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Highlights / Annotations / Catch Notes For May of 2024

Home Highlights May May 2024 Year 2024

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Showing 201 to 250 of 998 Records

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May 25, 2024 Circulars DGFT

Advance Authorizations: DGFT clarification: AA issued before 11.03.2024 not u/s 71/2023. No QCO exemption amendment available.
May 25, 2024 Circulars Insolvency and Bankruptcy

Insolvency Professionals must upload judicial orders on their dashboard for transparency and stakeholder facilitation.
May 25, 2024 Case Laws GST

Intent to evade tax: GST assessment u/s 73 ignoring GSTR-9 return - HC remands the case back for fresh decision.
May 25, 2024 Case Laws GST

HC: GST registration cannot be cancelled retrospectively without proper justification & valid reasons.
May 25, 2024 Case Laws GST

HC: Lack of communication violated natural justice in a tax case. Petitioner to be granted opportunity to respond.
May 25, 2024 Case Laws GST

HC: Appeal barred by time limitation u/s 107 of CGST Act, but delay condoned due to medical reasons.
May 25, 2024 Case Laws GST

Appeal dismissed under GST Act due to limitation issue. HC clarifies authority can condone delay beyond one month.
May 25, 2024 Case Laws GST

Government empowered to extend time limit due to force majeure. COVID-19 considered force majeure. Petition allowed for fresh assessment order.
May 25, 2024 Case Laws Income Tax

Delhi HC directs bank to remove Restraint Order from locker after verifying Revocation Order as confirmed by IT Department.
May 25, 2024 Case Laws Income Tax

Pr. CIT dismissed a petition u/s 264 without procedural fairness. High Court directs rehearing.
May 25, 2024 Case Laws Income Tax

Sale of shares: ITAT Delhi held that addition u/s 68 for income from undisclosed sources was not justified.
May 25, 2024 Case Laws Income Tax

Additions as unexplained liabilities: ITAT Delhi ruled liabilities as loans/advances, not creditors. Further investigations needed.
May 25, 2024 Case Laws Income Tax

ITAT Mumbai ruled on TDS u/s 194A, 194H, or 194J for interest retained by NBFCs. No tax deduction required.
May 25, 2024 Case Laws Income Tax

ITAT: Unexplained cash credit u/s 68 - Bank passbook cannot be regarded as a book of the assessee - No addition warranted
May 25, 2024 Case Laws Income Tax

HC: Classification of company for taxation - Appellant not a domestic company. Tax rates apply as "company other than domestic company." No conflict with DTAA.
May 25, 2024 Case Laws Income Tax

Telangana High Court held that delay in submitting Form 10B by petitioner, with exemption u/s 12A, is condoned.
May 25, 2024 Case Laws Income Tax

HC: Reassessment proceedings u/s 147 OR u/s 153C/153A - basis for reopening assessment must be material from search.
May 25, 2024 Case Laws Income Tax

ITAT Delhi: No TP adjustment for Specified Domestic Transactions u/s 92BA after its omission.
May 25, 2024 Case Laws Income Tax

ITAT upheld assessee's argument of no underreporting or misreporting of income in penalty proceedings u/s 270A.
May 25, 2024 Case Laws Income Tax

ITAT Delhi held that CIT(A) correctly applied sec 44AD to reduce unexplained cash deposits. Peak credit method used.
May 25, 2024 Case Laws Income Tax

ITAT Delhi ruled on additional income from excess stock not included in trading account. Gross profit estimation upheld.
May 25, 2024 Case Laws Income Tax

ITAT Pune held that disallowance u/s 143(1)(a)(iv) not valid as gratuity payment not in Audit Report. Assessee's appeal allowed.
May 25, 2024 Case Laws Income Tax

ITAT Surat held that LTCG not unexplained cash credit. Share sale legit, no manipulation. Exemption u/s 10(38) allowed.
May 25, 2024 Case Laws Income Tax

