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Highlights / Annotations / Catch Notes For May of 2024

Home Highlights May May 2024 Year 2024

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Showing 101 to 150 of 998 Records

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May 29, 2024 Case Laws Income Tax

Denial of deductions u/s 80C & standard deduction under New Tax Regime sustained. Original return under Old Tax Regime not considered.
May 29, 2024 Case Laws Income Tax

Rectification u/s 154: Withdrawn amount from provident fund (PF) as exempt income u/s 10(12). Additions deleted.
May 29, 2024 Case Laws Income Tax

A charitable trust is eligible for deduction u/s 11 despite belated filing of return & mistake in columns.
May 29, 2024 Case Laws Income Tax

Surcharge income allowed be taxed upon actual receipt, not accrual. Additional evidence admitted for 14A disallowance.
May 29, 2024 Case Laws Income Tax

Relief u/s 89 disallowed: difference between returned and assessed income. CIT(A) order quashed for lack of reasoning, matter restored back.
May 29, 2024 Case Laws Income Tax

Validity of revision u/s 263 that interest income from long term fixed deposits taxable u/s 56, not deductible u/s 80P. ITAT allowed the deduction u/s 80P(2)(d).
May 29, 2024 Case Laws Income Tax

Additions u/s 68 and then u/s 50 or 41(2) in reassessment case: AO's reopening based on change of opinion, no new evidence found.
May 29, 2024 Case Laws Income Tax

Discrepancies in LTCG disclosure: Reassessment proceedings quashed due to lack of independent application of mind by the AO.
May 29, 2024 Case Laws Income Tax

Deduction for contribution in LIC Group Gratuity Scheme u/s 37(1) allowed. Delay in approval by CIT, not fault of assessee.
May 29, 2024 Case Laws Income Tax

Provisions of u/s 56(2)(vii)(c) not applicable on bonus shares. Shareholder's wealth remains same post bonus.
May 29, 2024 Case Laws Income Tax

Penalty u/s 271FA for non-filing of SFT was unjustified as no reportable transactions were identified.
May 29, 2024 Case Laws Customs

Forfeiture of security deposit for Customs Broker due to violation of CBLR 2013 sustained.
May 29, 2024 Case Laws Customs

Goods of foreign origin imported for repairs and return exempted u/s Notification No.153/1994.
May 29, 2024 Case Laws Customs

Demand of customs duty for destroyed capital goods. No suppression of facts found. Extended period of limitation cannot be invoked.
May 29, 2024 Case Laws Service Tax

As services were provided to Government Agency, there was no intention to evade tax. Extended period of limitation not applicable.
May 29, 2024 Case Laws Service Tax

Demand of service on amount retained by the Hospitals for use of infrastructure by contracted doctors set aside.
May 29, 2024 Case Laws Central Excise

Violation of natural justice: Demand of duty. RUDs not supplied, hearing not provided. Matter restored back.
May 29, 2024 Case Laws Central Excise

Cash refund of cenvat credit: Post GST era: The Commissioner (Appeals) erred in deeming the appeal non-maintainable. Refund allowed
May 29, 2024 Case Laws Central Excise

Refund claim u/s 11B of Central Excise Act - deposits were not voluntary - Period of limitation not applicable.
May 29, 2024 Case Laws VAT and Sales Tax

VAT on franchise agreements: no deemed sale for trademark transfer. Unique tax treatment needed for franchise transactions.
May 29, 2024 Case Laws VAT and Sales Tax

Appeal on the ground of lack of reasons for enhancing turnover, non-consideration of evidence, and extraneous considerations, got rejected.
May 29, 2024 Case Laws Indian Laws

Consolidation of offences in cheque dishonour cases u/s 138 NI Act in case of multiple cheques.
May 29, 2024 Case Laws Indian Laws

Allegation against public servant (IRS Officer): request of the CBI for further investigation, after 5 years, denied.
May 28, 2024 Circulars Customs

Attention Exporters: Ensure timely receipt of e-BRC for exports made between 01.04.2014 to 30.06.2023 u/s RBI BRC Module.
May 28, 2024 Circulars Customs

