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Archive: 01 April 2023

Posts in 01 April 2023

Matter restored because of absence of necessary verification by AO and non-cooperation by assessee

April 1, 2023 528 Views 0 comment Print

ITAT Raipur held that matter needs to be restored in absence of necessary verification by AO in characterizing share application money as unexplained cash credit u/s 68 and non-cooperation and evasive conduct of the assessee.

Classification of goods cannot be altered as some parts imported and cleared under separate BOE

April 1, 2023 1065 Views 1 comment Print

CESTAT Chennai held that merely because some parts were imported separately and cleared under a separate Bill of Entry (BOE), the department cannot contend that the goods cannot be classified under CTH 8437. Goods classifiable under CTH 8437 as order placed for supply would be complete only by including the goods imported vide both Bills of Entry.

Imports of Motor Spirit/ High Speed Diesel assessable on actual receipt in shore tank

April 1, 2023 678 Views 0 comment Print

CESTAT Ahmedabad held that imports of Motor Spirit/ High Speed Diesel is assessable on actual receipt in shore tank and not transaction value based on invoice price of overseas supplier.

Employee of Malviya Institute Jaipur being a Government employee is entitled for exemption u/s 10(10AA)

April 1, 2023 363 Views 0 comment Print

ITAT Jaipur held that as per records i.e. the Govt. Gazette Notification and Office Order submitted, Malviya National Institute of Technology, Jaipur (Raj) is a Govt. Organisation and therefore assessee being an employee of Government Organization is entitled for full exemption of earned leave encashment on retirement u/s 10(10AA) of Income Tax Act.

Caution with Caution Money

April 1, 2023 10581 Views 0 comment Print

Understand the concept of Caution Money, its misuse, legal status, and the need for regulation. Explore regulations in India, legal cases, and compare international practices.

Mere change of opinion not valid for reopening of assessment u/s 148

April 1, 2023 2010 Views 0 comment Print

ITAT Mumbai held that re-opening of assessment under section 148 of the Income Tax Act on account of mere change of opinion is bad-in-law and liable to be quashed.

Activate your Suo Moto Cancelled GST Registration – Golden Opportunity

April 1, 2023 17250 Views 0 comment Print

Many dealers are not able to file GST Revocation request due to time limit of 30 days. This is golden opportunity for them. They may file their returns within specified time period and save their GST Registration, GST Credits Etc.

Condonation of delay in filing claim without indicating sufficient reasons not acceptable

April 1, 2023 4929 Views 0 comment Print

NCLT Hyderabad held that condonation of delay in filing the claim without indicating any sufficient reasons not acceptable as length of the delay is immaterial, but the reasons for condonation of delay matters.

Service tax leviable only if service provider provides lease services and is also a Telegraph Authority

April 1, 2023 603 Views 0 comment Print

CESTAT Hyderabad held that service tax is leviable only if service provider provides lease services and is also a Telegraph Authority as defined under Indian Telegraph Act, 1885. Both conditions needs to be satisfied, for levy of service tax.

Tax planning with respect to Dividends

April 1, 2023 60882 Views 1 comment Print

Navigate tax planning for dividends in Assessment Years 2021-2025. Understand key provisions, definitions, tax rates, TDS, and recent amendments for informed financial decisions.

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