Tax Weekly Roundup: November 18 - November 24, 2024

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, “instead of making it open-ended exemption, the State is well within its power to impose the condition of purchase of vehicle within the State.” Bombay HC Exporter Can't Be Denied Interest On Refund U/S 56 Of CGST Act For Period Of Delay Attributable To Revenue Dept: Bombay High Court Case Title: Anita Agarwal vs. Union of India Case no. Customs Act | Interest U/S 28AA Is Automatic When There Is A Default Or Delay In Payment Of Duty: Bombay High Court Case Title: B.V. Jewels vs. Union of India Case Number: Writ Petition No. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the assessee and therefore, could not be included as a comparable, has not been considered by any authority…Accordingly, the matter is restored before the learned TPO, to the limited extent, to examine the inclusion of E4e Healthcare as a comparable entity.” Recourse To Section 147 Of Income Tax Act Not Barred In Cases Where Assessing Officer Is Empowered To Proceed U/S 153C: Delhi High Court Case title: Pr. In ruling so, a division bench of Chief Justice Alok Aradhe and Justice J. Sreenivas Rao cited two rulings of the Bombay High Court which held that “depreciation as granted in accordance with the rates prescribed by the Income-tax Act would have to be deducted for ascertaining the accumulated profits.” Amount Received By Assessee Under Agreement To Not Carry On Competitive Business Is In Nature Of 'Capital Receipt', Not Exigible To Tax: Telangana HC Case title: The Commissioner Of Income Tax-III Hyderabad v. M/s.