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2009 (7) TMI 923 - ITAT MUMBAI The Tribunal referred the issues back to the Assessing Officer for fresh examination, emphasizing that receipts incidental to activities involving the writing of computer software are eligible for deduction. The Tribunal instructed the Assessing Officer to consider the retrospective applicability of the CBDT Notification and the definition of "computer programme" under the Copyrights Act, 1957. Deductions should be allowed if the assessee proves that the services provided were in connection with the development or production of computer software. The issue of estimating expenditure for earning dividend income was also referred back to the Assessing Officer for decision based on a specific case law.
Some Useful Sites The text lists various useful websites related to tax, finance, and regulatory services in India. It includes resources for income tax, TDS, PAN/TAN services, GST, foreign trade, excise and customs, food safety, MSME registration, and budget information. It also mentions several government ministries and agencies such as the Ministry of Finance, Reserve Bank of India, and Ministry of Commerce and Industry. Additionally, it references organizations like the National Securities Depository Limited, Competition Commission of India, and Employees' Provident Fund Organisation, among others, providing a comprehensive guide for accessing important financial and regulatory information.
2025 (2) TMI 366 - DELHI HIGH COURT The Court held that the Appellate Authority under Section 107 of the CGST Act lacks the power to condone delays in filing appeals beyond the additional one-month period specified in Sub-section (4). The Court emphasized that the CGST Act is a self-contained code with specific limitation periods, excluding the application of the Limitation Act. The appeals filed by the petitioners were deemed time-barred, and the Appellate Authority's decisions to dismiss the appeals on limitation grounds were upheld. The Court dismissed the writ petitions, reinforcing the necessity of adhering to statutory timelines in tax matters.
2024 (8) TMI 1282 - BOMBAY HIGH COURT The HC ruled the freezing of the petitioners' demat accounts by SEBI, BSE, and NSE as illegal, citing a lack of due process and violation of natural justice. It ordered the accounts to be unfrozen and awarded compensation of Rs. 30 lakhs to the petitioner and Rs. 50 lakhs to his son, emphasizing the necessity for regulatory bodies to operate within legal limits.
Functionality for Verification of High Risk Refund Cases for Investigation wing users at Insight The circular from the Directorate of Income Tax (Systems) outlines the procedure for verifying high-risk refund cases identified through email clusters. Investigation officers are tasked with examining clusters of suspicious Income Tax Returns (ITRs) using the Insight portal. The process involves identifying a key person associated with common email IDs, verifying claims of deductions and expenses, and determining the genuineness of refund claims. Officers must complete investigations within three months and submit feedback within four months. The circular provides detailed guidelines and steps for using the Insight portal to manage and report on these cases.
2021 (10) TMI 1317 - GUJARAT HIGH COURT The court found that the denial of a personal hearing to the petitioner violated principles of natural justice. The assessment order and consequential tax demands were quashed and set aside. The matter was remanded to the Assessing Officer for a new assessment with a personal hearing granted to the petitioner via video conferencing. The court emphasized the importance of transparency and accountability in the faceless assessment regime.
Turant Customs – Turant Suvidha Kendra and Other Initiatives for Contactless Customs The circular outlines the 'Turant Customs' program by the Indian Ministry of Finance, aimed at creating a faceless, contactless, and paperless customs administration. Key initiatives include the establishment of Turant Suvidha Kendras (TSKs) across all customs formations to facilitate faceless assessment, automated clearance of Bills of Entry, and digitization of customs documents. Additionally, new functionalities in ICEGATE allow for online registration and modification of Authorized Dealer Codes and Bank Accounts, automated bond debiting, and simplified importer/exporter registration. These measures aim to enhance efficiency, transparency, and ease of doing business while minimizing physical interaction.
Launch of Indian Customs EDI System (ICES 1.5) for Imports and Exports, at Port Blair Port (INIXZI) The Indian Customs EDI System (ICES 1.5) is being launched at Port Blair Port for processing imports and exports starting July 8, 2019. This system will enable electronic filing and processing of Shipping Bills and Bills of Entry, facilitating seamless trade operations. Importers and exporters must ensure their Import Export Code (IEC) is registered with the system. The system integrates with other regulatory agencies through the Single Window Interface for Facilitating Trade (SWIFT), allowing for online permissions and reducing the need for physical interaction with government agencies. The notice outlines detailed procedures for registration, filing, and processing of import and export documents, emphasizing the importance of accurate data entry and compliance with regulatory requirements.
The Indian Customs EDI System (ICES 1.5) is set to launch for imports and exports at the Inland Container Depot (ICD), Multimodal Logistics Park (MMLP), Raipur, starting December 3, 2018. This system will enable electronic filing and processing of Bills of Entry and Shipping Bills, streamlining customs clearance by integrating various regulatory agencies through a single window interface (SWIFT). Importers and exporters must ensure their Import Export Code (IEC) is registered with the system. The notice outlines procedures for registration of customs brokers and shipping lines, currency exchange rates, and the filing of import and export documents. It also details the process for duty payment, examination of goods, and amendments to shipping documents, emphasizing the reduction of physical interaction and enhancing efficiency in customs processes.
Minutes of the 29th GST Council Meeting held on 04th August 2018 The 29th GST Council Meeting, chaired by the Union Finance Minister, focused on addressing issues faced by the MSME sector under the GST regime. Key discussions included confirming the minutes of the previous meeting, addressing MSME concerns, and incentivizing digital payments. The Council decided to form a Group of Ministers (GoM) to examine MSME issues, with the Fitment, Law, and IT Committees tasked to report to the GoM. The Council also approved a pilot scheme for incentivizing digital payments via RuPay and BHIM, to be tested in select states. Additionally, the Council agreed to continue the current GST return filing system until March 2019 and withdrew a proposed amendment to Section 16(2) of the CGST Act, favoring MSMEs. The next meeting was scheduled for September 2018 in Goa.
