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FINANCE (NO. 2) ACT, 1998 The Finance (No. 2) Act, 1998, outlines various amendments and provisions related to income tax, affecting both corporate and non-corporate taxpayers for the assessment year 1998-99. Key changes include maintaining the previous year's tax rates, specifying tax deduction rates for non-salary incomes, and revising the standard deduction for salaried individuals. The Act also introduces new sections for depreciation on intangible assets, tax incentives for the petroleum sector, and provisions for venture capital funds. Additionally, it addresses redesignation of income-tax authorities, removal of certain tax exemptions, and amendments for educational and medical institutions. The Act also extends tax holidays for specific industries and regions and introduces the Kar Vivad Samadhan Scheme for resolving tax disputes.
2019 (1) TMI 698 - ITAT DELHI The tribunal allowed the appeals, holding that the additions made by the AO under section 68 on account of alleged bogus long-term capital gains and unaccounted commission expenses were not justified. The tribunal directed the AO to grant the benefit of section 10(38) for the long-term capital gains earned by the assessee.
2018 (9) TMI 1733 - Supreme Court The court upheld the constitutionality of most provisions of the Aadhaar Act, ruling that the collection, storage, and use of data do not violate the fundamental right to privacy. However, it struck down Section 57, which allowed unrestricted use of Aadhaar information by private entities based on any contract. The court also deemed parental consent necessary for enrolling children in the Aadhaar system between 5 to 18 years old. Additionally, the court found the circular mandating the linking of mobile numbers with Aadhaar unconstitutional as it lacked legal backing and violated the right to privacy.
PRE-BUDGET MEMORANDUM 2013-2014 - FICCI The pre-budget memorandum for 2013-2014 by FICCI outlines key economic and fiscal recommendations aimed at addressing India's economic challenges. It emphasizes the need for stable tax policies to boost investor confidence and suggests implementing committee reports on tax reforms. FICCI opposes the introduction of inheritance tax, citing potential negative impacts on capital generation. The memorandum stresses the importance of dispute resolution mechanisms, efficient tax refund processes, and the removal of double taxation on overseas dividends. It advocates for maintaining current import duties to protect domestic industries until comprehensive GST implementation and highlights the need for infrastructure development, including the introduction of GST, to stimulate economic growth.
BUDGET 2012: LEARN TO LIVE WITH SERVICE TAX . The 2012 budget introduced significant changes to India's service tax regime, increasing the tax rate from 10% to 12% effective April 1, 2012. This hike affects various services such as travel, dining, and personal consumption, potentially raising inflation. The budget shifts from a selective to a comprehensive approach, taxing all services except those on a 17-item negative list and over 30 exemptions. Services like government functions, education, and certain infrastructure activities are exempt. The proposal aims to streamline service tax in preparation for future GST implementation, while withdrawing tax on road and non-commercial building maintenance to reduce disputes.
1968 (9) TMI 114 - ANDHRA PRADESH HIGH COURT The court upheld the validity of Section 5-A of the Andhra Pradesh General Sales Tax Act, dismissing all contentions raised by the petitioners regarding legislative competence, discrimination, repugnancy, violation of constitutional articles, and freedom of trade. The court found that Section 5-A falls within the legislative competence of the State Legislature, the tax rates based on turnover are reasonable, there is no conflict with the Central Sales Tax Act, and the tax does not unreasonably burden businesses or restrict trade. The petitions were dismissed with costs.
2024 (10) TMI 980 - CESTAT NEW DELHI The tribunal ruled in favor of the appellant, overturning the challenged order. It concluded that the income from the goodwill transfer was not taxable under "Intellectual Property Right Services," the demand for service tax under "Manpower Recruitment or Supply Agency Service" was incorrect, and the extended period for the Show Cause Notice was unjustified. Consequently, the appeal was allowed, and no penalties were imposed.
Key recent developments under GST – A bird’s eye view The article provides a comprehensive overview of recent updates in the Goods and Services Tax (GST) domain from September 1 to October 12, 2021. Key developments include legislative amendments, notifications, and circulars by the Central Board of Indirect Taxes and Customs (CBIC), judicial rulings from the Supreme Court and various High Courts, and advance rulings under GST. Notable updates include a proposed amendment to Section 50(3) of the CGST Act, mandatory Aadhaar authentication for refunds, and clarifications on intermediary services and export of services. The article also discusses significant court rulings on issues like input tax credit refunds and the scope of intermediary services.
2019 (10) TMI 160 - Supreme Court The Supreme Court affirmed the continued applicability of the doctrine of mutuality to both incorporated and unincorporated members' clubs post the 46th Amendment. It held that the judgment in Young Men's Indian Association still stands, emphasizing that transactions within members' clubs do not constitute sales. The Court clarified that Article 366(29-A)(f) does not apply to members' clubs and ruled that service tax cannot be imposed on incorporated members' clubs. The Revenue's appeals were dismissed, and the attempt to collect service tax from incorporated members' clubs was deemed invalid.
Prescribes effective rate of duty on goods falling under chapter 1 to 96 The notification issued by the Ministry of Finance, Government of India, dated March 17, 2012, prescribes the effective excise duty rates for goods under chapters 1 to 96 of the Central Excise Tariff. It supersedes previous notifications from 2005 and 2006. The notification lists specific goods, their descriptions, and applicable duty rates, with many goods exempt from excise duty or subject to reduced rates. Conditions for exemptions include usage within specific industries or processes, compliance with procedural requirements, and restrictions on brand names. The notification was later superseded by Notification No. 11/2017, dated June 30, 2017.