Centralized Bank Guarantee Cell established for processing and custody of Bank Guarantees by Customs House Tuticorin. Follow procedures for smooth transactions.
May 28, 2024 Circulars SEBI

Standard Operating Procedure for handling Stock Exchange outage & extension of trading hours in Commodity Derivatives segment
May 28, 2024 Circulars SEBI

Eligibility criteria revised for launching Options on Commodity Futures by Stock Exchanges. Average daily turnover now INR 100 crore.
May 28, 2024 Circulars FEMA

New instructions on Money Changing Activities issued by RBI. FFMCs/ADs Category-II must maintain balance in foreign currencies.
May 28, 2024 Circulars SEBI

Self Regulatory Organizations for Social Impact Assessors in the context of Social Stock Exchange (SSE) specified by SEBI.
May 28, 2024 Circulars SEBI

Social Enterprises on Social Stock Exchange must make disclosures by 31.10.24 for FY 2023-24.
May 28, 2024 Circulars DGFT

Amendment in Procedure & SION M-1 to M-7 for jewellery export. Revised norms for gold, silver, platinum content.
May 28, 2024 Notifications SEBI

SEBI amends InvIT regulations to include subordinate units. New rules effective from notification date.
May 28, 2024 Notifications Income Tax

Higher Rate of Tax Collection at Source (TCS) for non-furnishing of ITR u/s 206CCA: RBI excluded from "Specified person".
May 28, 2024 Notifications Income Tax

Notification: Higher TDS for non-ITR filing. RBI excluded as "Specified person". Effective immediately.
May 28, 2024 Case Laws GST

Bribery and corruption charge on GST Officer: Petitioner granted bail after complying with conditions.
May 28, 2024 Case Laws GST

Waiver of late fee: Amnesty Scheme for delayed annual returns filing - GST authorities directed to re-consider the representation.
May 28, 2024 Case Laws GST

Violation of natural justice occurred as petitioners were not given a hearing as required u/s 75(4) of GST Act 2017.
May 28, 2024 Case Laws Income Tax

Payment of interest on tax demand post Telecom Policy 1999 waived by Supreme Court. Order not a precedent.
May 28, 2024 Case Laws Income Tax

Sales tax incentive received under the West Bengal Incentive Scheme, held as capital receipt not taxable u/s 41(1).
May 28, 2024 Case Laws Income Tax

Expenses towards software costs & expatriate salaries: HC admitted the petition.
May 28, 2024 Case Laws Income Tax

Interest expense on loan used for agricultural land disallowed. Loan not for business purposes.
May 28, 2024 Case Laws Income Tax

Jurisdiction transfer u/s. 127 sustained. Private employee's LFC exemption claim was rightly denied.
May 28, 2024 Case Laws Income Tax

No addition u/s 68 on account of sales jump. Cash deposits tallied, no addition needed. Cash purchases over 20k/day not proven.
May 28, 2024 Case Laws Income Tax

Jurisdiction of CIT: Orders u/s 92CA can be revised u/s 263 post amendment. Clarificatory amendment retrospective.
May 28, 2024 Case Laws Income Tax

AO directed to delete addition u/s 69A/68. Cash deposits were from sales, not unexplained.
May 28, 2024 Case Laws Income Tax

AO directed to ascertain the Income applied by a trust as per section 11(6). Income to be applied without depreciation.
May 28, 2024 Case Laws Income Tax

CIT(A) must conduct thorough enquiry on unexplained credit u/s 68. Share applicant's creditworthiness not proven.
May 28, 2024 Case Laws Income Tax

Protective additions on loan amount from director & relatives for LTCG in penny stocks are not sustainable.
May 28, 2024 Case Laws Income Tax

Reassessment order u/s 147 held as invalid due to absence of statutory notice u/s 143(2).
May 28, 2024 Case Laws Income Tax

TDS: payments made to the 'Originator' as Excess Interest Spread are not subject to TDS u/s 194LBC.

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