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Archive: 04 October 2023

Posts in 04 October 2023

IGST RCM on Import Ocean Freight Discontinued – Not to miss ‘REFUNDS’!

October 4, 2023 7839 Views 1 comment Print

Learn about the discontinuation of IGST RCM on ocean freight for imports, its legal implications, refund possibilities, and time limits. Stay informed to claim your refunds!

Imposition of redemption fine and penalties unwarranted when goods are exported after re-processing

October 4, 2023 300 Views 0 comment Print

CESTAT Chennai held that imposition of redemption fine and penalties when goods were provisionally released, reprocessed and exported after re-processing is unjustified and hence liable to be set aside.

Calcutta HC Quashes 2nd Show Cause Notice Matching Earlier Dropped Grounds

October 4, 2023 807 Views 0 comment Print

Calcutta High Court has quashed a second show-cause notice issued on same grounds as an earlier notice that was dropped by authority. Learn more.

Bank has first charge over property above other debts payable to Central or State Government

October 4, 2023 1086 Views 0 comment Print

Himachal Pradesh High Court held that the Bank has first charge over the properties being secured creditor in priority over all Other Debts, Revenues, Taxes, Cesses and Other Rates payable to the Central or State Government or Legal Authority.

Service tax not leviable on amount being reimbursed on actual basis

October 4, 2023 651 Views 0 comment Print

CESTAT Kolkata held that reimbursement for miscellaneous activities by Clearing and Forwarding Agents from their clients being reimbursed on actual basis is not includible in value of taxable service and hence service tax not leviable.

Expense incurred for earning income chargeable under income from other source allowable as deduction u/s 57(iii)

October 4, 2023 639 Views 0 comment Print

ITAT Mumbai held that any expenditure incurred for purpose of earning income chargeable under the head ‘income from other sources’ is allowable as deduction u/s. 57(iii) of the Income Tax Act.

Supreme Court Ruling: Extension of Limitation Period during Covid

October 4, 2023 2757 Views 0 comment Print

Learn about Supreme Court’s decision regarding extension of limitation period for filing written statements during Covid-19 pandemic. Analysis and implications.

Disallowance restricted to 0.5% of guarantee value in corporate guarantee to AE

October 4, 2023 1152 Views 0 comment Print

ITAT Chennai held that the corporate guarantee to Associated Enterprise (AE) is an international transaction and it has to be assessed at 0.5% of the corporate commission. Hence, directed AO to restrict the disallowance at 0.5% of the guarantee value.

Amount of damages received for tolerating breach of contract not leviable to service tax

October 4, 2023 405 Views 0 comment Print

CESTAT Chennai held that the amount of damages received for tolerating the breach of contract by contractors and sub-contractors is not consideration. Any amount, which is not a consideration for provision of service, cannot be subjected to service tax.

Compensation for delay in handing over possession of property is allowable as business expense

October 4, 2023 1197 Views 0 comment Print

ITAT Bangalore held that the compensation paid for delay in handing over of possession of the property is the liability that arose in the course of business of assessee and hence allowable as business expenditure.

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October 2023