The Income Tax Appellate Tribunal (ITAT), Chennai Bench has held that the cooperative society providing financial accommodation to members without Reserve Bank of India (RBI) license for banking business is eligible for exemption u/s 80P(2)(a)(I). The assessee, Varathappam Palayam Primary Agricultural Co-op. Credit Society having “A” class Members as well as “B” class Members as […]
The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench presided by Ms. Annapurna Gupta, Accountant Member And Shri TR Senthil Kumar, Judicial Member has held that the cash deposits out of business of Shroff cannot be treated as undisclosed income u/s 68. The assessee, M/s. is engaged in Shroff business and derives income from […]
The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), has quashed a demand for excise duty holding that the empty packaging drums of cenvatable input are “non-excisable goods” for the purpose of the Excise law. The issue before Mr. Ramesh Nair (Judicial Member) was that whether the appellant is required to...
The division bench of the Karnataka High Court has held that an extended period of limitation cannot be invoked when CENVAT Credit availed on bona fide belief and acted in good faith. The assessee, M/S ABB Limited, is engaged in the business of manufacturing and clearance of turbochargers, electric motors, transformers, etc., and also engaged...
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad set aside demand of duty on the ground that buyer’s premises is not included under place of removal under the Central Excise Act. The appellants, Savita Oil Technologies Ltd are engaged in manufacture of excisable goods. During the scrutiny of their records, it was noticed...
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Chennai allowed refund on the ground that payment of CVD (Countervailing Duty) and SAD (Special Additional Duty) for imports made prior to 30. 06.2017. The appellants, M/s. ITCO Industries Ltd. obtained two advance authorizations dated 29.06.2016 and 05.01.2017 issued by the Additional Directorate General of Foreign […]
A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]
The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]
After the 47th GST Council meeting decisions are out, the Directorate General Of Foreign Trade (DGFT) has notified the exemption of Integrated Goods and Service Tax (IGST) and Compensation Cess under Advance Authorisation, EPCG and EOU scheme by amending the Foreign Trade Policy 2015-20. “Integrated Tax and Compensation Cess under Advance Authorization as per Para […]
Tuesday15th June, our next webinar under our SIMPLIFIED banner on the subject ‘Denial of IGST Refund / Rebate to Advance Authorization Holder – Way Forward’ will be held between 5:00 PM and 7:00 PM. CA. NAVJOT SINGH will be our guest speaker for this webinar aimed at professionals and students alike. He has been an […]
Next Saturday, on 5th June, Taxscan is will be conducting the next program under our SIMPLIFIED banner. The Webinar will be on SEBI’s Proposed changes to the Framework of Promoters, Promoter Group & Independent Directors. CS Gaurav Pingle will be the speaker at this webinar aimed at professionals and students alike. Gaurav Pingle is an […]
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