A recent advance ruling in Tamil Nadu clarifies GST liability on corpus/sinking funds collected by Resident Welfare Associations and their eligibility for Input Tax Credit.
AAR ruled that Fairmacs Shipstores Private Limited must charge GST on its supplies of pre-packaged frozen meat products to hotels and distributors, primarily due to the absence of the mandatory ‘Not for Retail Sale’ declaration on their packages.
Allahabad High Court halts benami proceedings against Arpit Jagga, questioning jurisdiction as the cash was already assessed under the Income Tax Act and arguing cash may not be benami property.
ITAT Chennai rules agricultural land beyond urban limits is exempt from capital gains tax, irrespective of actual cultivation, citing Section 2(14).
Vide the present petition it is contested that the show cause notice has been issued on 26thSeptember, 2023. The same is stated to have been uploaded on the Additional notices tab and the show cause notice did not come to the knowledge of the Petitioner.
ITAT Delhi held that denial of exemption under section 11 of the Income Tax Act for delay in filing of Form 10B is not justifiable since condition of filing Form 10B is directory in nature and not mandatory. Accordingly, appeal allowed and exemption granted.
ITAT Raipur restored the matter to the file of CIT(A) for fresh adjudication as intimation of fixation of hearing was sent via email, and no physical/ hard copy was sent, inspite of specifically stating in Form 35 that all notices/ communication to be sent in a mode otherwise through email.
ITAT Pune held that the assessee institute is substantially funded by the Central Government and hence the assessee institute would be entitled to exemption by virtue of provisions of section 10(23C)(iiiab) of the Income Tax Act.
ITAT Delhi held that no addition in respect of share premium under section 68 of the Income Tax Act since necessary evidence along with valuation certificate as per rule 11UA(2)(b) of the Income Tax Rules already furnished. Accordingly, appeal allowed.
ITAT Jaipur held that expenditure towards supply of food packets for employees which was subjected to GST shall not be considered as contract and hence provisions of section 194C shall not apply.
