The Rajkot Bench of the Income Tax Appellate Tribunal (ITAT) has condoned a delay of 872 days in filing an appeal which was due to the death of the assessee’s chartered accountant and notices issued by a non-jurisdictional Assessing Officer (AO) and remanded the matter to the AO for fresh adjudication. Trikambhai Karshanbhai Padasala (assessee), […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has set aside the revisionary order passed by the Principal Commissioner of Income Tax ( PCIT ), affirming the genuineness of transactions related to depreciation on goodwill, unabsorbed depreciation set-off, Section 80IA deduction, and a loan repayment transaction. Olympic Décor LLP (assessee), formerly […]
The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) held that there is no service tax liability on foreign commission payments under the Reverse Charge Mechanism (RCM) as they constitute trade discounts. Artifacts India,appellant-assessee, was a proprietorship firm engaged in the manufacturing and export of paper products and handicrafts. It […]
The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) ruled that bank charges paid to foreign banks are not taxable under the Reverse Charge Mechanism ( RCM ) as the service is provided outside India and there is no direct service relationship between the foreign bank and the Indian exporter. […]
