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2024 (3) TMI 620 - DELHI HIGH COURT The court quashed the order and certification issued under Section 197 of the Income Tax Act, remitting the matter for fresh consideration. It found that the payments did not qualify as "fees for technical services" under the Act and DTAA, emphasizing the lack of specialized technical services provided. The court highlighted the necessity for a human element and specialized knowledge in technical services, which was absent in this case. The impugned order failed to establish a clear link between the payments and technical services, leading to the decision in favor of the petitioner.
2024 (1) TMI 117 - GUJARAT HIGH COURT The HC quashed the final assessment order dated 30.03.2022 and the corresponding demand notice, declaring them non-est due to non-compliance with mandatory procedures under Section 144B of the Income Tax Act, 1961. The court found that the applicant was not served with a draft assessment order, violating principles of natural justice. The matter was remanded to the Assessing Officer to issue a draft assessment order with a show cause notice, adhering to Section 144B requirements. The writ petition was allowed, and the rule was made absolute.
2018 (12) TMI 276 - ITAT MUMBAI The tribunal partly allowed the appeals, setting aside the transfer pricing adjustments on corporate and business support services due to lack of concrete evidence. However, the disallowance of expenses and depreciation related to the Chennai unit was upheld as they were deemed not incurred for business purposes. The tribunal found the TPO's estimation method for services whimsical and upheld that depreciation is only allowable if assets are used for business purposes. The short-grant of tax credit under Section 115JAA was not specifically addressed in the judgment.
2016 (5) TMI 159 - ITAT DELHI The Tribunal upheld the Commissioner of Income-tax's assumption of jurisdiction under Section 263, confirming the taxability of the sales tax subsidy as a revenue receipt and the disallowance of additional depreciation on computer software 'Primavera'. It partially allowed the assessee's appeal by deleting the disallowance of Rs. 49,41,850/- on account of provision for gratuity, but upheld the disallowance of Rs. 88,00,001/-.
T 2 FORM FOR DELHI SHIPMENTS A forum discussion centered on the requirements for shipping goods to Delhi, focusing on the necessity of T2 and C forms. A participant queried whether goods could be shipped without a T2 form if a C form is provided later, and if a C form is needed when using a T2 form. Responses highlighted that the T2 form functions like a waybill, while the C form is mandatory for interstate transactions under the CST Act. The discussion also addressed procedural questions about the T2 form, including its purpose, submission process, and scenarios involving different transport modes and exemptions. The conversation became contentious, with one participant expressing frustration over inadequate responses.
Ministry of Finance Year Ender 2024: Department of Revenue In 2024, India's Ministry of Finance, through the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), implemented numerous reforms to enhance taxpayer experience and compliance. The CBDT focused on transparency and efficiency, processing over 3.87 crore Income Tax Returns swiftly and issuing Rs. 3.08 lakh crore in refunds. The CBIC improved GST processes using data analytics and AI, reducing fraud and simplifying compliance. Additionally, the Financial Intelligence Unit (FIU) strengthened financial intelligence, leading to significant asset seizures and arrests. India achieved high compliance with FATF standards, enhancing its global financial standing.
Minutes of the 54th Meeting of the GST Council held on 09th September, 2024 The 54th GST Council meeting, chaired by the Union Finance Minister, addressed multiple agenda items, including confirmation of previous meeting minutes, ratification of government notifications, and recommendations from the Law and Fitment Committees. Key discussions included amendments to CGST Rules, clarifications on tax credits, and GST rates for various goods and services. The Council also reviewed the performance of GST-related bodies and discussed the integration of digital payment options. A pilot project for B2C e-invoicing was approved, and the Council agreed to form a GoM to examine the future of Compensation Cess. Issues related to IGST settlement and the GST Appellate Tribunal were also deliberated.
2024 (2) TMI 101 - ITAT MUMBAI The Tribunal partly allowed both the assessee's and revenue's appeals, providing specific directions on various disallowances and claims. It allowed MTM losses as deductible, deemed the suo motu disallowance under Section 14A reasonable, and remitted the disallowance of bad debts and business loss on re-possessed assets for fresh examination. Proportionate bond expenses were allowed, and the rebate under Section 88E was directed for reconsideration. Relief under Section 90 was granted, and Section 115JB was held inapplicable to banks. Transfer pricing adjustments were revised, depreciation on leased assets was upheld, and club membership fees were allowed as business expenditure.
Master Circular for Investment Advisers The Securities and Exchange Board of India (SEBI) issued a Master Circular for Investment Advisers (IAs) on June 15, 2023, consolidating existing circulars to streamline compliance. This circular mandates IAs to segregate advisory and distribution activities, enter into agreements with clients, and adhere to fee structures. It outlines qualifications for IAs, registration processes, record maintenance, and audit requirements. The circular also addresses risk profiling, advertising standards, and investor grievance mechanisms. Additionally, it emphasizes the protection of client data, compliance with anti-money laundering standards, and outlines procedures for changes in control and outsourcing activities. The circular aims to protect investors and enhance transparency and accountability in the securities market.
2021 (5) TMI 1031 - Supreme Court The court found that the West Bengal Housing Industry Regulation Act, 2017 (WB-HIRA) was unconstitutional as it substantially overlapped with the Real Estate (Regulation and Development) Act, 2016 (RERA) without receiving Presidential assent. The court held that WB-HIRA's provisions conflicted with RERA, lacked necessary safeguards for consumers, and created a parallel regime. Consequently, the court declared WB-HIRA repugnant to RERA and unconstitutional, implying the repeal of provisions under the West Bengal 1993 Act due to their inconsistency with RERA. The writ petition was allowed, and pending applications were disposed of.
