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Madras High Court
ESOPs-Related Compensation Present an Interesting Dilemma
Introduction Employee Stock Options (ESOPs) are typically taxable under the IT Act, 1961 in the following two instances: first, at the time of exercise of option by the employee as a perquisite. The rationale is that… Read More »ESOPs-Related Compensation Present an Interesting Dilemma
Powers of Arrest under GST: Unravelling the Phrase ‘Committed an Offence’
CGST Act, 2017 provides the Commissioner power to arrest under specific circumstances. Section 69, CGST Act, 2017 states that: Where the Commissioner has reasons to believe that a person committed any offence specified in clause (a) or… Read More »Powers of Arrest under GST: Unravelling the Phrase ‘Committed an Offence’
Post-Supply Discounts Cannot be Included in Transaction Value: Madras HC
The Madras High Court recently observed that post-supply discounts offered by a supplier to the recipient cannot be included in the transaction value/value of supply for levying GST. The High Court distinguished between subsidy offered by a… Read More »Post-Supply Discounts Cannot be Included in Transaction Value: Madras HC
Supply of Vouchers and GST: Three Decisions and a Defensible Conclusion
This article focuses on the issue raised by M/s Kalyan Jewellers Limited (‘Kalyan Jewellers’) as regards the pre-paid instruments (‘PPI’)/vouchers issued by them to their customers. The claim of Kalyan Jewellers before the Advance Authority (‘AAR’), Appellate body… Read More »Supply of Vouchers and GST: Three Decisions and a Defensible Conclusion
Religious Vows and Income Tax Obligations: Harmony to Clash
The Supreme Court is currently seized of a matter which, at its core, involves determining to what extent do the religious beliefs of a person exempt them from withholding tax obligations under the IT Act,… Read More »Religious Vows and Income Tax Obligations: Harmony to Clash
Whose Money is it? Madras HC Says Deposit of Cash Amounts to Payment of GST
The Madras High Court, in a recent decision, observed that the money in Electronic Cash Ledger (‘ECL’) of the taxpayer belongs to the exchequer since the money was deposited in the name of the exchequer in… Read More »Whose Money is it? Madras HC Says Deposit of Cash Amounts to Payment of GST
Section 194N of IT Act, 1961 is Constitutional: Madras HC
The Madras High Court recently[1] upheld constitutionality of Section 194N of the IT Act, 1961. Section 194N inserted via Finance Act, 2019 was argued by the petitioners to be unconstitutional on the grounds of it being illegal, arbitrary,… Read More »Section 194N of IT Act, 1961 is Constitutional: Madras HC
Madras HC Holds Prescribed Time Period for Filing Returns as ‘Directory’: Interprets Section 62, CGST Act
In a recent decision[1], the Madras High Court had to decide if an assessee loses the right to file tax returns after expiry of 30 days under Section 62(2), CGST Act, 2017. Section 62(2) provides an assessee… Read More »Madras HC Holds Prescribed Time Period for Filing Returns as ‘Directory’: Interprets Section 62, CGST Act