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Archive: March, 2023

Posts in March, 2023

Enhancement of value only on the basis of NIDB data unacceptable

March 27, 2023 2085 Views 0 comment Print

CESTAT Ahmedabad held that enhancement of value merely on the basis of NIDB (National Import Database) data without any other independent evidence is not acceptable.

Lower of unabsorbed depreciation and business loss allowed as set off against current book profit

March 27, 2023 12126 Views 0 comment Print

ITAT Delhi held that lower of unabsorbed depreciation and business loss deserved to be set off against the current year books profit in terms of provisions of clause (iii) of Explanation-1 to Section 115JB (2) of the Income Tax Act.

Payment of IUC Charges is not “Fee for Technical Services” or “Royalty”

March 27, 2023 1515 Views 0 comment Print

ITAT Delhi held that payment of IUC Charges is not Fee for Technical Services or Royalty within the meaning of its definition as per section 9(l)(vi) and 9(l)(vii) of the Act. Accordingly, disallowance u/s 40(a)(ia) on account of non-deduction of TDS unjustified.

Arm’s length interest rate computable based on market determined rate applicable to currency in which loan is repayable

March 27, 2023 1839 Views 0 comment Print

ITAT Ahmedabad held that arms length interest rate for loan advanced to foreign subsidiary by Indian company should be computed based on market determined interest rate applicable to currency in which loan has to be repaid.

Authorized signatory of cheque, not being drawer, cannot be directed to pay interim compensation

March 27, 2023 11766 Views 0 comment Print

Lyka Labs Limited Vs State of Maharashtra (Bombay High Court) Bombay High Court held that the signatory of the cheque, authorized by the “Company”, is not the drawer in terms of section 143A of the Negotiable Instruments Act and cannot be directed to pay interim compensation under section 143A. Facts- The issue involves that whether […]

Amount duly payable to liquidator as assets proved to be fictitious/ fraudulent

March 27, 2023 1020 Views 0 comment Print

NCLAT Chennai held that as assets proved to be fictitious/ fraudulent and seems to have been created in books of accounts with an intent to defraud the creditors. Accordingly, amount duly payable to liquidator for distribution under section 53 of I&B Code, 2016.

Exercise of revisionary jurisdiction u/s 263 by PCIT for substituting his opinion is untenable

March 27, 2023 960 Views 0 comment Print

ITAT Bangalore held that revisionary jurisdiction under section 263 of the Income Tax Act could not be allowed to be exercised by the PCIT either for substituting his own opinion for that of the AO or for making a fishing and roving enquiry.

Fuel is an integral component of motor vehicle hire services and attracts GST.

March 27, 2023 4113 Views 0 comment Print

GST applicable on entire bill, including monthly rental, night charges, and fuel on mileage basis, for motor vehicle hire services where service provider is responsible for arranging fuel and maintenance.

Tax Deducted By Employer Can’t Be Recovered From Employee

March 27, 2023 3291 Views 1 comment Print

Assessee cannot be called upon to pay the tax which has been deducted at source from his income, even though not deposited by his employer – Quashes demand on employee arising from TDS not deposited by Kingfisher Airlines.

Interpretation of law with respect to doctrine of mutuality is not mandated to Advance Ruling Authority

March 27, 2023 960 Views 0 comment Print

Applicant seeks interpretation of GST law with respect to doctrine of mutuality and relationship of applicant association with its members. The said interpretation of law is not mandated to Advance Ruling Authority for ruling under Section 97(2).

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