Annuity received from NHAI for road construction services – Whether exempt from GST?
Annuity received from NHAI for road construction services – Whether exempt from GST? Here is an interesting case – GMR Pochanpalli Expressways Ltd v/s Additional Director [2024-VIL-1174-TEL] wherein the issue was whether the Annuity received from NHAI for road construction services is exempt from GST? In this case, the petitioner entered into a contract with… […]
The Legal Principle of “Functus Officio” & Bombay High Court ruling in Alcohol Based Sanitizer classification
The Legal Principle of “Functus Officio” & Bombay High Court ruling in Alcohol Based Sanitizer classification The Hon’ble Bombay High Court has brought in the concept of “functus officio”, suggesting that once the legislature has made a decision, it cannot go around issuing press releases or directives to influence how judicial authorities apply it…. […]
Joint Development Agreement & Reduced LTCG rate of 12.50%
Joint Development Agreement & Reduced LTCG rate of 12.50%. Joint Development Agreement (JDA) has emerged as a popular and efficient method for real estate development. Under this arrangement, the property owner contributes land, while the developer undertakes investment, approvals, construction, and marketing, leveraging their expertise. This mutually beneficial arrangement allows the landowner to realize… […]
Only official revenue records or evidence from relevant authorities can determine if land qualifies as agricultural under Section 2(14) of the Income Tax Act: Delhi HC
Only official revenue records or evidence from relevant authorities can determine if land qualifies as agricultural under Section 2(14) of the Income Tax Act: Delhi HC The Delhi High Court recently clarified that a sale deed alone cannot verify a land’s classification as “agricultural” for tax exemption purposes. In the case Pr. Commissioner Of… […]
Statement recorded during Survey u/s 133A has no evidentiary value – Any admission made merely on the basis of statement is illegal
Statement recorded during Survey u/s 133A has no evidentiary value – Any admission made merely on the basis of statement is illegal ITAT Kolakata has reiterated that the addition on the basis of statement recorded has no evidentiary value without any incriminating material. The case details is as under: ITAT KOLKATA:- DCIT, CENTRAL CIRCLE-1… […]
An investor of ‘Capital Gain Tax Exemption Bonds’ cannot seek premature withdrawal through judicial intervention: Delhi HC
An investor of ‘Capital Gain Tax Exemption Bonds’ cannot seek premature withdrawal through judicial intervention: Delhi HC Facts: 1. The Petitioner, a practicing Advocate of the High Court, claimed that he was misled into investing in the bond issued by government owned Power Finance Corporation (PFC) following the sale of his residential property. 2…. […]
Once a matter is dropped at ASMT-10 level, no further proceedings can be initiated u/s 74
Once a matter is dropped at ASMT-10 level, no further proceedings can be initiated u/s 74 In a landmark ruling, the Punjab & Haryana High Court has clarified that if a taxpayer’s response to Form ASMT-10 is accepted and Form ASMT-12 is issued, further proceedings under Section 74 of the GST Act on the… […]
tax demand was unreasonably high or caused genuine hardship, as required by CBDT Circulars. The Court agreed, stating that the PCIT’s order lacked a thorough examination of the petitioner’s claim.
tax demand was unreasonably high or caused genuine hardship, as required by CBDT Circulars. The Court agreed, stating that the PCIT’s order lacked a thorough examination of the petitioner’s claim. The Karnataka High Court recently made a significant ruling in the case of Baregundi Jagadhisha Yediyala vs ITO. The court quashed an order by… […]
Individuals Paying More Taxes than Corporates
Individuals Paying More Taxes than Corporates A recent report shows that individuals pay more taxes than the corporate. The key reason for this disparity appears to be the following: 1. Tax rate disparity: high-income individuals pay up to 42.7% in taxes, while corporate tax peaks at 25.17%. Lower corporate taxes aim to attract investment… […]
NCLT Order setting aside assessment and penalty orders during the moratorium period under the Insolvency and Bankruptcy Code (IBC) and Observation by Bombay High Court
NCLT Order setting aside assessment and penalty orders during the moratorium period under the Insolvency and Bankruptcy Code (IBC) and Observation by Bombay High Court Here is an interesting case delivered by the Bombay High Court in Writ Petition (Lodging) No. 18790 of 2024 involving the Principal Commissioner of Income Tax-6, Mumbai and the National… […]
