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Archive: 23 August 2023

Posts in 23 August 2023

Reputation Protection Costs deductible under Section 37 of Income Tax Act

August 23, 2023 1236 Views 0 comment Print

ITAT Delhi ruling on ACIT vs. Liberty Shoes Ltd. case. Expenditure to avoid reputation damage and litigation costs allowed as valid business expense under Section 37 of Income Tax Act.

CIT (A) cannot enhance taxable income based on issues not considered by AO

August 23, 2023 1287 Views 0 comment Print

Read a detailed analysis of case of Apeejay Shipping Ltd. vs ACIT in ITAT Kolkata regarding jurisdiction of CIT (A) to raise new tax issues and enhance taxable income.

Roasted areca/ betel nut is specifically covered under CTH 2008 19 20

August 23, 2023 2064 Views 0 comment Print

Madras High Court held that CTH 2008 19 20 specifically covers roasted areca nut / betel nut, accordingly, when there is a specific entry covering a product/commodity, the test of common parlance is irrelevant in determining classification.

Royalty for technology use should be aggregated with other international transactions in manufacturing segment

August 23, 2023 795 Views 0 comment Print

Bombay High Court held that the transaction of payment of royalty for use of technology is inextricably linked with manufacturing activity and should be aggregated with other international transactions in the manufacturing segment for the purposes of benchmarking the same 

Rejection of Extension application for Export Time after 2½ Years Unsustainable

August 23, 2023 468 Views 0 comment Print

Chhattisgarh High Court held that an application for extension of time by exporter to make exports beyond the period of 6 months was rejected by the department after more than 2 ½ years. Accordingly, exporters granted benefit of rebate of excise duty paid on excisable goods exported beyond time limit of 6 months.

Departmental authorities cannot question validity of Tax Residency Certificate

August 23, 2023 852 Views 0 comment Print

ITAT Delhi held that that the departmental authorities cannot question the validity of Tax Residency Certificate. Once the assessee holds a valid TRC, it proves the residential status of the assessee as resident of Mauritius, hence, it will be eligible to treaty benefits.

Sale of Land: Not Business Income Without Trade Indicators – ITAT Ahmedabad

August 23, 2023 1083 Views 0 comment Print

ITAT Ahmedabad held that treating transaction of sale of land as business income without any base which indicates that the transaction would be an adventure in the nature of trade. Hence, AO rightly treated sale of land as capital gain.

30 days Time period for review u/s 128 of SVLDRS Scheme, 2019 can be relaxed

August 23, 2023 297 Views 0 comment Print

Madhya Pradesh High Court the time period of 30 days stipulated in Section 128 is relaxable. Accordingly, review u/s 128 of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS Scheme, 2019) allowable if reasons are assigned by the Revenue which do not fall foul of reasonableness clause under Article 14 of Constitution.

Seizure memo in GST MOV-06 not sustained as authority failed to record finding on submission by petitioner

August 23, 2023 768 Views 0 comment Print

Allahabad High Court held that seizure memo could not be sustained in the eye of law as authorities below have not recorded any findings with regard to submission of the petitioner with regard to that there was break down of the vehicle and the driver fell ill in the matter of e-way bill expiry.

Understanding the Need for Financial Clinics in Modern Business

August 23, 2023 765 Views 0 comment Print

Exploring evolution of financial systems in business and why concept of financial clinics is becoming increasingly vital for streamlined operations.

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