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Highlights / Annotations / Catch Notes For May of 2024

Home Highlights May May 2024 Year 2024

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Showing 151 to 200 of 998 Records

1 2 345 6 7 8........ 20

May 28, 2024 Case Laws Income Tax

Difference in the valuation of shares (10% or less): The amendment applies retrospectively. No addition u/s 56(2)(viib)
May 28, 2024 Case Laws Income Tax

LTCG: Deduction u/s 54 not allowed for investing in two distinct properties.
May 28, 2024 Case Laws Income Tax

Additions deleted against the Interest disallowance u/s 36(1)(iii) & excise duty u/s 145A. Disallowance u/s 14A r.w.r. 8D upheld.
May 28, 2024 Case Laws Income Tax

Business loss claim on sale of securities allowed. Assessee provided genuine evidence, AO failed to prove collusion.
May 28, 2024 Case Laws Customs

Order against Customs Broker for smuggling gold as Diplomatic Cargo, violating CBLR 2018, sustained.
May 28, 2024 Case Laws SEBI

Condonation of delay granted in filing appeal after SEBI's appeal. Remand order passed by SAT. Delay condoned, notice issued.
May 28, 2024 Case Laws Insolvency and Bankruptcy

Refund claim set-off against tax dues during CIRP period found violative of IBC moratorium. IT Department ordered to refund Rs. 90 lakhs.
May 28, 2024 Case Laws FEMA

Conviction u/s 57 of FERA for non-realization of export proceeds, confirmed. Sentence modified to pay Rs. 3 lakhs fine.
May 28, 2024 Case Laws Service Tax

Refund claim not time-barred, no service tax liability. Relevant date was the date of Order-In-Original, not payment date
May 28, 2024 Case Laws Indian Laws

Dishonour of Cheque - Compounding of offence u/s 138 N.I. Act allowed since parties settle dispute, petitioner acquitted.
May 27, 2024 Case Laws Income Tax

No TDS liability u/s 195 for commission paid to foreign agents. No income deemed to accrue in India.
May 27, 2024 Circulars SEBI

Enhancement of Dynamic Price Bands for scrips in Derivatives segment by SEBI. Strengthening volatility management & minimizing information asymmetry.
May 27, 2024 Circulars SEBI

New norms for sharing real-time price data to third parties u/s 11(1) of SEBI Act. Ensure due diligence to prevent misuse.
May 27, 2024 Circulars SEBI

Master Circular for Commodity Derivatives Segment consolidates rules for stock exchanges. Ensure compliance for investor protection.
May 27, 2024 Circulars SEBI

Modification in Staggered Delivery Period in Commodity Futures Contracts u/s SEBI Act, effective July 01, 2024.
May 27, 2024 Case Laws Central Excise

Appeal abates u/r 22 as no application for continuance was made by official liquidator post liquidation order.
May 27, 2024 Case Laws GST

Release of confiscated goods: 10% pre-deposit of total value required for release, in addition to penalty and fine.
May 27, 2024 Case Laws GST

Writ Petition dismissed due to failure to exhaust alternative remedy. Order served via common portal deemed valid.
May 27, 2024 Case Laws GST

HC: Availability of alternative remedy not absolute bar to writ petition. Petition dismissed since the proper procedure was followed.
May 27, 2024 Case Laws GST

HC allows condonation of delay in re-filing review petition due to counsel's ill health. No grounds to review order.
May 27, 2024 Case Laws GST

Refund: HC noted the argument that once an order is passed u/s 54, it can only be annulled in appeal or revision. No coercive action till next hearing.
May 27, 2024 Case Laws GST

Cryptic order u/s 73 of CGST Act, 2017 set aside for violation of natural justice. Remitted back for fresh order.
May 27, 2024 Case Laws GST

Appeal against AAR order not admitted due to non-payment of required fee. Licensing services tax rate query remains unresolved.
May 27, 2024 Case Laws Income Tax

Late filing of Form 67 for Foreign Tax Credit does not deny claim u/s 90. Procedural norms don't extinguish substantive rights.
May 27, 2024 Case Laws Income Tax

