Finance Act

No Deliberate intention in Late Filing ST Returns: CESTAT sets aside extended period of limitation under proviso to Section 73(1) of Finance Act [Read Order]

August 11, 2022

Blending - Bottling - Packaging - IMFL - Service Tax - Business Auxiliary Service - CESTAT - taxscan

Blending, Bottling, and Packaging of IMFL not subject to Service Tax as ‘Business Auxiliary Service’: CESTAT [Read Order]

August 5, 2022

Service Tax - Composite Works Contract - Supreme Court - Larsen and Toubro Ltd - taxscan

Service Tax not leviable on Composite Works Contract Prior to 2007: Supreme Court upholds Verdict in Larsen and Toubro Ltd [Read Judgment]

August 3, 2022

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Interest paid - convertible debentures - interest - equity - expenditure - ITAT - taxscan

Interest paid on Convertible Debentures is not Interest on Equity and allowable as Expenditure u/s. 36(1)(iii): ITAT [Read Order]

August 18, 2022

The Income Tax Appellate Tribunal (ITAT), Bangalore held that Interest paid on convertible debentures is not interest on equity and allowable as expenditure under Section 36(1)(iii). The only issue raised by assessee, M/s. CAE Flight Training (India) Pvt Ltd is in respect of treating Compulsory Convertible Debentures (CCDs) as equity and holding that no interest […]

Indigo Airlines - Subsidy - Aircraft Engines - Capital Receipts - ITAT - taxscan

Relief to Indigo Airlines: Credit/Subsidy from Suppliers of Aircraft Engines and other Components are Capital Receipts, rules ITAT [Read Order]

August 18, 2022

The Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that the credit or subsidy from suppliers of aircraft engines and other components are capital receipts and deleted the addition. The appellant, M/s. Inter Globe Aviation Ltd is engaged in the business of operation of low-cost airlines in India under the name and style of […]

Amount paid by Purchaser of Property to Tenant can’t be taxed in the Capital Asset of Owner: ITAT [Read Order]

August 18, 2022

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that amount paid by the purchaser of property to the tenant can’t be taxed in the capital asset of the owner. The four assessees are members of the same family. Smt. Halima obtained the property measuring 4,400 sq. ft from her father Shri […]

TDS Deduction - Insurance Companies - Punjab and Haryana HC - taxscan

No TDS Deduction by Insurance Companies on Interest on Compensation to Claimant prior to 1st June 2015: Punjab & Haryana HC [Read Order]

August 18, 2022

In a major relief to those who are yet to receive long-pending insurance claims with interest, the Punjab and Haryana High Court has held that TDS cannot be deducted by the insurance companies on the interest on the compensation amount till 1.06.2015. Justice Arvind Singh Sangwan was considering a revision petition by the New India […]

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Interest paid on Convertible Debentures is not Interest on Equity and allowable as Expenditure u/s. 36(1)(iii): ITAT [Read Order]

August 18, 2022

Relief to Indigo Airlines: Credit/Subsidy from Suppliers of Aircraft Engines and other Components are Capital Receipts, rules ITAT [Read Order]

August 18, 2022

Amount paid by Purchaser of Property to Tenant can’t be taxed in the Capital Asset of Owner: ITAT [Read Order]

August 18, 2022

No TDS Deduction by Insurance Companies on Interest on Compensation to Claimant prior to 1st June 2015: Punjab & Haryana HC [Read Order]

August 18, 2022

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