"24 June 2023" Archive

Service Tax refund rejection lacked a stated reason: CESTAT ordered re-adjudication

Vedanta Aluminium Ltd Vs Commissioner of CGST & Excise (CESTAT Kolkata)

Delve into the Vedanta Aluminium Ltd Vs Commissioner of CGST & Excise case, where CESTAT Kolkata set aside an order rejecting a refund claim of service tax and ordered re-adjudication due to the absence of a stated reason in the original decision....

ITAT upholds section 271B penalty despite non-maintenance of books

Rupa Sanjay Nigade Vs ITO (ITAT Pune)

Explore the recent judgement of ITAT Pune in the case of Rupa Sanjay Nigade Vs ITO, where the Tribunal upheld the imposition of penalty under Section 271B due to non-audit of books of accounts....

Dispute in stamp value may be referred to the valuation officer

Bhausaheb Sopanrao Bhoir Vs ITO (ITAT Pune)

ITAT Pune held that as per third proviso to section 56(2)(vii)(b), where the stamp value of the immovable property is disputed by the assessee on the ground mentioned in section 50C(2), the AO may refer the valuation of such property to the Valuation Officer. Accordingly, matter remanded....

ITAT allows section 80P deduction on Interest Income of Coop Society on Surplus Fund deposits

Kai Fakira Jairam Patil Vs ITO (ITAT Pune)

An in-depth analysis of the Income Tax Appellate Tribunal (ITAT) Pune's decision allowing cooperative societies to claim a tax deduction for interest income on surplus funds deposited in cooperative banks and scheduled banks under Sections 80P(2)(a)i) and 80P(2)(d) of the Income Tax Act....

Addition invoking section 56(2)(vii)(b) unsustained as stamp duty value less than agreement value

Shilpa Gautam Vs ITO (ITAT Mumbai)

ITAT Mumbai held that as conditions in second proviso to section 56(2)(vii)(b) satisfied, stamp duty as on the date of agreement would be compared with agreement value. Accordingly, since the stamp duty value is less than the agreement value, addition unsustainable....

On-money income assessable in year in which sale of concerned flat is declared

Magnates Enterprises Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the income portion of the on-money is assessable in the year in which the sale of concerned flat is declared by the assessee....

CPC can’t disallow Partners remuneration for not submitting deed with ROI

Mayur Wines Vs NFAC (ITAT Pune)

Analysis of the recent ITAT Pune decision in the Mayur Wines Vs NFAC case, highlighting the importance of correct procedures in claiming partnership remuneration deductions under the Income Tax Act, 1961....

Refund claim hit by principles of unjust enrichment on failure to prove that incidence of duty not passed on

Span Divergent Limited Vs Commissioner of Central Excise (CESTAT Ahmedabad)

CESTAT Ahmedabad held that the appellant has failed to discharge its burden of proving that burden of duty has not been passed on to the customer. Accordingly, since incidence of the duty has been passed on to the buyers therefore, the refund is hit by the principles of unjust enrichment....

How To Prepare For Interview

Your success in a Job Interview depends a great deal on how you prepare for it. Real life battle starts from here. Interview preparation primarily involves researching the job, the work profile, the company and thoughtfully considering your answers to the interview questions. In addition to pre-interview preparation, there are certain asp...

Posted Under: Service Tax |

AGM Compliances for Listed Company

Listed companies are subject to specific compliance requirements for their annual general meetings (AGMs). These obligations include appointing directors and auditors, paying dividends, and completing necessary filings. Adhering to these timelines and procedures is crucial to maintain regulatory compliance. This comprehensive checklist ou...

Posted Under: Service Tax |

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