Indian Tax Solution
Department\'s recalcitrance to release the assessee\'s seized jewellery, even though it is so small as to constitute \"stridhan\" and even though no addition was sustained in the assessee\'s hands, is not \"mere inaction\" but is one of \"deliberate harassment\"
As per Section 93 and 138 of the Acts aforesaid, the cess is a duty of excise which is to be levied and collected by the Central Government in the Ministry of Finance under provisions of the Central Excise Act, 1944 or under any other law for time being in force.
AO cannot rely on Instruction No.1/2015 dated 13.01.2015 to withhold refunds as the same has been struck down by the Delhi High Court in Tata Teleservices & the same is binding on all AOs across the Country.
The case was found to be fit for filing appeal before the Tribunal only for the reason that the appeal against the order passed by the\' Tribunal in M/s Maruti Udyog Ltd.\'s 1st case was pending before Hon\'ble the Supreme Court at that time, however, the same has now \'been dismissed. As the legal issue involved in the case has already been decided in favour of the assessee, we do not find any \'reason to go into the issue as to whether the appeal filed by the revenue before the Tribunal was competent in view of alleged \'irregularity in the approval granted by the Committee of Commissioners.
A manufacturer of vanaspati oil is entitled to invoke the vested right of such manufacturer in accordance with the conditions mentioned in the notification as it then stood.
Board would like to stress that the provisions of Section 11-BB of the Central Excise Act, 1944 are attracted automatically for any refund sanctioned beyond a period of three months. The jurisdictional Central Excise Officers are not required to wait for instructions from any superior officers or to look for instructions in the orders of the higher appellate authority for grant of interest.
An officer whether of the Central Excise department or another agency like the DGCEI, authorised to exercise powers under the CE Act and/or the FA will have to be conscious of the constitutional limitations on the exercise of such power.
To go in for extreme step of launching prosecution and going for arrest without issuing an SCN under Section 73 or 73-A (3) of the FA, appears to be totally unwarranted.
Failure to deposit the amount of consideration not utilized towards the purchase of new flat in the specified bank account before the due date of filing return of Income u/s 139(1) is fatal to the claim for exemption. The fact that the entire amount has been paid to the developer/builder before the last date to file the ROI is irrelevant. Contrary view in K. Ramchandra Rao 277 CTR 0522 (Kar) is sub-silentio and is not good law.
Service-tax billed on rendering of services is not includible as trading receipts. No disallowance u/s 43B can be made for the unpaid service-tax liability which is not claimed as a deduction.
Provision of short-term accommodation in hotels etc. envisaged in Section 65 (105) (zzzzw) of the FA read with Section 65 (44) of the FA is a taxable event that is entirely covered by the term \'luxuries\' in Entry 62 of List II of the Seventh Schedule to the Constitution and therefore outside the legislative competence of Parliament.
Foreign exchange loss is not a notional or \'speculation\' loss and is allowable as a deduction. CBDT\'s Instruction No. 3 of 2010 which deals with foreign exchange derivative transactions (forward contracts) is not applicable to cases of losses in dealings with foreign exchange
The AO must examine the accounts closely and determine if at all any expenditure could be ascribed to the tax exempt dividend/interest earned by the assessee. If the tax exempted income was earned without the interference of any employee the question of attributing any expenditure cannot arise at all.
No disallowance of input tax credit for mere technical defect in VAT invoice.
As the words \"derived from\" are absent, there is no requirement to prove \"first degree nexus\" of the receipts with the eligible business. All receipts of the undertaking are eligible for 100% deduction.
Unexpectedly high transitional input tax credit claims of Rs 65,000 crore by businesses is now a huge headache for the Govt
With the deadline for filing Goods and Services Tax (GST) returns for August coming to an end in less than 48 hours, only 8 lakh taxpayers have filed their GSTR-3B- a short summary return, at the end of Monday, said sources famili ...