1998 (4) TMI 525 - MADRAS HIGH COURT The court upheld the constitutional validity of Section 12(3) of the Tamil Nadu General Sales Tax Act, 1959, as amended by Tamil Nadu Act No. 25 of 1993. It found that the penalty provisions were a reasonable restriction on the right to carry on business, served as a deterrent to tax evasion, and did not violate Articles 14 and 19(1)(g) of the Constitution of India. The court also ruled that mens rea was not necessary for imposing civil penalties under the taxation statute. The writ petitions and the writ appeal were dismissed.
2023 (12) TMI 569 - CESTAT MUMBAI The Tribunal allowed the appeal, setting aside the Commissioner's decision to deny the refund of Cenvat Credit for General Insurance, Security Insurance, and Restaurant facility services. It ruled that denial of Cenvat Credit requires a notice under Rule 14 of the Cenvat Credit Rules, 2004, which was not issued in this case. The Tribunal emphasized that Rule 5 does not necessitate a nexus between input and output services for refunds. Consequently, the denial based solely on Rule 5 was deemed unjustified, and the impugned order was overturned.
2023 (8) TMI 925 - Supreme Court The SC held that the order in Cawnpore Club is not a binding precedent and does not necessitate reconsideration of the Bangalore Club judgment. The Bangalore Club decision, which determined that interest income from fixed deposits is taxable and not covered by the principle of mutuality, remains valid. The Court ruled that interest earned from bank deposits by clubs is taxable due to the involvement of commercial transactions with third parties, disrupting mutuality. Income from non-members is also taxable. The appeals were dismissed, with each party bearing its own costs.
2023 (6) TMI 250 - KARNATAKA HIGH COURT The Court found the writ petition challenging the constitutional validity of Section 37A of the Foreign Exchange Management Act, 1999 maintainable on grounds of violation of Article 14. However, the challenge was rejected as Section 37A was deemed not manifestly arbitrary. The petitioner was directed to appeal before the Tribunal under Section 37A(5) of FEMA. The writ petition was rejected, allowing the petitioner to pursue the statutory remedy of appeal within 30 days.
2021 (11) TMI 647 - ITAT DELHI The Tribunal ruled in favor of the assessee, holding that the AMP expenses did not constitute an international transaction, thus deleting the transfer pricing adjustment. Additionally, the disallowance of deduction under Section 80-IC was overturned, with the Tribunal supporting the assessee's allocation method. The Tribunal also allowed the claim for the allowability of education cess as a business expenditure. Issues regarding interest applicability and penalty proceedings were dismissed as premature, resulting in the overall appeal of the assessee being allowed.
2020 (1) TMI 974 - GUJARAT HIGH COURT The HC allowed the writ applications, declaring Notification No.8/2017 and Entry 10 of Notification No.10/2017 under the IGST Act, 2017, as ultra vires and unconstitutional. The notifications were struck down, and no IGST was deemed leviable on ocean freight for services provided by non-taxable territory entities for transporting goods to India.
2019 (11) TMI 397 - APPELLATE AUTHORITY FOR ADVANCE RULING MAHARASHTRA The Appellate Authority allowed the appeal, declaring the advance ruling void ab-initio due to the suppression of material facts by the respondent. The classification of the supply of ice cream was found to be influenced by the franchisor, and the application for an advance ruling was deemed an attempt to undermine the DGGI's investigations. The procedural aspects of the appeal were found to be in order, and the jurisdictional officer's grievance was justified.
GST — FAQ on Food Processing dated 31-07-2017 The document provides answers to frequently asked questions regarding the Goods and Services Tax (GST) in the context of food processing and related sectors. It clarifies registration requirements for businesses with multiple units, tax implications for inter-state branch transfers, inclusion of transportation charges in supply value, eligibility for claiming Input Tax Credit (ITC) on rental premises, and conditions for reducing tax liability with credit notes. It discusses tax rates on food and beverages in different restaurant setups, eligibility for ITC on various business assets, and invoicing requirements. It also addresses registration and tax obligations for suppliers dealing with branded and unbranded rice, and the applicability of GST for restaurants with different facilities.
2018 (9) TMI 1790 - Supreme Court The court upheld the constitutional validity of the Madhya Pradesh Dharma Swatantraya Adhiniyam, 1968, and the Orissa Freedom of Religion Act, 1967, under the exception of "public order." It clarified that the term "propagate" in Article 25(1) does not include the right to convert others and emphasized "freedom of conscience." The court defined "religious denomination" and protected essential religious practices, ensuring they comply with constitutional mandates. Gender discrimination in religious practices was addressed, with the court striking down discriminatory customs. Upholding constitutional morality, the court balanced religious rights with fundamental individual rights under the Constitution.
2018 (10) TMI 28 - CESTAT BANGALORE The Tribunal held that the appellant, a public limited company operating five-star hotels, was not required to maintain separate accounts under Rule 6 of the CENVAT Credit Rules as they were not providing exempted services. The impugned order was deemed unsustainable in law, and the appeal was allowed with any consequential relief.
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