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CA Corner

CESTAT Kolkata rules service tax cannot be collected from transporters if already paid by IOCL

The Kolkata bench of CESTAT ruled that authorities cannot demand service tax from a transporter when the service recipient has already paid it under the reverse charge mechanism. This case specifically involved Indian Oil Corporation Limited discharging the tax liability. The tribunal set aside the contrary demand orders issued against the transport provider.

Scrips: Indian Oil

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Taxguru2m ago 1 min
Business

CESTAT Kolkata decides road transport service tax demands require valid consignment notes

The Kolkata CESTAT set aside a service tax demand on goods transport agency services because authorities failed to produce consignment notes. The tribunal observed that issuing a consignment note is an essential prerequisite for classifying a movement as taxable transportation. Without this foundational document, tax authorities cannot sustain levies on road freight.

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Taxguru3m ago 1 min
Income Tax

Karnataka High Court rules tax deduction at source disallowance applies to both paid and unpaid expenses

The Karnataka High Court ruled that disallowance provisions under Section 40(a)(ia) of the Income Tax Act apply to both expenses already paid and those remaining outstanding at the end of the financial year. The court clarified statutory language regarding tax deduction at source defaults. This interpretation settles disputes concerning the timing of deductions.

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Taxguru7m ago 1 min
Business

Tribunal admits insolvency plea worth 3.96 crore rupees and dismisses pre-existing dispute claims

The National Company Law Tribunal admitted a corporate insolvency resolution petition involving an operational debt of 3.96 crore rupees. The tribunal rejected the corporate debtor's defense of a pre-existing dispute, holding that post-petition mediation cannot qualify as a pre-existing dispute under the Insolvency and Bankruptcy Code. This decision clears the path for resolution proceedings.

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Taxscan8m ago 1 min
Income Tax Govt

Visakhapatnam ITAT decides sugar factories need not deduct tax from farmer harvesting charges

The Visakhapatnam bench of the Income Tax Appellate Tribunal held that a sugar factory is not liable to deduct tax at source on harvesting charges paid on behalf of farmers. The tribunal reviewed the contractual arrangements between the agriculturalists and the processing unit. It ruled that statutory withholding requirements do not apply to these specific operational payments.

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Taxguru8m ago 1 min
CA Corner

CESTAT Ahmedabad sets aside customs duty demands based on unverified Malaysian origin certificates

The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal quashed a customs duty demand that arose from unverified certificates of origin from Malaysia. The tribunal noted that revenue authorities failed to complete proper verification procedures with exporting country authorities. Consequently, the differential duty demand could not be sustained.

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Taxguru9m ago 1 min
CA Corner

CESTAT Delhi Rules DFIA Customs Demand Time-Barred Without Intent to Evade Duty

The Delhi bench of CESTAT ruled that customs demands under the DFIA scheme are time-barred if authorities fail to prove an intent to evade duty. This decision protects importers from extended limitation periods when there is no deliberate suppression or misstatement. Finance professionals must review past duty notices to check if extended timelines were applied incorrectly.

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Taxguru11m ago 1 min
Business

Timex Group India reports forty seven percent revenue increase to three hundred fifty nine crore rupees

Timex Group India has announced a forty seven percent rise in revenue reaching three hundred fifty nine crore rupees for the second quarter of financial year twenty twenty seven. The company experienced strong financial performance during this period. Detailed financial breakdowns are provided in their official filings.

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Indian Retailer16m ago 1 min
CA Corner

CESTAT Mumbai Clarifies Cocoa Powder Excluded From DFIA Flour Authorisations

CESTAT Mumbai ruled that cocoa powder falls outside the scope of DFIA authorisations issued for flour imports. The tribunal confirmed that dissimilar inputs cannot be claimed under generic export-import licenses without specific matching descriptions. Importers must verify exact input-output norms before filing duty-free claims.

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Taxguru13m ago 1 min
CA Corner

Grasim and Suzlon Partner to Build India's First Recyclable Wind Turbine Blades

Grasim Industries Limited, through Aditya Birla Renewables Limited, signed an MoU with Suzlon Energy Limited to create India's first wind turbines featuring recyclable blades. This collaboration aims to advance sustainable manufacturing within the domestic renewable energy sector. Stakeholders should monitor forthcoming project timelines and technological rollouts.

Scrips: GrasimSuzlon

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Taxguru17m ago 1 min
Business

MRPL increases crude oil procurement amid escalating shipping risks from ongoing conflict

Mangalore Refinery and Petrochemicals Limited has increased its crude oil purchases to counter elevated shipping risks caused by war. The state-run refiner is adjusting its procurement strategy to secure steady feedstock supplies. Officials noted that geopolitical tensions continue to impact maritime trade routes.

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Economic Times19m ago 1 min
Business

Indian sugar prices climb four rupees per kilogram in a month despite government interventions

Domestic sugar prices have increased by four rupees per kilogram over the past month, pushing retail rates to fifty nine point five zero rupees and wholesale rates to fifty five point four zero rupees per kilogram. Kolkata records the highest retail price at sixty five rupees while Delhi stands at sixty four rupees per kilogram. The government is utilizing stock limits and imports to control supply.

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ET Industry20m ago 1 min

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