Guest Photo — the image was hosted by the publisher and was not captured.From our Legal Corner
A, any, many?
Exemption from capital gains, if invested in a new residential house. Is this a residential house or any number of houses? Does a mean any or many? See our ITAT Special Bench order in 2007-TIOL-142-ITAT-MUM-SB and the analysis in Breaking News.
No higher tax for Hindi Films – Supreme Court
The Supreme Court struck down the AP entertainment tax levying a higher rate of tax for Hindi films, compared to Telugu ones as discriminatory. Quotes from the judgement.
It is also required to be realized that imposition of reasonable tax is a facet of good governance.
Although the legislature enjoys a greater freedom and latitude in choosing person upon whom and suggest upon which it can levy tax, it is trite that taxing legislations are not immune from attack based on Article 14.
See this important judgement from our Breaking News today.
Tomorrow’s Law
Interest to be charged by statute, nit Board circulars.
The Special Bench of the ITAT in a landmark order held that Board circulars beyond the statute has no relevance, though beneficial(to the assessee) circulars are binding on the department. This is the whole crux of the binding nature of Board Circulars – even if the circular is against or beyond the statute, if it is beneficial to the assessee, it is binding on the department.
We will bring you this interesting order tomorrow.
Sales Tax payable on retention of gas cylinders – Supreme Court.
Charges collected forover retention of gas cylinders is sale price and is liable to sales tax according to the Supreme Court – Be with us tomorrow for this judgement.