"21 November 2023" Archive

ITAT Mumbai Deletes Addition of Share Application Money – Identity, Creditworthiness & Genuineness Proved

Paramshakti Distributors Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Paramshakti Distributors Pvt. Ltd. vs. ACIT: ITAT Mumbai Deletes Addition of Share Application Money – Identity, Creditworthiness, and Genuineness Proved...

ITAT Mumbai restricts addition to 7% of  of value of bogus purchases

Noble Corporation Vs ITO (ITAT Mumbai)

Learn about the case involving Noble Corporation and ITAT Mumbai restricting addition to 7% of value of bogus purchases. Discover the key documents and the ruling of Assessing Officer in this blog post....

Personal guarantee (director) is liable to RCM under GST: Telangana HC

BST Steels Pvt. Ltd Vs Superintendent of Central Tax (Telangana High Court)

BST Steels Pvt. Ltd Vs Superintendent of Central Tax (Telangana High Court) Introduction: The Telangana High Court, in the case of BST Steels Pvt. Ltd vs. Superintendent of Central Tax, upheld the liability of a director’s personal guarantee to Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST). The petitioner con...

Officials of IOCL, HPCL, BPCL and IBP rightly discharged in absence of sufficient grounds

Central Bureau of Investigation Vs U.N.PAI (Gujarat High Court)

Gujarat High Court held that official of accused firm viz. IOCL, HPCL, BPCL and IBP are rightly discharged in the matter of selling HSD at concessional rates to private industries in absence of sufficient grounds for proceedings against them....

Service tax not leviable on statutory charges collected from land allottees as fixed by IDCO

Orissa Industrial Infrastructure Development Corporation Vs Commissioner of Central Excise (CESTAT Kolkata)

CESTAT Kolkata held that processing fee, transfer fee, administrative charges, etc. collected from land allottees as fixed by IDCO are statutory in nature. Accordingly, service tax is not leviable on the same....

Goods manufactured on job work basis to be valued as per rule 11 of Central Excise Valuation Rules

Cosmos Conductors Pvt Ltd Vs Commissioner of C.E. (CESTAT Bangalore)

CESTAT Bangalore held that rule 11 of Central Excise Valuation Rules, 2000 will be applicable for determination of assessable value of goods manufactured on job work basis....

Recovery of CENVAT based on third party statement without tangible corroborative evidence unsustainable

C.C.E. & S.T.-Bhavnagar Vs Arsh Alloys (CESTAT Ahmedabad)

CESTAT Ahmedabad held that no reliance can be placed on statements of third party without tangible corroborative evidence. Accordingly, recovery of Cenvat Credit under rule 14 rightly dropped....

Unabsorbed depreciation of A.Y.s 1997-98 to 2000-01 can be carried forward and set off without any limit

DCIT Vs Windsor Machines Limited (ITAT Pune)

The present appeal has been filed by the revenue against order passed by the CIT(A) challenging action of CIT(A) in allowing carry forward of unabsorbed depreciation of Rs. 19,89,09,661/- pertaining to A.Y.s 1997-98 to 2000-01 for set off without any time limit....

High Courts, Sessions Courts can Grant Interim Anticipatory Bail across States: SC

Explore recent Supreme Court judgment allowing High Courts and Sessions Courts to grant interim anticipatory bail across states, emphasizing protection of citizens' rights....

Posted Under: Income Tax |

Arbitration award pursuant to family arrangement is not chargeable to tax

Ramona Pinto Vs DCIT (Bombay High Court)

Bombay High Court held that amount received as per arbitration award by the appellant pursuant to a family arrangement is not chargeable to tax....

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