Additions u/s 68: AO failed to conduct proper inquiry on unsecured loans. Matter restored back.
May 27, 2024 Case Laws Income Tax

Sales commission received by a non-resident company in India is not 'fee for included services' and not taxable in India.
May 27, 2024 Case Laws Income Tax

ITAT: Jurisdiction of AO over corporate assessee in metro cities confirmed. Income includes losses. Estimation of profit @10% sustained.
May 27, 2024 Case Laws Income Tax

Additions and penalty u/s 271(1)(c) for notional interest on foreign bank account balance not valid.
May 27, 2024 Case Laws Income Tax

Burden to prove identity, creditworthiness & genuineness of loan creditors lies with assessee, shifts to AO once proved.
May 27, 2024 Case Laws Income Tax

Penalty u/s 271(1)(c) was not justified due to defective notice u/s 274. Certain expenditures were disallowed.
May 27, 2024 Case Laws Income Tax

Old trust can seek registration u/s 80G(5)(i) instead of (iv) for 5 years. Time limit extended by CBDT to 30.09.2023 is available.
May 27, 2024 Case Laws Customs

1158-day delay in filing appeals condoned. HC validates Chartered Accountant's Certificate for grant of Refund.
May 27, 2024 Case Laws Customs

Release of seized goods u/s 110A allowed. Non-issuance of SCN in time. Bank guarantee and bond conditions affirmed.
May 27, 2024 Case Laws Customs

Failure to comply with conditions renders genuine duty-free scrips ineligible. Buyer's responsibility to verify and produce valid scrips strictly enforced.
May 27, 2024 Case Laws Central Excise

HC upheld penalty u/r 26 of Central Excise Rules, 2002 for clandestine removal of wire rods.
May 27, 2024 Case Laws Indian Laws

Writ jurisdiction of High Court post privatization of PSU clarified by Supreme Court. Delay in disposal of writ petition not valid ground against private entity.
May 25, 2024 Notifications Income Tax

Cost Inflation Index: CII for FY 2024-25 set at 363 u/s 48 of IT Act. Effective from April 1, 2025.
May 25, 2024 Notifications Income Tax

Notification: Exemption from specified income u/s 10(46) for Tamil Nadu Water Supply and Drainage Board, Chennai.
May 25, 2024 Notifications Customs

Notification: Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver updated.
May 25, 2024 Circulars SEBI

New SEBI circular mandates Audiovisual (AV) presentations for public issue disclosures, enhancing investor awareness.
May 25, 2024 Circulars Customs

Customs Brokers Licensing Management System (CBLMS) launches new features for stakeholders.
May 25, 2024 Circulars Customs

Circular on Disposal of UAS/UAV/RPAS/Drones by GOI Ministry of Finance. Changes in Nodal Officers & Contact Details.
May 25, 2024 Circulars SEBI

Industry Standards on verification of market rumors introduced by ISF with SEBI for top listed entities.
May 25, 2024 Circulars SEBI

New SEBI Circular on unaffected price for transactions post market rumour confirmation.
May 25, 2024 Circulars FEMA

RBI allows issuance of partly paid units to non-residents by investment vehicles under FEM Non-debt Instruments Rules.
May 25, 2024 Circulars Customs

Release of imported consignments of 106 EEEs items listed in E-Waste (Management) Rules, 2022.
May 25, 2024 Circulars Customs

Entities generating >100 metric tonnes of used oil/yr must register with CPCB u/s 26. Compliance ensures environmentally sound management.
May 25, 2024 Circulars SEBI

Review of KYC validation by KRAs under Risk Management Framework. Simplified provisions for ease of client transactions.
May 25, 2024 Circulars SEBI

Certification required for key investment team of AIF managers. Ensure compliance for registration by May 9, 2025
May 25, 2024 Circulars Customs

Import of Goods: CRCL Module now mandatory for forwarding samples to labs. Automate paperwork, enhance efficiency, and ensure transparency.

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