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Highlights / Annotations / Catch Notes For May of 2024

Home Highlights May May 2024 Year 2024

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Showing 1 to 50 of 998 Records

12 3 4 5........ 20

May 31, 2024 Circulars DGFT

Clarification: AA holders can file review applications u/s Para 4.17 till 31.12.2024 for NC decisions pre-01.04.2023.
May 31, 2024 Circulars SEBI

SEBI revises guidelines for IPF & ISF for commodity derivatives segment, effective June 1, 2024. Exchanges to amend rules & notify members.
May 31, 2024 Circulars DGFT

Clarification on filing review of Norms Committee decisions under Para 4.17 of HBP-2023 extended till 31.12.2024 for pre-01.04.2023 cases.
May 31, 2024 Circulars SEBI

Revision of eligibility criteria for launching commodity futures contracts. SEBI modifies norms u/s 2(bc) & u/r 10.1.1. Effective June 1, 2024.
May 31, 2024 Circulars SEBI

SEBI eases IBT rules for stock brokers! Permission process streamlined & reporting requirements simplified.
May 31, 2024 Notifications GST

Amendment to Notification No. 02/2017-Central Tax regarding jurisdiction of CGST officers. Changes in territorial jurisdiction.
May 31, 2024 Case Laws Income Tax

Notice u/s 148 is not valid since not served as sent to wrong email ID. Limitation extended due to Covid-19.
May 31, 2024 Case Laws Indian Laws

Dishonour of cheques: Accused impleaded u/s 319 CrPC. Notice u/s 138(b) not served. Court allows prosecution without notice. Impleadment after expiry not barred.
May 31, 2024 Case Laws Income Tax

Foreign tax credit u/s 90 even if form 67 filed belatedly, is allowable subject to verification by the AO. Assessee entitled to claim relief as per DTAA.
May 31, 2024 Case Laws GST

Assessment order u/s 73(1) of GST Act is appealable. Alternative remedy available, writ petition dismissed.
May 31, 2024 Case Laws GST

Petition challenging GST registration cancellation dismissed, citing failure to reply to show cause notice. The petitioner has not approached to Court with clean hands
May 31, 2024 Case Laws Indian Laws

Dishonor of cheques u/s 138 of NI Act. Accused acquitted due to material alteration. Burden of proof clarified.
May 31, 2024 Case Laws Income Tax

Initiation of proceedings u/s 153C(1) instead of 143(3) invalid for AY 2020-21.
May 31, 2024 Case Laws Income Tax

Property received under family arrangement is not taxable u/s 56(2)(x). Family settlements are valid even without written agreements.
May 31, 2024 Case Laws GST

Cancellation of GST registration for petitioner set aside. Assessee directed to comply with tax requirements.
May 31, 2024 Case Laws VAT and Sales Tax

Waiver of Rural Development Cess for AY 2002-03 not granted. Payment in installments not allowed. Petitioner's claim dismissed.
May 31, 2024 Case Laws GST

Extension of time limit for GST assessment u/s 73 challenged. Court provides interim relief to assessees.
May 31, 2024 Case Laws GST

Over Dimensional Cargo (ODC): Penalty order for E-Way Bill violation quashed, emphasizing need for mens rea in tax evasion cases.
May 31, 2024 Case Laws Central Excise

Quashing of prosecution under Central Excise Act and IPC. No Dues issued, Sabka Vishwas Scheme applied.
May 31, 2024 Case Laws GST

Validity of pre-show cause notices u/s 74 since not uploaded in the View notices and orders - Petition not maintainable due to availability of appeal remedy.
May 31, 2024 Case Laws Indian Laws

Dishonor of Cheque: Suspension of sentence. Sufficient reason for ordering a deposit of 20% of the amount of compensation, not assigned. Matter restored back
May 31, 2024 Case Laws GST

Discrepancy between GSTR 3B return and GSTR 2A: Notices uploaded on GST portal without communication violated natural justice. Order set aside for reconsideration.
May 31, 2024 Case Laws GST

Penalty for non-filing of GST Returns: Notice uploaded on the portal, not communicated to petitioner, violating natural justice. Matter restored back.
May 31, 2024 Case Laws Income Tax

Reassessment notices u/s 148 quashes, since no Fixed Place PE in India. Collaborative work deemed "auxiliary" not core business.
May 31, 2024 Case Laws Income Tax

