Finding that all the additions made by the Assessing Officer u/s 68 r/w/s 115BBE are in consonance with the Income Tax Statute, the Ahmedabad ITAT quashed the revisional exercise of power by the PCIT u/s 263. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial …
The Indian government has finally decided that online gaming essentially falls under the category of ‘demerit goods’ and hence should attract a 28 per cent GST. At present online gaming attracts 18 per cent GST, with the tax being levied only on gross gaming revenue, which is the fees charged by online gaming portals. Although the GoM deliberated on separate …
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal has ruled that Paper Cess is not includible in the calculation of Education Cess and Secondary & Higher Education Cess. Subsequently, adjudication orders were passed against the appellant, confirming the demand of Education Cess and Secondary & Higher Education Cess on Paper Cess, along with interest and penalty. …
The Supreme Court on July 23 dismissed applications filed by major telecom firms such as Voda-Idea and Airtel for a chance to place their grievances about “arithmetical errors” in their Adjusted Gross Revenue dues before the Department of Telecom. In a September 2020 judgment, the top court had ordered that the annual 10% instalments for payment of AGR dues would …
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