation of any goods could never be domain of a Customs Broker as same depends upon contract between exporter and importer, wherein no Customs Broker would have any say, therefore, penalty imposition on Custom Broker is bad in law....

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Foreign Tax Credit

Do you know, there are two principles to tax income. One is Residence Based Taxation and other is Source Based Taxation. As per Residence based Taxation, the country taxes persons based on their residential status....

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Posted Under: Fema / RBI |

HC directs investigating officer to issue advance notice of 72 hours to effect arrest after investigation

Neha Agrawal Vs Superintendent, Anti-Evasion, CGST Mumbai Central And Anr. (Bombay High Court)

HC directed the investigating officer to issue advance notice of 72 hours to the assessee to effect the arrest if necessary, after investigation in a case. Further directed the assessee to co-operate in the matter and produce the materials as sought....

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Writ petition not maintainable as alternative efficacious remedy by way of appeal before Appellate Authority was available

Mundkar Madhavaraya Prabhu Vs State of Karnataka (Karnataka High Court)

Mundkar Madhavaraya Prabhu Vs State of Karnataka (Karnataka High Court) Though several contentions have been urged by both sides in support of their respective claims, having regard to the availability of equally efficacious and alternative remedy by way of appeal before the First Appellate Authority, without expressing any opinion on the...

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January 2023