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2021-TIOL-NEWS-107 Part 2 | May 07, 2021
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Dear Member,
Sending following links. Warm Regards,
TIOL Content Team
TIOL PRIVATE LIMITED.
For assistance please call us at + 91 7838594749 or email us at helpdesk@tiol.in. |
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INCOME TAX |
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2021-TIOL-767-ITAT-MUM
Sachin Arun Dhotre Vs ITO
Whether agricultural land does not normally qualify as 'property' as defined in Explanation to Section 56(2)(vii) of the Act, but the can qualify as such in certain exceptional cases - YES: ITAT
Whether it is fit case for remand where the assessee's case needs to closely examined to consider whether or not agricultural land obtained by it would qualify as property under Section 56(2)(vii) of the Act - YES: ITAT
- Assessee's appeal partly allowed: MUMBAI ITAT
2021-TIOL-766-ITAT-RAJKOT
Mohanlal Laljibhai Ghodasara HUF Vs ITO
Whether assessee is entitled in law to hold certain class of asset as 'capital asset' even while dealing with the assets of similar nature in business with commercial objectives - YES: ITAT Whether proceeds from sale of land cannot be classified as capital gains, unless the Revenue establishes that the such sale was made in course of business activity conducted in commercial spirit - YES: ITAT
- Assessee's appeal allowed: RAJKOT ITAT
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GST CASE |
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2021-TIOL-1058-HC-MAD-GST Shriram City Union Finance Ltd Vs Pr.CGST & CE
GST/ST - Challenge made out is to a SCN dated 26.11.2019 issued in terms of Section 73 (1) of the Act, 2017 and the subject matter is the input tax credit (ITC) that has been carried forward on by the petitioner in TRAN-1 from the era of Service Tax - Petitioner submits that from the language in the SCN it is very clear that the Officer intends to recover the input tax when such ITC has not even been set off by the petitioner and still continues to be reflected in the credit ledger - Counsel for Revenue submits that the challenge in this writ petition is premature, insofar as what is challenged is only a show cause notice calling upon the petitioner to file a reply, which could well have been done by it.
Held: This writ petition is, as counsel for Revenue says, premature - No doubt, the language in which the notice is couched may indicate recovery, which cannot be effected under a show cause notice - The tenor of the notice is to question the veracity or otherwise of the ITC that has been carried forward and Bench is not inclined to interfere at this stage - Let the petitioner put forth its objections in regard to the proposed reversal of carried-forward of input tax credit within a period of four weeks - Such objections will be considered, the petitioner heard and orders passed within a period of four weeks - Writ petition is dismissed: High Court [para 5, 6, 9]
- Petition dismissed: MADRAS HIGH COURT |
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INDIRECT TAX |
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TIOL PRIVATE LIMITED.
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