The Income Tax Appellate Tribunal (ITAT), Bangalore bench, upheld an order of the first appellate authority where the CIT(A) deleted a penalty order imposing Rs. 5000 on a Company for non-furnishing of income tax returns within the prescribed time. The authority found that the reason for delay was financial difficulties which constitute a reasonable cause […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, while allowing an appeal filed by an assessee, an individual, held that no income tax can be levied on the interest received on enhanced compensation from the government towards the compulsory acquisition of land since the same shall be treated as capital receipt and exempted under section […]
The Allahabad High Court refused to grant bail to a person alleged of clandestine removal of finished goods without issuance of any invoice, without payment of any applicable duties. The applicant, Chhaya Devi is the proprietor of the firm while business of the firm is being managed by the Manager and is in effective control […]
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Delhi Bench held that the burden of proof for alleged clandestine removal of goods is upon the department. The present order disposes of four appeals arising out of the order of Commissioner, GST has been assailed before this Tribunal. The said order has been passed in […]
The Bombay High Court directed the Custom Authority to allow clearance of Pigeon Peas as there was valid registration of Advance Payment Certificate. The petitioner, Rika Global Impex Limited is a company incorporated under the Companies Act, 2013 and engaged in the business of import and export of agricultural commodities. Petitioner is a regular importer […]
The Customs, Excise, and Service Taxes Appellate Tribunal (CESTAT), directed the Adjudicating Authority to examine in respect of the credit of refund amount to Consumer Welfare Fund. The appellant, M/s Rakesh Canteen Contractor has been awarded the canteen services contract from M/s Caparo Engineering India Limited, by way of running and managing their canteen located […]
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 […]
The Ministry of Finance amended the Courts for trial of cases under Prevention of Money Laundering Act, 2002 (PMLA) in Kerala. In consultation with the Chief Justice of the concerned High Court, the Central Government notified the amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), published in the […]
The Corporate Laws Committee of the Institute of Costs Accountants of India (ICMAI) is conducting a Quiz on Corporate Law on the account of celebrating February 2021 as Corporate Law Month on all India basis. The link of the quiz will be made available to the members or students who have registered in the above […]
Taxscan in association with NITYA Tax Associates is pleased to announce our next program under Simplified series, a webinar on ‘Input Tax Credit – Concept and Practical Issues’. Input Tax Credit (ITC) is one of key elements of Goods and Services Tax (GST) regime and seamless flow of ITC has always been the objective of […]
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