The Income Tax Appellate Tribunal (ITAT), Mumbai Bench refused to grant stay on recovery of tax and interest demands to the Tune of Rs 1,223.83 crores. The assessee, Tata Steel has sought a stay on collection/ recovery of tax and interest demands aggregating to Rs 1,223.83 crores, in the matter of assessment under section 143(3) […]
The Income Tax Appellate Tribunal (ITAT) Bangalore, has deleted an addition made by the revenue department under section 50C of the Income Tax Act. The assessee, Ayi Vaman Narasimha Acharya, filed return of income declaring a total income of ₹ 18,83,160 for Assessment Year 2011-12. This return was accepted under section 143(1) and subsequently, the […]
The Director General of Foreign Trade (DGFT) notified the Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHSfrom 25th February 2021. The DGFT informed that the electronic platform for Preferential CoO is being expanded further to add two more FTAs/PTAs to facilitate electronic application of […]
The Customs, Excises, Service Taxes Appellate Tribunal (CESTAT), Delhi Bench held that the Customs Commissioner erred in revoking Customs Broker License, forfeiting the security deposit, and imposing a penalty. An offence report with a show cause notice was submitted by the Deputy Director, Directorate of Revenue Intelligence to the Commissioner mentioning that certain importers were […]
The Central Board of Indirect Taxes and Customs (CBIC) notified the Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs). The Board had issued a new set of policy and guidelines for setting up of ICDs/CFSs/AFSs vide Circular No. 50/2020-Customs dated November 5, 2020. […]
The Central Board of Indirect Taxes and Customs (CBIC) issued the clarification on payment Agriculture Infrastructure and Development Cess (AIDC) by EOU under various situations and amendment to Circular no. 35/2016-Customs dated July 29, 2020. In case of EOU selling finished goods in DTA, BCD exempted on import of inputs used in such finished goods […]
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 Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, here today signed a Memorandum of Understanding (MOU) for data exchange between the two organizations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gupta, ADG, CBIC, in the presence of […]
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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