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Archive: 05 September 2023

Posts in 05 September 2023

Conversion of shipping bills from drawback to DEPB Scheme Allowable

September 5, 2023 555 Views 0 comment Print

Dive into legal complexities and key takeaways of case Crown Milk Specialities Pvt Ltd Vs Commissioner of Customs concerning conversion of shipping bills from Drawback to DEPB Scheme.

No service tax liable to be demanded on construction contracts executed prior to 01.06.2007

September 5, 2023 354 Views 0 comment Print

Explore the crucial legal battle between Arasan Amuthan Construction and the Commissioner of Central Excise and Service Tax. Understand why no service tax is due on pre-2007 contracts according to CESTAT Chennai.

DSIR Forms 3CM & 3CL Not Required for section 35(1)(i) Tax Deduction: ITAT Mumbai

September 5, 2023 1281 Views 0 comment Print

Analysis of the ITAT Mumbai ruling in FDC Limited Vs PCIT. Find out why ITAT quashed the revision order concerning Form 3CM, Form 3CL, and deductions under section 35(1)(i) of the Income Tax Act.

ITAT Directs 25% Profit Estimate on Milk Product Sales During Demonetisation

September 5, 2023 582 Views 0 comment Print

Analysis of ITAT Chennais decision in the case of DCIT Vs Kannan Rajendra Babu, directing a 25% profit estimation on income from sale of milk products during the 2016 demonetization period.

ITAT Hyderabad allows 60% Depreciation on Computer Peripherals

September 5, 2023 459 Views 0 comment Print

Analysis of ITAT Hyderabads decision on ACIT Vs Owens Cornings Industries, focusing on 60% depreciation eligibility for computers and peripherals under the Income Tax Act, 1961.

AO cannot tax Income as FTS without interpreting relevant Article of DTAA

September 5, 2023 435 Views 0 comment Print

An in-depth analysis of the ITAT Chennai’s decision on ITO vs Eshakti Com Pvt Ltd, focusing on the deletion of disallowance under section 40(a)(i) of the Income Tax Act.

TDS Not Applicable on SIM/Mobile Recharge Card Discounts: ITAT Kolkata 

September 5, 2023 1266 Views 0 comment Print

Analysis of ITAT Kolkata ruling in Nabirul Islam Vs DCIT, stating that TDS is not applicable on discounts given to retailers on sale of prepaid SIM cards or mobile recharge cards.

Income Once Taxed as House Property Can’t Be Stray-Taxed as Business Income Later

September 5, 2023 762 Views 0 comment Print

An in-depth analysis of the ITAT Delhi case between ACIT and International Recreation Parks. Learn why income taxed as house property can’t be taxed as business income later.

Employee Departure Justifies E-notice Non-Compliance: ITAT

September 5, 2023 354 Views 0 comment Print

Egis International S.A. Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi recently adjudicated a noteworthy case involving Egis International S.A. and Assistant Commissioner of Income Tax (ACIT). The core issue revolved around whether non-compliance with an e-notice, due to the concerned employee leaving the company, could be considered a “reasonable cause.” The […]

IFSCA Circular: Modification of Section 51A of UAPA Implementation Procedure

September 5, 2023 459 Views 0 comment Print

The International Financial Services Centres Authority (IFSCA) has issued Circular No. F. No. 887/IFSCA/UAPA/ 2023-24/03 dated 5th September 2023, addressing important modifications regarding the implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967. This circular impacts all regulated entities in the GIFT-IFSC jurisdiction. Key Modifications: A. The circular refers to Clause 11.2 of […]

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