"11 February 2023" Archive

Addition of mere book entry unsustainable

Rajesh Kumar Gupta Vs ACIT (ITAT Chandigarh)

ITAT Chandigarh held that addition of mere book entry unsustainable as no amount has been received and no adverse interference with regard to the same has been drawn by the department....

CBI Registers A Case Against An Assistant Commissioner of CGST

CBI Registers A Case Against An Assistant Commissioner of CGST & His Wife on The Allegations of Possessing Disproportionate Assets And Recovers Cash of Rs.42 Lakh (Approx) During Searches...

Posted Under: Income Tax |

Composite and Mixed Supply Provisions under GST

The taxable event under GST is supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. Normally, goods or services are supplied separately and these are taxed at the rate specified for each such identifiable goods or services. However, when two or […]...

Posted Under: Income Tax |

Compensation received due to non-performance of obligation is capital receipt

ACIT Vs Kenneth Builders &

ITAT Mumbai held that compensation received on account of non-performance of obligation by the Delhi Development Authority (DDA) is capital receipt not taxable in the hands of the assessee....

Provisionally attached movable property to be released on offer of immovable property

Utkarsh Ispat LLP Vs State of Gujarat (Gujarat High Court)

Gujarat High Court held that as per CBIC circular dated 23.02.2021 provisionally attached movable property (including bank account) should be released when the taxable person offers any immovable property in lieu of the same....

As per India-Japan DTAA, levy of surcharge and cess cannot exceed tax rate of 10%

FCC Co. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that levy of surcharge and cess cannot exceed the tax rate of 10% as per India – Japan DTAA. Accordingly, as per article 12 of India – Japan tax treaty the tax to be charged on royalty and FTS shall not exceed 10% of the gross amount of royalty or FTS....

Assessee doesn’t become US resident by mere securing house on rent in USA

Jenendra Kumar Jain Vs Income Tax Officer (ITAT Hyderabad)

ITAT Hyderabad held that mere securing a house on rent in the USA is not the conclusive fact that the assessee had become a USA resident to allow DTAA benefit....

Denial of TDS credit as corresponding turnover reflected in earlier year is untenable

Neelkanth Developers Radhe Homes Vs ADIT (ITAT Ahmedabad)

ITAT Ahmedabad TDS credit cannot be denied on the ground that corresponding turnover has been offered to tax in the earlier assessment year....

ICAI: Registration for Online Home Based Practical Training Assessment

The next practical training assessment is being conducted online on March 4-5, 2023. The students who have completed their 1st/ 2nd year of practical training during April 1, 2022 – December 31, 2022 are eligible to appear in this test....

Posted Under: Income Tax |

HC directs GST Dept. to pay 6% interest for wrong encashment of bank guarantee

LM Wind Power Blades (India) Pvt Ltd Vs Union of India (Karnataka High Court)

The material on record discloses that undisputedly, the respondents encashed the bank guarantees of the petitioner on 23.09.2019 and the same was retained and was lying with them from that date onwards up to 05.01.2022 when the said sum of Rs.4,73,26,512/- was refunded back to the petitioner....

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October 2023