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Archive: 08 January 2023

Posts in 08 January 2023

Arbitration clause contained in invoice falls within ambit of section 7 of Arbitration and Conciliation Act, 1996

January 8, 2023 4380 Views 0 comment Print

Bombay High Court held that the clause contained in the invoices which clearly stipulate a reference to arbitration, deserve to be construed as an arbitration clause as parties duly acted upon the invoice. Accordingly, clause squarely fall within the ambit of Section 7 of the Arbitration and Conciliation Act, 1996

Lease rent for vehicle used by employees is revenue in nature

January 8, 2023 4782 Views 0 comment Print

ITAT Mumbai held that lease rental paid in respect of the vehicles used by its employees is revenue in nature and allowable as deduction.

GST Exemptions In Banking Industry (financial services)

January 8, 2023 15951 Views 0 comment Print

Banks and financial institutions provide a bouquet of financial services relating to lending or borrowing of money or investments in money. In this article, I would be discussing various exemptions available under GST for availing banking services.

ITR-U : The great anomaly in an interpretation of section 140B of Income Tax Act, 1961 by CBDT

January 8, 2023 11544 Views 1 comment Print

Unraveling the anomaly in section 140B of the Income Tax Act, 1961 by CBDT – ITR-U. Delve into the complexities when an updated return impacts the refund, causing illogical consequences. Explore the need for reconsideration and amendments for a more balanced tax framework.

Receipt of amount via banking channel doesn’t make transaction genuine

January 8, 2023 3213 Views 0 comment Print

ITAT Ahmedabad held that mere receipt of amount via banking channel doesn’t make the transaction as genuine. Addition u/s 68 of the Income Tax Act sustainable because of non-establishment of identity of creditor, genuineness of transaction and credit worthiness of the parties.

Revisional order u/s 263 not invocable if AO duly applied his mind

January 8, 2023 777 Views 0 comment Print

ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter.

Provision for leave encashment and gratuity is allowable in book profit computed u/s 115JB

January 8, 2023 1734 Views 0 comment Print

ITAT Chennai held that addition of provisions for leave encashment and provision for gratuity to book profit computed u/s 115JB unsustainable as the same is ascertained liability.

Denial of deduction u/s 54 for mere technical breach is unjustified

January 8, 2023 1767 Views 0 comment Print

ITAT Chennai held that benefit of deduction under section 54 of the Income Tax Act cannot be denied for mere technical breach when the assessee has satisfied all the prescribed conditions.

After 30.06.2017 Cenvat credit arising out of legacy shall be refunded to assessee in cash

January 8, 2023 1251 Views 0 comment Print

Gabriel India Limited Vs Commissioner, Central Goods & Service Tax and Central Excise (CESTAT Delhi) w.e.f. 01.07.2017, the Government of India had introduced GST regime which has replaced earlier Cenvat Credit Rules, 2004 with transitional period of 30 days. Accordingly, after 30.07.2017, no assessee is permitted to avail credit in the cenvat credit account. As […]

Addition based on Information from NSE not valid if Assessee not given sufficient time

January 8, 2023 771 Views 0 comment Print

Lilaben Bhagabhai Patel Vs ITO (ITAT Ahmedabad) CIT(A) has categorically observed that the print out of share trading from the brokers related to share transaction statement was unsigned documents and the Assessing Officer has taken the loss on the basis of information provided by National Stock Exchange, Bombay. It is pertinent to note that the […]

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