"08 January 2023" Archive

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

Bennett Coleman & Co. Ltd Vs MAD (India) Pvt. Ltd (Bombay High Court)

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...

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Lease rent for vehicle used by employees is revenue in nature

J.M. Morgan Stanley Securities Pvt. Ltd Vs ACIT (ITAT Mumbai)

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

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GST Exemptions In Banking Industry (financial services)

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....

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Posted Under: Corporate Law |

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

ITR-U : The great anomaly in an interpretation of section 140B of Income Tax Act, 1961 by CBDT. As per clause (c) to the first proviso to Section 139(8A) of Income Tax Act, 1961, updated return of income cannot be filed in a case where that updated return results in refund or increases the refund […]...

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Posted Under: Corporate Law |

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

Mayuri P. Patel Vs ITO (ITAT Ahmedabad)

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....

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

Prerak Goel Vs PCIT (ITAT Mumbai)

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....

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

Fourrts (India) Labs Pvt. Ltd Vs ACIT (ITAT Chennai)

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....

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

ITO Vs Arun Gupta (ITAT Chennai)

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....

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GST exempt on procurement & distribution of drugs, medicines & other surgical equipment on behalf of government

In re Andhra Pradesh Medical Service and Infrastructure Development Corporation (GST AAAR Andhra Pradesh)

In re Andhra Pradesh Medical Service and Infrastructure Development Corporation (GST AAAR Andhra Pradesh) Question: 1. Whether the procurement and distribution of drugs, medicines and other surgical equipment by APMSIDC on behalf of government without any value addition, and without any profit or loss, without even the intent to do busin...

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GST exempt on services to educational institutes related to conduct of examinations

In re Principal Commissioner of Central Tax Vs Universal Print Systems (GST AAAR Andhra Pradesh)

In re Principal Commissioner of Central Tax Vs Universal Print Systems (GST AAAR Andhra Pradesh) Whether printing of Pre examination items like question papers, OMR sheets (Optical Mark Reading), Answer booklets for conducting of an examination by the educational boards be treated as exempted supply of service in terms of Serial Number 6...

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