Equivocal Nature of the Advisory on Input Tax Credit under Rule 37-A
by Vishwanath K*, Teesta Banerjee** and Neha ND***
Tax
UP-VAT Act entitles assessee to claim full input tax credit on exempted goods produced as by-products during manufacturing of taxable goods: Supreme Court
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 HC directs tax department to investigate misuse of login ID and Password of dealer by third party, enabling tax evasion
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.
Supreme Court expands scope of exemption for service tax to include IIT and NIT under the definition of ‘governmental authority’
“Interpretative tools should be employed to make a statute workable and not to reach to a particular outcome.”
Drawback benefits available on gold exports despite non-payment of basic custom duty, if additional duty is paid during import: Delhi High Court
“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’.”
Shardul Amarchand Mangaldas & Co. advises Morgan Stanley on acquisition of majority stake in Clearmedi Healthcare Private Limited
05 September 2023 | New Delhi: Shardul Amarchand Mangaldas advised Morgan Stanley on the acquisition of a significant majority stake in Clearmedi
Delhi High Court directs VAT Authorities to process Flipkart’s VAT refund along with interest
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.
“‘Works Contracts’ leviable to service tax only from July 2012 onwards”; Customs, Excise & Service Tax Appellate Tribunal, Chennai
“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.”
Understanding Supreme Court judgment on sales tax on credit note issued to dealers for warranty replacements
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.
Transaction doesn’t become stock in trade merely based on recording of inventory in books of accounts; SC asks ITAT to consider relevant factors afresh
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.
Can deemed dividend be taxed in the hands of non-shareholders? ITAT answers
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”
Can revenue bring expenditure incurred in earlier years to be taxed in subsequent years? ITAT answers
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
CIT was right in deleting addition made on account of low Gross Profit rate by AO without any justified reasoning: ITAT
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
Tax versus Fee: Are they Mutually Exclusive? Not always!
by Tarun Jain†
Cite as: 2023 SCC OnLine Blog Exp 45
Small-scale industries not exempted from sales tax for tea blending after amendment, holds SC; delivers split verdict doctrine of legitimate expectation aspect
“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
Know Thy Judge | Justice T.S. Sivagnanam – Chief Justice of Calcutta High Court
Justice Tirunelveli Subbiah Sivagnanam was sworn in as the Chief Justice of Calcutta High Court on 11-05-2023.
Mens rea not an essential ingredient for contravention of S. 45, Gujarat Sales Tax Act, 1969: Supreme Court
“The intention of the legislature is very clear and unambiguous that the moment any eventuality as mentioned in Section 45(5) occurs, the penalty shall be leviable as mentioned in sub-section (6) of Section 45 of the Gujarat Sales tax Act, 1969”, the Supreme Court observed.
Delhi High Court upholds constitutional validity of Centre notifications imposing GST on auto, buses booked through Uber
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.
One time premium received on allotment of completed building to attract 18% GST: Gujarat AAR
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.