"03 August 2023" Archive

Guidelines for Compulsory Income Tax Scrutiny – FY 2023-24 clarification

F. No. 225/66/2023 — ITA-II 03/08/2023

Government of India issues guidelines for compulsory selection of returns for Complete Scrutiny during FY 2023-24. Find the procedure and clarification here....

Stamp Duty on Off-Market Securities Transfer – Gift, Legacy, etc.

Understand whether stamp duty is applicable on off-market transfers of securities without consideration, such as gifts or legacy transfers, as per the Indian Stamp Act amendments....

Posted Under: Income Tax |

Legality of Assessment order issued without Document Identification

Assessing Officer issued DIN through a separate communication dated 03.02.2022, which demonstrates that the DIN was not issued within a period of 15 working days of the issuance of the assessment order....

Posted Under: Income Tax |

Crux of GST Notification (Central Tax) issued on 31st July 2023

On 31st July the CBIC notified the various notifications in context with the recommendation made by the GST Council Meetings. (These notifications cover the recommendation made by the GST Council not only in 50th Meeting but it is covering the matter discussed in earlier meeting also such as in 47th Meeting, 49th Meeting) Following are ...

Posted Under: Income Tax |

Loan facility to credit card holder not a credit card service, exempt from GST

HC held that loan facility availed by a credit card holder, where being a credit card holder is a condition for eligibility, is not considered a credit card service. Instead, it is treated as a standard loan which is exempt under GST. Directed the bank to refund the GST collected from the assessee....

Posted Under: Income Tax |

Tax Treatment of Agricultural Land Sale: No Need for Active Agricultural Activity

ACIT Vs Ashok W. Wesavkar (ITAT Mumbai)

According to the Income Tax Act, there is no requirement for active agricultural activity to be present at the time of selling agricultural land. The key condition is that the land must qualify as agricultural land. The Honourable Third Member supported this view and dismissed the Revenue's appeal, concluding that the consideration receiv...

Posted Under: Income Tax | |

NCLT Mumbai: PF/Gratuity Due Prioritized in Liquidation

Anuj Bajpai Vs Employee Provident Fund Organisation (NCLT Mumbai)

NCLT Mumbai held that PF/Gratuity dues are third-party assets belonging to workers and should be prioritized in liquidation. The EPFO claims will not fall under the waterfall mechanism of the IBC....

Posted Under: Income Tax | |

Section 43CA doesn’t apply to agreement to sell entered prior to 1st April 2014

Reegal Construction Vs ITO (ITAT Kolkata)

ITAT Kolkata held that as provisions of section 43CA of the Income Tax Act are introduced with effect from 1st April 2014, the said provisions are not applicable to ‘agreement to sell’ entered prior to 1st April 2014....

Denial of deduction u/s. 80HHC merely stating income are not derived from export unjustified


ITAT Delhi held that income classified as ‘business income’ but not considered for the purpose of working of deduction u/s 80HHC merely on the nomenclature that income are not derived from export is unjustifiable as it is not justified that income has no nexus with earning of export....

Resolution plan by RP of Safeco Hygiene found to be feasible and viable hence approved

In re Charudutt Marathe (NCLT Ahmedabad)

NCLT Ahmedabad held that resolution plan submitted by Resolution Professional (RP) of the corporate debtor- Safeco Hygiene Films Pvt. Ltd. duly complies with regulations of CIRP Regulations, 2016 as well as IB Code and, the resolution plan is found to be both feasible and viable as held by CoC. Accordingly, the same is approved....

Posted Under: Income Tax | |