Income Tax – Cooperative Society – Retrospective Amendment – Waiver of Interest – Section 234-B and 234-C of Income Tax Act – The petitioner, a cooperative society, contested interest levied due to a retrospective amendment in Section 80(P)(2)(a)(iii) denying tax exemption for agricultural product marketing societies – Citing prior judicial precedent supporting ...
Property Tax – Arrears and Interest – Demand Notice: Appeal against the modification of a notice demanding arrear property tax and current dues with surcharge and interest – Appellant contended no bills were raised for the arrear period, and sought to pay arrears in installments – Municipality asserted the bills were duly raised and interest cannot be waived – Single ...
Taxation Law - Central Excise Tariff – Classification of Coconut Oil – Edible Oil vs. Hair Oil - Pure coconut oil marketed in small quantities – Dispute on classification under Heading 1513 (Edible Oil) in Section III-Chapter 15 or Heading 3305 (Hair Oil) in Section VI-Chapter 33 of the First Schedule to the Central Excise Tariff Act, 1985 – Held: Classification depends on ...
Reassessment Action – Validity – Search Case – Petitioner Challenged Notice for AY 2013-14 Issued Post Search – Court Examined Timeframes Under Section 149(1) and 153C – First Proviso to Section 149(1) Requires Consideration of Pre-2021 Timelines – Reassessment Notice Held Beyond Limitation Period [Paras 1-13]. Block Period Computation – Section 153C &n...
Income Tax – Assessment Order – Writ Petition challenging assessment order issued without proper notice to petitioner – Address discrepancy noted; notices returned undelivered – Petitioner claimed lack of opportunity to contest assessment due to incorrect address – Court found fault with petitioner for not updating address with Income Tax Department but recognized the...
Income Tax – Characterization of Receipts – Settlement Agreement – Rs. 32.42 crores received by ITC from ELEL under a settlement agreement related to disputes over a hotel operating license agreement – Issue of whether the sum is capital or revenue receipt – ITAT held it as a long-term capital gain – High Court reversed, determining it as a revenue receipt, taxa...
Taxation Law – Refund and Interest – Petitioner, a registered dealer under DVAT and CST Acts, sought refund of excess tax paid for the fourth quarter of AY 2016-17 and the first quarter of AY 2017-18 – Petitioner provided ‘C’ forms for concessional rate of interest – Refund claims not processed timely; petitioner moved writ petitions – Respondents eventual...
Income Tax – Charitable Purpose – Educational Activities – Assessee, NIIT Foundation, a society registered under the Societies Registration Act and granted registration under Section 12A of the Income Tax Act, engaged in educational and skill development activities for underprivileged youth – Revenue challenged tax-exempt status, claiming activities were commercial – ...
Taxation Law - Faceless Scheme of Assessment – Legislative Intent and Evolution – With the advent of technological advancements, the Revenue aimed to modernize the tax assessment process by reducing direct taxpayer-officer interaction to prevent undesirable practices – Budget Speech 2019 underscored these issues, advocating for the faceless scheme to enhance transparency and effi...
Income Tax – Reassessment Proceedings – Revenue's appeal against ITAT's invalidation of reassessment – Original assessment completed under Section 143(3) – Reassessment notice issued under Section 148 after more than four years – Allegations based on audit report claiming non-disclosure of material facts by the respondent-assessee – ITAT found no new tan...
