by Vishwanath K*, Teesta Banerjee** and Neha ND***
The Explanation (iii) to Section 13, forbids the Assessing Authority as well as the assessee from raising any dispute regarding the allowability of the ITC in cases where exempted goods are being produced as a by-product or waste product during the process of manufacture
Madras High Court said that if the complaint of the petitioner turns out to be untrue or was intended to facilitate fraud being committed using the login ID of the petitioner, the assets of the petitioner shall be brought to sale.
by Tarun Jain†
“Interpretative tools should be employed to make a statute workable and not to reach to a particular outcome.”
“Once the petitioner had paid the duties as contemplated under Section 3 of the Tariff Act, 1975, it could not be possibly contended that the goods were imported ‘duty free’.”
05 September 2023 | New Delhi: Shardul Amarchand Mangaldas advised Morgan Stanley on the acquisition of a significant majority stake in Clearmedi
A pre-deposit does not partake the character of a tax or duty. Those are sums which are deposited by an assessed solely for the purposes of pursuing the remedy of appeal.
“After the insertion of Section 65B (54) in the Finance Act 1994, from 01-07-2012 onwards, the definition of ‘works contract’ was expanded to include repair and maintenance services of movable properties. Hence, the composite contracts for repair and maintenance of motor vehicles are leviable to service tax from said date.”
In a 106 pages long verdict, the Supreme Court has decided whether a credit note issued by a manufacturer to a dealer of automobiles in consideration of the replacement of a defective part, using spare parts from dealer’s own stock or from an open market, in the automobile sold pursuant to a warranty agreement being collateral to the sale of the automobile, will be exigible to sales tax.
Supreme Court reiterated that to examine whether a particular transaction is sale of capital assets or business expense, multiple factors like frequency of trade and volume of trade, nature of transaction over the years etc., are required to be examined.
In terms of Section 2(22)(e) of the Act, treating the loans and advances received by concerns, in which shareholders of the company giving loans and advances had substantial interest, qualified as “deemed dividend”
After examining the expenses payable and the detailed order of the CIT,the ITAT held that the CIT has correctly examined the invoices, period and purpose for the expenses which have not been paid for the last six years
It is a well-accepted principal of tax jurisprudence that the Assessing Officer cannot sit on the armchair of a businessman assessee to replace his business strategy by his own whims and fancies
by Tarun Jain†
Cite as: 2023 SCC OnLine Blog Exp 45
“When a legitimate expectation of a specific outcome is created by a public authority, the said public authority is required to take into account such expectation created by it when making a decision that affects the interests of the individual or group” –Justice Krishna Murari
Justice Tirunelveli Subbiah Sivagnanam was sworn in as the Chief Justice of Calcutta High Court on 11-05-2023.
In Aashirward Films v. Union of India, (2007) 6 SCC 624, Supreme Court laid down that a taxing statute for the reasons of functional expediency and even otherwise, can pick and choose to tax some; so long as the classification is reasonable.
The Gujarat AAR said that the lease deed nowhere suggests that the consideration received by the applicant is related to construction of complex, building, civil structure or a part thereof. Thus, the question of this transaction falling within the ambit of Sl. No. 5(b), Schedule II, does not arise.