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Archive: September, 2023

Posts in September, 2023

Sale proceeds of seized vehicle would be calculated at depreciation rate @ 40% of actual invoice value

September 28, 2023 582 Views 0 comment Print

In present facts of the case, the NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION NEW DELHI (NCDRC) observed that the sale proceeds of the seized vehicle by the Respondent would be calculated at the depreciation rate @ 40% of the actual invoice value of the Motor Vehicle.

Service of veterinary and technical and laboratory testing not taxable under Business Auxiliary Services

September 28, 2023 336 Views 0 comment Print

Bombay High Court held that services in the nature of ‘Veterinary Services’ and ‘Technical and Laboratory Testing Services’ did not fall under taxable category of Business Auxiliary Services.

Addition u/s 68 unsustainable as assessee’s involved in price manipulation not established

September 28, 2023 543 Views 0 comment Print

ITAT Mumbai held that addition u/s 68 unsustainable as department failed to establish that assessee was involved in price manipulation even after purchasing and selling the shares on the stock exchange through SEBI registered stock.

Provisional release granted due to inaction on part of Custom department

September 28, 2023 639 Views 0 comment Print

Bombay High Court held that over a span of almost two years the department has failed to respond to the application of the petitioner for provisional release of the goods. Accordingly, provisional release of goods grant due to such inaction on the part department.

Claim already accepted during regular assessment cannot be reassessed u/s 148 without new tangible material

September 28, 2023 1980 Views 0 comment Print

ITAT Ahmedabad held that initiation of reassessment proceedings under Section 148 of the Income Tax Act on the same issue/ claim which was already decided and accepted during the course of regular assessment, without bringing any new material facts on records, is not valid as per law.

Company Penalized for Failing to Maintain Director-Related Contracts Register

September 28, 2023 3972 Views 0 comment Print

Oragem Exim Private Limited faced penalties from the MCA for not maintaining a register of contracts or arrangements involving directors, as required by Section 189 of Companies Act, 2013. Details of the violation and penalties explained.

Forfeiture of share application money being capital receipt is not taxable

September 28, 2023 1515 Views 0 comment Print

ITAT Delhi held that forfeiture of share application money being forfeiture of a kind of deposits cannot be treated as revenue receipt. The same is capital in nature and hence not taxable.

Penalty u/s. 122 imposable for default in tax payment on wrong claim of input tax credit

September 28, 2023 3573 Views 0 comment Print

Patna High Court held that imposition of penalty u/s 122 of Bihar Goods and Services Tax Act, 2017 (BGST Act) justified as assessee defaulted in tax payment due to an excessive claim of input tax credit which was later deposited without interest due under Section 50

Deduction u/s 80P(2)(a)(i) available to Souharda Co-operative Society if requirement of mandatory fund is satisfied

September 28, 2023 3816 Views 0 comment Print

ITAT Bangalore held that deduction u/s. 80P(2)(a)(i) of the Income Tax Act in respect of credit facilities provided by Souharda Co-operative Society to its members if requirement of mandatory maintaining of funds as per Karnataka Souharda Sahakari Act, 1997 is satisfied.

Recovery of CENVAT Credit against Input Service Distributor u/r 14 of CCR, 2004 unsustainable

September 28, 2023 411 Views 0 comment Print

CESTAT Mumbai held that Rule 14 of the CENVAT Credit Rules, 2004 (CCR, 2004) can only be made applicable against the manufacturer/service provider or the person who availed the allegedly inadmissible credit and accordingly recovery of CENVAT Credit against Input Service Distributor unsustainable.

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