GST: E-Way Bill to be integrated with FASTag from April

The Government is planning to integrate NHAI’s FASTag mechanism from April to help track movement of goods and check GST evasion. The Department of Revenue has set up a committee including officers to integrate e-way bill, FASTag and DMIC’s Logistics Data Bank (LDB) services, after consultation with transporters. “It has come to our notice that […]

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Section 54F Benefit not available If Assessee failed to deposit the unutilized amount in Capital Gains Scheme Account: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the benefit of section 54F of the Income Tax Act is not available to the assessee on failure of depositing the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income. The […]

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Duty Exemption available to Import of Power Banks: CESTAT [Read Order]

The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that duty exemption is available to the import of power banks being a mobile battery charger. The respondent-assessee M/s S.B. Industries, are engaged in the manufacture of power bank/ portable mobile charger out of imported components. The department denied concessional […]

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Empanelment of Chartered Accountants with CAG not for Internal Audit: CAG [Read Notification]

According to the recent notification issued by the Comptroller and Auditor General of India (CAG), the empanelment of Chartered Accountants with CAG is meant for audit of financial record only and not for Internal Audit under the Companies Act, 2013. The CAG of India has issued a notification through which C&AG has invited applications from […]

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Refund of Tax collected under an Unconstitutional Levy not Governed under Central Excise Act: CESTAT [Read Order]

The Mumbai bench of the Central Excise, Customs, and Services Tax Appellate Tribunal (CESTAT) has held that the refund of the tax collected under an unconstitutional levy under the Central Excise Act was rightly rejected by the authorities. The appellant had filed the refund application before the Jurisdictional Service Tax authorities on 19.09.2016 on the […]

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Interest paid to earn interest is Allowable Deduction: Delhi HC [Read Judgment]

A two-judge bench of the Delhi High Court has held that deduction under section 57 of the Income Tax Act is allowable for payment of interest to earn interest. The respondent-assessee taken ICDs of Rs.55.30/- Crores at the interest rate of 12% per annum from M/s Jubilant Energy (Kharsang) Private Limited. Payments under the ICDs […]

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Jackie Shroff eligible to Tax Deduction as Writing Off of Loan to Wife is Business Loss: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to Bollywood actor Jackie Shroff by treating the loan given to wife which was written off as a business loss under the provision of the Income Tax Act. The transaction is dated way back for the financial year 2008-2009 where the actor […]

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