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ITAT: In the present case, undisputedly, Assessee earned franchise fee in the course of its business, thus, the same was assessable as business income which can be set off against the brought forward business losses.
HC: Since Assessee filed the return under Section 139(4A) in the course of reassessment proceedings, it is open to the Revenue to verify the books of account and other documents on record.
10/6/2022 Vipul Ltd Vs DCIT
ITAT: The application of Section 43B depends on the character of the levy being either statutory or contractual.
ITAT: The interest income derived by a co-operative society by way of investment made with a co-operative bank is eligible for deduction under section 80P(2)(d).
HC: Since the term or set off of any loss was specifically inserted only by the Finance Act 2016, w.e.f. Apr 1, 2017 an assessee is entitled to claim set-off of loss against income determined under Section 115BBE till AY 2016-17.
ITAT: A warrant issued in respect of one premises cannot be valid to search another premises and if the authorities intend to search another premise, they will have to issue another warrant after recording satisfaction in accordance with law and absence of the same would vitiate the proceedings under Section 153A.
ITAT: Assessee furnished various documents including cash book and bank statements for the whole year to explain the nature and source of cash deposits and three of the customers from whom amount was claimed to have been received by Assessee appeared before the Revenue confirming the payment.
ITAT: Assessee does not constitute a dependent agent of Car Care Private Ltd., on the ground that privity of contract for extended warranty is between the Assessee and the customers, wherein, CCPL has no role to play and the factual position emerging on record was not effectively controverted by Revenue.
HC: Assessee is permitted to raise all the contentions including limitation aspect as well as objections for reopening the assessment w.r.t reasons furnished along with order dated 06.01.2022, as per the order of the learned Judge in WP.No.7929.
ITAT: The book value of the liability shown in the balance sheet has to be reduced for the purpose of valuation and determination of FMV of unquoted equity shares.
ITAT: Receipt from domain name registration received by LLC is in the nature of royalty under Section 9(1)(vi) read with Section 115A.
ITAT: Even if Assessee’s income remained Nil after the adjustments, such adjustments constitutes as requisite variation in the income returned by Assessee under Section 144C.
ITAT: The assessment order as invalid and deemed to have never been issued as it failed to mention DIN in its body.
ITAT: The ITAT has inherent powers of granting a stay on demand in fit and deserving cases, which is ancillary and incidental to its appellate powers.
HC: The limitation being a question of law and touching upon the jurisdiction of the authority to initiate proceedings, it could be raised at any stage of the proceedings and it will not preclude the assessee from doing so.
ITAT: In the absence of any definition of 'debenture' in the Act, reliance can be placed on the definition given in the Companies Act which provides that 'bond' is covered under the expression debenture.
HC: Wherever the date of despatch or issuance is determined to be on or after Apr 1, 2021, the reassessment notices shall be deemed to be show cause notices under Section 148A(b) of the new regime.
Danish Tax Council: The MD does not have any operative role in the subsidiary nor any premises in the subsidiary, thus it can be safely concluded that the MD would not be directly involved in the Assessee’s activities in Denmark.
ITAT: Premium on redemption of debentures is taxable in the year of redemption and hence there was no exempt income whatsoever warranting invocation of the provisions of Section 14A.
ITAT: Since the impugned addition made towards the unaccounted sales and disallowance u/s.10B is not based on any incriminating material found during the course of search, the additions are liable to be deleted.
HC: The impugned notice is almost a show-cause notice and same is neither without jurisdiction nor there is any procedural irregularities nor the impugned proceeding has been initiated in contravention of any statutory provisions.
HC: Since the audit proceedings u/s 65 of the Act has already commenced, it is but appropriate that the proceedings should be taken to the logical end. The proceedings initiated by the Anti Evasion and Range Office for the very same period shall not be proceeded with any further.
HC: Revenue is directed to give personal hearing to Assessee with at least 7 days advance notice.
Dispute involving Form E-1 non-issuance not 'contractual-dispute' amenable to arbitration; Remands matter
HC: If order passed by Assistant Commissioner of State Tax, is to stand confirmed, it tantamount to recovery of 200% tax and 100% penalty and Revenue would not be justified in recovering taxes twice on same transaction therefore, the Authority has to take into consideration as to whether there was any mala fide intention on part of Assessee in not extending e-way bill.
HC: The petitioner is entitled to the benefit of Notification, in particular clause (iii) since refund application has been filed on May 02, 2020.
HC: Revenue is directed to pass a final order within 3 weeks in writ challenging Revenue’s action in not disposing appeal filed on March 27, 2019.
HC: A party can pay 10% of the disputed Tax either using the amount available in the Electronic Cash Ledger or the amount available in the Electronic Credit Ledger.
HC: In view of the categorical pronouncement by the Hon’ble Supreme Court, there is absolutely no scope for this Court to continue with the interim order passed earlier.
HC: Where the issue has been finally decided by passing final order, that final order would alone be construed as precedent and not an interim order passed in some of the cases as they do not decide the issue.
HC: Joint Commissioner (ST) is a proper officer empowered to issue authorization to Assistant Commissioner (ST) u/s 71(1) to conduct inspection/search etc. of the business premises of the assessee.
HC: There is, certainly, an infraction of the provisions of Rule 25 of the CGST, and that apart, as indicated above, the impugned order has gone beyond the frame of the SCN.
HC: Mangoes under CTH 0804 including mango pulp, but other than fresh mangoes and sliced, dried mangoes, attract GST at 12% rate.
NAA: Revenue cannot advocate for penny by penny compliance of anti-profiteering provision which itself do not prescribe any methodology as same was not based on exact science but approximation.
NAA: Renting or leasing of vacant land with or without structure incidental to its use comes under Negative list as per section 66D(d)(iv) and thereby, no credit of any amount paid towards one time lease premium for vacant land can be allowed.
HC: The acts of interception and retention, though an invasion into the rights of citizens, have been accorded statutory sanction in pursuance of the aims and objects of the Goods and Services Act.
HC: Revenue is directed to remit interest w.r.t. refund concerning CGST, IGST and SGST in terms of Section 54 of CGST Act, before the next hearing date.
HC: The only allegation levelled against the Assessee was that Part-B of the e-way bill was not filled up and there is no allegation that the goods being transported were being transported without payment of tax.
HC: The provisional attachment order dated August 14, 2020 has not been renewed even though adverse order was passed on September 28, 2020, and more than one year has passed since provisional attachment order was issued.
HC: Allegations as levelled in the show cause notice should be clear and specific and the findings cannot go beyond the allegations as levelled in the show cause notice.