"20 November 2023" Archive - Page 2

Is Income Tax Section 36(1)(viia) Applicable to Co-Op Societies Too?

Confusion around Income Tax Section 36(1)(viia) and its applicability to cooperative societies. Judicial views, distinctions and unresolved debate on Section 36(1)(viia)...

Posted Under: Income Tax |

Puzzle of Significant Beneficial Ownership under Companies Act

Learn what Significant Beneficial Ownership is and what affects it under Companies Act in India from this blog post. FATF, PMLA and other entities affect Ownership compliance and rules....

Posted Under: Income Tax |

Mera Bill Mera Adhikaar (MBMA)

Mera Bill Mera Adhikaar (MBMA) is an incentive scheme which seeks to trigger a behavioral change in consumers for demanding an invoice from supplier of goods and services as a right and entitlement....

Posted Under: Income Tax | ,

CESTAT Quashes Order Reversing CENVAT Credit for Transformer Oil used in Transformer Manufacturing

Commissioner of GST & Central Excise Vs Indo Tech Transformers Ltd (CESTAT Chennai)

Assessee-company was engaged in the manufacture of transformers and their parts falling under Chapter Heading 8504 of the Central Excise Tariff Act 1985. It was registered with the Central Excise department and was availing CENVAT credit on various inputs including transformer oil....

Service Tax Liability on Government Guarantee Commission for Irrevocable Debt Market Fundraising

Krishna Bhagya Jala Nigam Ltd Vs Commissioner of Central Tax (CESTAT Bangalore)

Since raising of finance for day-to-day operations by assessee was squarely covered within the scope of the definition of ‘support service’ and thus assessee was liable to discharge service tax on the Guarantee commission paid to Government of Karnataka or raising funds from the debt market....

ALP of guarantee commission determined @0.3523% instead of 1.25%

DCIT (Central Circle)-7(3) Vs Macrotech Developers Limited (ITAT Mumbai)

ITAT Mumbai held that Arm’s Length Price (ALP) of guarantee commission was determined at the rate of 0.3523% instead of 1.25%....

RBI’s Latest Move: Guidelines for Unsecured Loans by Banks & NBFCs

Understand RBI's guidelines from October 2023 to regulate unsecured loans by Banks & NBFCs. Risks weights raised for personal loans, credit cards & loan to NBFCs....

Posted Under: Income Tax |

Duty exemption available on items required for setting up of water treatment plants

Alstom T &

CESTAT Chennai held that duty exemption available to all items of machinery, including instruments, apparatus and appliances, auxiliary equipment and their component parts required for setting up of water treatment plants. Accordingly, duty paid under protest is required to be refunded back....

Estimating rental value of unsold flats and notionally computing annual letting value unjustified

Coronate Constructions Vs PCIT (ITAT Mumbai)

ITAT Mumbai held that unsold flats which are in stock in trade should be assessed under the head "business income" and there is no justification in estimating the rental value from those flats and notionally computing annual letting value under section 263 of the Act....

Laying of pipeline doesn’t fall under Industrial or Commercial Construction Service

C.S.T.-Service Tax Vs Ramky Infrastructure Ltd (CESTAT Ahmedabad)

CESTAT Ahmedabad held that service of laying of pipeline for Gujarat Water Supply & Sewerage Board (GWSSB) is not falling under the service of industrial or commercial construction service....

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