2017 (10) TMI 1020 - DELHI HIGH COURT The court held that Section 9(2)(g) of the DVAT Act violated Article 14 by treating bona fide and non-bona fide purchasing dealers alike. It read down the provision to exclude bona fide dealers from penalties, protecting their right to claim Input Tax Credit. Default assessment orders against the petitioners were set aside, directing the Department to pursue defaulting selling dealers for tax recovery. The writ petitions were disposed of without costs.
The Indian Customs EDI System (ICES 1.5) will be launched at the Inland Container Depot (ICD) Borkhedi, Nagpur, for processing import and export documentation electronically from August 8, 2016. Importers, exporters, and customs brokers must comply with prerequisites such as IE-Code registration and customs broker registration in ICES. The system enables electronic filing of Bills of Entry and Shipping Bills, with certain documents required in original. Procedures for import and export, including registration, assessment, examination, and clearance, are detailed. The system aims to streamline customs processes, enhance transparency, and ensure compliance with regulations.
The notification outlines the procedure for online submission of tax deduction and collection statements under the Income-tax Act, 1961. It specifies that deductors and collectors must register on the e-filing portal with a valid Tax Deduction and Collection Account Number (TAN). They must prepare their statements using the Return Preparation Utility and validate them with the File Validation Utility, both available online. The statements are to be uploaded as zip files with a Digital Signature Certificate. Once submitted, the file's status will be updated to "Uploaded," and after validation, it will be marked as "Accepted" or "Rejected" within 24 hours.
Information Security Guidelines The Information Security Guidelines issued by the Central Board of Direct Taxes (CBDT) to ensure the confidentiality of taxpayer information. It emphasizes the importance of safeguarding sensitive data amidst increased risks of offshore tax evasion and international information sharing. An Information Security Committee (ISC) has been established to oversee these measures, with Local Information Security Committees (LISC) responsible for implementing policies, conducting security reviews, and managing incidents. The guidelines cover various domains such as physical security, personnel security, identity management, and incident management, detailing procedures for classification, access control, and incident response to protect information assets effectively.
Building Management Information System (MIS) for CBEC The Central Board of Excise and Customs (CBEC) has initiated the implementation of a Management Information System (MIS) to streamline data collection and reporting across various functional areas like revenue, audit, anti-evasion, and others. The system will replace the previous manual and email-based Monthly Performance Reports (MPRs) with a web-based utility, effective from June 2015. Commissionerates and other designated offices are responsible for uploading and validating MPRs using this new system. The MIS aims to enhance efficiency by automating data aggregation and report generation, with access granted via secure user IDs and passwords. Full implementation and compliance are expected by July 2015.
2015 (5) TMI 155 - ITAT MUMBAI The Tribunal found that the Thyrocare Service Providers (TSPs) act as agents of the assessee company, collecting samples and delivering test reports. The payments to TSPs were structured to avoid being categorized as commission or brokerage. The Tribunal directed the Assessing Officer to re-examine the case and collect details from TSPs to decide in accordance with the law. The impugned orders were set aside, and the Revenue's appeals were allowed for statistical purposes, providing an opportunity for the assessee to be heard.
2012 (5) TMI 314 - ITAT DELHI The tribunal allowed the appeal, ruling in favor of the assessee. It held that the Transfer Pricing Officer's rejections were unjustified, and the assessee's claims for adjustments and deductions were valid. The tribunal emphasized the need to consider all relevant factors in transfer pricing analysis and correctly classify expenses for tax purposes.
Draft Circular - Procedural issues in Service Tax-clarification reg The circular addresses procedural issues in service tax, clarifying provisions under the Finance Act, 1994, and related rules. It reviews past circulars and introduces two comprehensive updates to consolidate service tax procedures and define taxable services. Key areas covered include registration requirements, payment and e-payment of service tax, issuance of invoices, classification of services, filing of returns, assessment, and CENVAT credit utilization. The circular emphasizes that in case of discrepancies between this circular and the Act or rules, the latter prevails. It also invites comments and suggestions from stakeholders to refine the circular further.
Free Services offered by TMI TMI offers a range of free services that do not require subscriptions or payments. These include access to highlights, a discussion forum for knowledge sharing, and the submission and sharing of articles by experts. Users can also receive tax and business news updates, view lists of experts contributing to discussions and articles, and compute taxes. Additionally, users can bookmark pages for future access and take advantage of a demo or trial option. While some services require a standard login, certain restrictions may apply, and submissions may be edited as necessary.
PRE-BUDGET MEMORANDUM – 2025 - DIRECT TAXES AND INTERNATIONAL TAXATION The Institute of Chartered Accountants of India (ICAI) has submitted a Pre-Budget Memorandum for 2025 focusing on Direct Taxes and International Taxation. The memorandum includes suggestions for rationalizing the Income-tax Act, 1961, reducing litigation, easing compliance burdens, and improving tax collection. Key recommendations include introducing a new income head for shares and securities, enhancing standard deductions based on inflation, extending tax deferral for ESOPs to all start-ups, and revising provisions for capital gains and business income. It also calls for adjustments in the taxation of companies, firms, and individuals, and suggests measures to promote climate change mitigation and social security benefits for taxpayers.
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