In re Khandelwal Extraction Ltd (GST AAAR Uttar Pradesh) (i) Input Credit attributable to the supply of de-oiled rice bran cake (exempted supply) is to be reversed by the appellant in terms of Section 17(2) of the CGST Act 2017; and (ii) GST @ 5% is payable on supply of de-oiled mahua cake with consequently allowing […]
In re Mrs. Senthilkumar Thilagavathy (M/s. JVS Tex) (GST AAAR Tamilnadu) The above clarification by the Board in the context of the adoption of HS classification in Customs and the duty drawback clearly provides that the bags (handbags/shopping bags) made of cotton are squarely classifiable under Chapter heading 4202 of the Customs Tariff and not […]
Interest earned on deposit of surplus funds could not be taxed as business income in view of the fact assessee was not in the business of money-lending.
Janardhanam Balaji Vs ACIT (Madras High Court) Right of appeal is not automatic. When statute confers a limited right of appeal only in a case which involves substantial question of law, it is not open to sit in appeal over factual findings arrived at by AO, CIT(A) and Appellate Tribunal. Hence, appeal was not entertained. […]
M. Suresh Company Pvt Ltd Vs Pr. CIT (Bombay High Court) 1. This Motion is taken by the appellant assessee in Income Tax Appeal No. 738 of 2016. The appeal arises out of a judgment of the Income Tax Appellate Tribunal confirming penalty against the assessee under Section 271(1)(c) of the Income Tax Act, 1961. […]
Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) During the course of assessment the Assessing Officer examined this claim and came to the conclusion that the gain arising out of sale of capital asset was a short term capital gain. The controversy between the assessee and the revenue revolves around the question as to when […]
National Company Law Tribunal shall have jurisdiction to entertain or dispose of any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under the Code
Legal and professional fees paid in connection with the transfer of shares was allowable as deduction from long term capital gain under section 48(i) as the expenditure incurred was wholly and exclusively in connection with the transfer of shares of the Indian Subsidiary.
Assessee was entitled to claim exemption under section 54F on gain earned on the sale of factory shed as factory shed inherently being long-term capital asset as per the provision of Section 2(42A) even if sale of factory shed was subject to short-term capital gain on the basis of deeming provision as specified under section 50.
Assessee was not entitled to claim redemption fine as business expenditure under Section 37 as the same was for the infraction of law committed by assessee.