Amendment of Act 43 of 1961 The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, introduces significant amendments to the Income-tax Act, 1961, effective from April 1, 2021. Key changes include modifications in residency criteria, exemptions, and definitions related to taxation of non-residents and specified funds. The Act also revises procedures for registration and approval of trusts and institutions, emphasizing compliance and verification. Additionally, it introduces faceless assessment and inquiry processes to enhance efficiency and transparency, and mandates the use of technology to minimize direct interactions between taxpayers and authorities, aiming for a streamlined tax administration system.
Minutes of the 40th GST Council Meeting held on 12th June, 2020 The 40th GST Council Meeting, chaired by the Finance Minister, was held on June 12, 2020, via video conference. Key agenda items included confirming the 39th meeting minutes, reviewing the revenue position, and discussing recommendations from the Law Committee. These included amendments to the CGST Rules, proposals for extending deadlines for registration cancellations, and reducing late fees and interest rates for small taxpayers. The Council also discussed creating State and Area Benches of the GST Appellate Tribunal in Uttar Pradesh, the quarterly report of the National Anti-Profiteering Authority, and the constitution of Grievance Redressal Committees. The issue of inverted duty structures in key sectors was deferred. The Council agreed to hold a separate meeting to discuss compensation to States due to revenue shortfalls exacerbated by the COVID-19 pandemic.
2019 (8) TMI 559 - ITAT MUMBAI The Tribunal partly allowed the appeal, remanding the issue to the Commissioner for a fresh adjudication. It found that the Commissioner had not adequately examined the materials and failed to consider that the surplus generated was reinvested for educational purposes, aligning with judicial precedent. The Tribunal directed a thorough review of the assessee's claim to determine if it qualified as an educational institution existing solely for educational purposes and not for profit.
2018 (10) TMI 681 - AUTHORITY FOR ADVANCE RULING, MAHARASHTRA The ruling concluded that the educational courses offered by the applicant, even if approved, conditionally approved, or upgraded by NSDC, do not qualify as part of the National Skill Development Programme. Therefore, the applicant is not eligible for GST exemption under Notification No. 12/2017 for these courses, regardless of whether they are offered to corporates or imparted by business partners.
2018 (4) TMI 1120 - ITAT DELHI The court upheld the Assessing Officer's determination of the commission rate and VAT addition in a case involving taxation of accommodation entry providers. The Commissioner of Income Tax (Appeals) confirmed the additions, providing relief for a declared income amount. Unexplained investments in various companies and properties were also upheld due to insufficient explanations and evidence provided by the assessee. The appeals were dismissed, emphasizing the lack of evidence to challenge the findings and the thorough investigation conducted by the Assessing Officer.
2018 (4) TMI 503 - ITAT KOLKATA The Tribunal partly allowed the appeal, deleting adjustments for Management Support Services and Advertisement and Marketing Promotion expenses, allowing lease rentals, and directing fresh adjudication on depreciation for moulds and TDS credit. The Tribunal remanded the determination of Arm's Length Price for the Software Segment back to the Transfer Pricing Officer for reconsideration. The initiation of penalty under section 271(1)(c) was left to be decided afresh by the Assessing Officer.
2018 (3) TMI 211 - ITAT KOLKATA The Tribunal allowed the appeal for statistical purposes, directing fresh adjudication on certain issues and deleting adjustments made by the TPO regarding Management Support Services (MSSA) and Advertisement and Marketing Promotion (AMP) expenses. The Tribunal stressed the importance of proving tangible benefits from intra-group services and upheld the principle of consistency in assessing transfer pricing matters.
2018 (3) TMI 1189 - ITAT DELHI The ITAT dismissed the Revenue's appeals for AY 2012-13 and AY 2013-14, upholding the CIT(A)'s decisions to delete disallowances under section 14A, additions under section 68, and disallowances of interest payments. The ITAT emphasized the need for thorough investigations by the AO before making additions under section 68. The cross-objections by the assessee were partly allowed, supporting the CIT(A)'s decisions.
The circular announces the launch of the Indian Customs EDI System (ICES 1.5) at a specific inland container depot in Pune, Maharashtra, managed by a private company. The system aims to streamline import and export processes by enabling electronic data interchange for customs declarations. Importers, exporters, and customs brokers are advised to ensure their Import Export Codes (IE Codes) are registered with the system. The circular outlines procedures for filing import and export documents, payment of duties, and handling of various customs processes, including the registration of bank accounts for duty payments and claims. It also details the responsibilities of customs officers and the operational hours of the terminal. The circular emphasizes compliance with customs regulations and provides instructions for handling specific scenarios, such as high sea sales, provisional assessments, and export under various schemes.
2017 (12) TMI 1117 - ITAT KOLKATA The ITAT reversed adjustments made by the TPO and upheld by the DRP for Management Support Services and IT Services, citing consistency. It directed the TPO to reevaluate PLI and provide working capital adjustments for the Software Segment. The issue of depreciation on moulds was sent back to the AO for review. The ITAT instructed the AO to correct TDS credit and provide relief for interest under sections 234A, 234B, 234D, and 244A. Penalty proceedings were deemed irrelevant, and the correct surcharge for DDT was mandated by the ITAT.
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