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Archive: 03 July 2023

Posts in 03 July 2023

Abatement under Service Tax Requires Inclusion of Free Supply Material Cost

July 3, 2023 1239 Views 0 comment Print

CESTAT Ahmedabad rules that to avail abatement under Notification No. 01/2006-ST, the cost of material provided by the service recipient must be included in the gross value of construction service.

Accretion on Surrender of ULIP Policy Taxable as ‘Capital Gains’

July 3, 2023 5952 Views 0 comment Print

The Income Tax Appellate Tribunal (ITAT) in Mumbai classifies investment in ULIP Policy as ‘Capital Asset’, with accretion on surrender taxable under ‘Income from Capital Gains’ and not ‘Income from Other Sources’.

Invalid section 153A notice: ITAT dismisses Assessment Order

July 3, 2023 2190 Views 0 comment Print

A detailed analysis of the ITAT Amritsar’s decision declaring an assessment order void ab initio due to the wrong section of jurisdiction being cited. An insight into the Indian tax law nuances and key takeaways from the case.

No Service Tax on BSNL Commission Included in Gross SIM Card Sale Price

July 3, 2023 828 Views 0 comment Print

CESTAT Ahmedabad holds that no separate service tax can be levied on the commission received by the appellant from BSNL, when it’s included in the gross sale price of SIM cards. This verdict aligns with previous judgments favoring the assessee.

Re-Crystallisation & Distillation not Manufacturing under Central Excise Act

July 3, 2023 552 Views 0 comment Print

Learn about the landmark ruling of CESTAT Kolkata which stated that the processes of Re-Crystallisation and Distillation do not qualify as manufacture under the Central Excise Act, and the implications of this judgment on the appellant, Ganga Rasayanie.

Taxation of surrendered Additional Income Derived from Business Activities

July 3, 2023 1596 Views 0 comment Print

The recent ITAT Chandigarh ruling in Gurdeep Singh Ubhi Vs DCIT asserts that additional business income without unexplained sources should be taxed at normal rates, challenging the application of Section 115BBE of the Income Tax Act, 1961.

IPL Player’s Brand Promotion doesn’t Fall under Business Auxiliary Service

July 3, 2023 756 Views 0 comment Print

A landmark judgement from CESTAT clarifies that brand promotion carried out by IPL player Pinal Rohit Shah for Mumbai Indians does not fall under the category of Business Auxiliary Service. Understand the case details, analysis and implications here.

Eligibility of Defunct Manufacturer for Refund of Unutilised CENVAT Credit

July 3, 2023 567 Views 0 comment Print

A critical judgement by CESTAT remands the case of Suraj Ropes, a defunct manufacturer, seeking a refund of unutilised CENVAT credit accumulated due to export under bond and LUT. Read on for a comprehensive analysis of the case.

Mere Citation of Different PANs by Assessee & AO doesn’t dismiss Appeal

July 3, 2023 978 Views 0 comment Print

Explore the ITAT Mumbai decision in the case of Maneken Keshvalla Patel Vs NFAC, where the appeal was reinstated despite discrepancies in PAN cited by the Assessee and Assessing Officer. Uncover the intricate details of the case.

ITAT deletes addition for share capital credited through journal entries

July 3, 2023 1116 Views 1 comment Print

The ITAT ruling in the case of ITO vs Hindustan Breweries clarifies that share capital credited via journal entries does not constitute ‘unexplained share capital’. The Tribunal upheld the deletion of addition u/s 68 of the Income Tax Act.

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July 2023