Lease of property with substantial infrastructure is business income, not rental income. AO erred in changing head of income.
May 31, 2024 Case Laws Income Tax

Income accrued in India from guarantee charges by Indian subsidiaries and taxable. The concept of income being "earned" is tied to the right to receive the income.
May 31, 2024 Case Laws Money Laundering

Bail Application rejected in money laundering case involving illegal levy on coal transportation. Applicant fails to meet PMLA twin conditions.
May 31, 2024 Case Laws Income Tax

Unexplained cash deposits u/s 68 were explained by withdrawals & cash balances. Interest disallowance u/s 36(1)(iii) deleted for real estate business.
May 31, 2024 Case Laws Income Tax

Cash deposits more than turnover: Unexplained cash deposits u/s 69A were sourced from sales proceeds, loan & turnover.
May 31, 2024 Case Laws Money Laundering

Bail granted to accused in money laundering case involving illegal kidney transplantation sustained. Delay in investigation and lack of arrest during the process.
May 31, 2024 Case Laws Income Tax

LTCG deduction u/s 54F allowed despite pre/post-transfer payments. Provisions of sec 54/54F are benevolent.
May 31, 2024 Case Laws Income Tax

Unexplained cash deposits u/s 69A: Additions deleted considering the Credibility of withdrawals for redeposits, Fund flow analysis, Cash availability presumption.
May 31, 2024 Case Laws Income Tax

Evidentiary value of statements u/s 132(4): Statements alone not enough for assessment. Non-issuance of Notice u/s 153C cannot be rectified u/s 292B.
May 31, 2024 Case Laws Customs

Levy of anti-dumping duty on undervalued DVB remotes and diodes confirmed by clubbing of consignments. Confiscation of goods and penalties imposed.
May 31, 2024 Case Laws Income Tax

Interest received by Indian PE from Head Office not taxable in India as per India-US DTAA. Branch offices not separate entities.
May 31, 2024 Case Laws Customs

Appeals before the CESTAT below Rs. 50 lakhs not maintainable as per CBIC instructions. Litigation reduction emphasized.
May 31, 2024 Case Laws Companies Law

Modification of Demerger Scheme's Appointed Date u/s 421 of Companies Act, 2013. Appeal allowed, original date retained.
May 31, 2024 Case Laws Service Tax

Corporate guarantee without consideration was not taxable. Profit/markup not liable to service tax.
May 30, 2024 Circulars Customs

Effective June 5, 2024, exporters' Duty Drawback amounts will be disbursed via PFMS, streamlining the process.
May 30, 2024 Circulars DGFT

Amendment to SION E-125 for Shea Stearine export by DGFT India. Import entitlements revised.
May 30, 2024 Notifications GST

Amendment to Notification No. 02/2017-Central Tax changes jurisdiction of Central Tax Officers in Rajasthan districts.
May 30, 2024 Notifications Income Tax

Exemption: U/s 10(46) of IT Act 1961, 'Mathura Vrindavan Development Authority' notified by Central Govt.
May 30, 2024 Case Laws Income Tax

Best Judgment assessment u/s 144 without notice u/s 143(2) is invalid. Addition u/s 69A as unexplained money deleted.
May 30, 2024 Case Laws Income Tax

Tax exemption granted to APSCHE as an 'instrument of state' under Article 12 of the Constitution. Autonomous bodies controlled by the government qualify.
May 30, 2024 Case Laws Income Tax

Penalty u/s 271(1)(c) for bogus LTCG confirmed. Revised income declaration not voluntary. No exemption u/s 10(38).
May 30, 2024 Case Laws Income Tax

Unexplained cash investment for property purchase. Addition without cross-examination deemed unjustified. Burden on AO to prove.
May 30, 2024 Case Laws Indian Laws

Petitioner allowed to register the property purchased in auction sale case u/s SARFAESI Act. Precedence of SARFAESI Act over Income Tax dues confirmed.
May 30, 2024 Case Laws GST

Cancellation of registration: Petition dismissed due to gross delay in availing appellate remedy. Law favors diligence over indolence.
May 30, 2024 Case Laws GST

Transporter not required to carry original tax invoice, only duplicate copy as per Rule 48(1)(b) of CGST. Petition allowed.
May 30, 2024 Case Laws GST

Challenge to adjudication order u/s 73 of GST. Reply was not considered. Order to be treated as corrigendum to the SCN.

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