Latest update 12.06.2024

A fresh SCN should be issued to revise the demand raised in the SCN

The Hon’ble Madras High Court in the case of M/s. Vela Agencies held that an order should proceed based on the Show Cause Notice issued to the Assessee. Further, the demand mentioned in the Show Cause Notice cannot be modified in the order. A fresh Show Cause Notice must be issued to modify the demand. Read more

Delay in filing an appeal could be condoned if the appellant is prevented by sufficient cause

The Tamil Nadu AAAR, in the case of M/s. Faiveley Transport Rail Technologies India Limited held that the delay in filing the appeal by the Appellant beyond the normal time limit of 30 days is condoned in terms of proviso to Section 100(2) of the CGST Act if sufficient cause is proved. Read more

Whether demand can be raised when negative taxable value of outward supply is claimed as ITC?

The Honorable Court opined that the explanation provided by the Petitioner was not taken into consideration as to the tallying of the amount reflected as ITC with the value of the Credit note so as to check whether there is excess availment of ITC. Read more

Bombay HC set aside VAT demand on sale of business as a “going concern” (slump sale)

The facts before the HC were that the petitioner transferred its intellectual property rights (IPRs) and goodwill through a Business Transfer Agreement (BTA). The BTA constituted a slump sale of the petitioner’s entire domestic formulation business for a lump sum consideration. Read more

Infant milk formula attracts GST at 18% rules AAR

The GST Authority for Advance Rulings (Rajasthan bench) has held that Bebymil was correctly levying and collecting Goods and Services Tax (GST) at 18% against its infant milk formula products. Read more

GST needs reforms, state govts must have their say

GST is often described as independent India’s most pathbreaking indirect tax reform. Here, India had the latecomer’s advantage of learning from the experience of others — preceded as it was by about 160 countries in the implementation of a GST/value added tax (VAT). Read more

Tax incidence of non-compete fee is not retrospective, rules ITAT

Non-compete fees received by a taxpayer will be a non-taxable capital receipts up to the financial year 2002-03. The amendment to treat non-compete fees as taxable revenue receipts came into effect only from 01.04.2003 – this was upheld by the Income-tax Appellate Tribunal, Mumbai bench in its recent order. Read more

Check your Form 26AS, AIS carefully for error-free income tax return filing

Check your Form 26AS, AIS carefully for error-free income tax return filing Read more

Govt likely to decriminalise minor I-T offences in 100 days

In a first, the Centre is likely to fulfil a long standing demand of the industry to decriminalise minor income tax offences to prevent prosecution and replace it with penalty, with the aim to boost ease of doing business, a senior government official said. Read more

Tax tribunals in Delhi and Mumbai allow deductions for CSR donation.

Income Tax Appellate Tribunal (ITAT) benches in Delhi and Mumbai recently ruled in favour of allowing tax deductions under Section 80G of the Income Tax Act for corporate donations made as part of companies’ corporate social responsibility (CSR) expenses. Read more