The GST system has moved to strict ledger-based validation of ITC claims. Excess or unsupported ITC will now result in GSTR-3B filing blocks and possible cash liability.
The Tribunal held that a notice dated 31.03.2021 but dispatched after 01.04.2021 is governed by the new reassessment regime. Failure to follow section 148A procedures rendered the entire reassessment void.
The Tribunal held that Dividend Distribution Tax is effectively a tax on shareholder dividend income and is subject to DTAA benefits. Excess tax collected above the treaty rate was ordered to be refunded.
The Tribunal held that when interest-free own funds exceed investments, no interest disallowance under section 14A can be made. The ruling reinforces that presumption favours the taxpayer in such cases.
Gujarat High Court held that detaining of bulk liquid cargo of Distillate Oil is liable to be quashed detaining since cloud point is not a significant parameter in as much as other significant parameters are satisfied.
CESTAT Chennai held that notifications and circulars issued under the Customs Act, 1962 cannot take away the benefit which is otherwise available under the Foreign Trade Policy [FTP] and Handbook of Procedure [HBP].
Delhi High Court held that application of income tax department for release of FDR towards tax liability not entertained until conclusion of trial under Prevention of Money Laundering Act, 2002 [PMLA] since PMLA has an overriding effect over the provisions of Income Tax Act.
ITAT Pune held that provision of interest on loan from state government is ascertained liability and hence couldn’t be disallowed under section 37 of the Income Tax Act. Accordingly, the appeal is allowed.
Punjab and Haryana High Court held that transfer of case from Chandigarh to Panaji under section 127 of the Income Tax Act to centralize the assessment of all connected or linked persons at one place is justifiable. Accordingly, the present petition is dismissed.
Gujarat High Court held that the duty free import of “Walnut Inshell” against the entry of “Dietary Fibres” in the DFIA license issued under SION Norms E-5 for export Biscuits is permissible. Appeal stands disposed of, accordingly.
