"27 November 2023" Archive

Bail rejected as applicant failed to prove him clean-handed in economic offences covering crores of proceeds

Tarun Kumar Vs Assistant Director Directorate Of Enforcement (Supreme Court of India)

Supreme Court of India rejected the bail application as applicant failed to prove him not guilty of the alleged economic offences wherein crores of proceeds of crime were transferred to the shell companies without any genuine business transaction....

Commissioner (A) inadvertently treated appeal as time barred hence matter remanded back

Shimul Sarkar Vs Commissioner of Customs (CESTAT Kolkata)

CESTAT Kolkata held that Commissioner (A) inadvertently dismissed the appeal treating it as time barred as the adjudication order dated 23.07.2018 was communicated to the appellant on 05.08.2018. Accordingly, matter remanded back to Commissioner (A) for deciding the issue on merits....

Late fee u/s 234E for delayed filing of TDS return for A.Y. prior to 01.06.2015 unsustainable

Sri Channabasaveshwara Swamy Rural Education Society Vs ITO (ITAT Bangalore)

ITAT Bangalore held that no computation of fee u/s. 234E of the Act for delayed filing of return of TDS while processing a return of TDS u/s. 234E of the Act could have been made for tax deducted at source for the assessment years prior to 1.6.2015....

Deduction u/s 80HHC not available on profits earned on account of foreign exchange fluctuation

Shah Originals Vs CIT (Supreme Court of India)

Supreme Court held that profits earned on account of foreign exchange fluctuation cannot be included/ treated as derived from the business of export income. Accordingly, deduction under section 80HHC of the Income Tax Act not available....

Section 56 prescribes interest on delayed refunds after 60 days from date of refund application

Bansal International Vs Commissioner of DGST And Anr. (Delhi High Court)

Delhi High Court held that interest on delayed refunds as per section 56 of the Delhi Goods and Services Tax Act, 2017 is payable when refund remains unpaid even after sixty days from the date of application for refund....

Finance costs having direct nexus with business is allowable as deduction u/s 36(1)(iii)

DAM Capital Advisors Limited Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that the finance costs having direct nexus with the business should be allowed as a deduction under section 36(1)(iii) of the Income Tax Act....

Principal place of business of 3rd person will be place of supply where supply is made on direction of 3rd person

Philips Carbon Black Limited Vs State of Kerala (Kerala High Court)

Kerala High Court held as per Section 10(1)(b) of the IGST Act, the place of supply of goods in case where the supply is made on the direction of the 3rd person, it would be deemed as 3rd person has received the goods and the place of supply of such goods shall be the principal place of business of such 3rd person....

TP adjustment deleted as rates on which power is available via Indian Energy Exchange cannot be applied

Tata Steel Ltd Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that the rates on which power is available through Indian Energy Exchange cannot be applied, because these are not the rates to the consumers but rates to the DISCOMs. Accordingly, transfer pricing adjustment deleted....

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