ITAT allows Tax Neutral Disallowance-Novartis India case

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE   Dated: 16.11.2022 ITAT allows Tax Neutral Disallowance     The Income Tax Appellate Tribunal (ITAT), Mumbai allowed tax neutral disallowance thereby granting relief to M/s. Novartis India Limited. The issue is in relation to the adjustment of excess and short year-end provision. Source: …

Breaking-GST on Crypto Currencies

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE   Dated: 14.11.2022 GST in the anvil on Crypto Currencies   The Central Board of Indirect Taxes and Customs (CBIC) is working on defining legal framework for applying GST on crypto currencies and virtual digital assets. The Ministry of Finance, Govt of India, after …

CESTAT-Customs Board (CBEC) cannot modify Scope of Exemptions

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE   Dated: 14.11.2022   CESTAT-CBEC cannot modify Scope of Exemptions   The New Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), ruled that Central Board of Excise and Customs (CBEC) has no power to modify scope of exemption notification issued …

GST Refund “Intermediary”- Punjab & Haryana High Court

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE   Dated: 12.11.2022 Important GST Refunds matter Order on “Intermediary”- Punjab & Haryana High Court The Punjab and Haryana High Court has held that the Genpact India cannot be treated as an “intermediary” and therefore allowed a refund of Rs.26,34,61,625/- in favor of the …

Acceptance of Electronic Certificate of Origin issued under the India-UAE CEPA

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE Dated: 28.10.2022 Acceptance of Electronic Certificate of Origin issued under the India-UAE CEPA     The Central Board of Indirect Taxes and Customs (CBIC) has issued an instruction with regard to the India-United Arab Emirates Comprehensive Economic Partnership Agreement (India-UAE CEPA) stating, inter alia, that …

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