ITAT Raipur upheld admin expenditure disallowance. Cessation of liability addition not justified. TCS credit declined due to purchase timing.
May 25, 2024 Case Laws Customs

Applicants granted bail for possession of foreign gold. Bail allowed due to jail time served.
May 25, 2024 Case Laws Customs

CESTAT NEW DELHI grants restoration of appeal dismissed for want of prosecution due to adjournment issue.
May 25, 2024 Case Laws Customs

CESTAT allowed the appeal in the absence of proof of Illegal exports of non-basmati rice to Nepal.
May 25, 2024 Case Laws Customs

CESTAT grants refund claim under ISFTA. Benefit of Notification No.26/2000-Cus allowed. Importer eligible despite late claim.
May 25, 2024 Case Laws Customs

CESTAT: Imported "I-MAS POs-Nickel Compound" is classifiable u/r CTH 38249900, not 28254000. No benefit under Notification 50/2017.
May 25, 2024 Case Laws Customs

CESTAT HYDERABAD: Iron Ore fines vs lumps classification for export duty - Tribunal allows appeal, rejects demand.
May 25, 2024 Case Laws Companies Law

Jharkhand HC: Workmen & secured creditor treated pari passu u/s 529-A. No statutory interest granted.
May 25, 2024 Case Laws Insolvency and Bankruptcy

CIRP: Compulsorily Convertible Debentures without repayment obligation treated as equity, not debt under IBC.
May 25, 2024 Case Laws Insolvency and Bankruptcy

CIRP: Admission of section 7 application - Corporate debtor has to blame himself for not appointing an Advocate to appear and make appropriate pleading before the Court.
May 25, 2024 Case Laws Insolvency and Bankruptcy

NCLAT dismisses appeal on CIRP VAT/Sales Tax dues treatment. Claims classified as Unsecured debts.
May 25, 2024 Case Laws Service Tax

CESTAT: Cenvat Credit on Set Top Boxes allowed as inputs for Broadcasting Services. Demand set aside.
May 25, 2024 Case Laws Central Excise

CESTAT: Tobacco supplied in retails pack to be classified under CTH 2401, not 2403. Extended period not applicable.
May 25, 2024 Case Laws VAT and Sales Tax

J&K High Court clarifies PTO's power u/s 5 for escaped assessments. Monthly vs. Annual Assessments.
May 25, 2024 Case Laws VAT and Sales Tax

HC: Penalty determination. Each improper invoice constitutes separate default. Time duration not relevant.
May 25, 2024 Case Laws VAT and Sales Tax

HC: Classification of Diagnostic Kits: Kits not considered drugs unless specified by Central Govt.
May 25, 2024 Case Laws Indian Laws

HC: Accused acquitted in cheque dishonour case after compromise agreement.
May 24, 2024 Case Laws Income Tax

Supreme Court upholds validity of Guidelines restricting tax audits by Chartered Accountants. Public interest paramount.
May 24, 2024 Case Laws GST

Recovery of tax challenged u/s 168A of CGST Act - ITC dispute - HC granted interim relief - Stay on recovery proceedings.
May 24, 2024 Case Laws GST

Permission for prosecution independent of adjudication proceedings. Administrative satisfaction u/s 134 CGST Act not based on adjudication findings. Petitioner not part of proceedings.
May 24, 2024 Case Laws GST

HD: Appeal was dismissed for delay in filing under BGST Act. Appeal restored subject to conditions.
May 24, 2024 Case Laws Income Tax

HC held repairs & maintenance activity not eligible for 80IB deduction. No direct nexus to manufacturing profits.
May 24, 2024 Case Laws Income Tax

ITAT Mumbai upheld the deletion of penalty u/s 271(1)(c) on bogus purchases as the Payments were through banking channels.
May 24, 2024 Case Laws Income Tax

ITAT - Additions u/s 68 - Source not substantiated - Only commission at 0.15% of alleged accommodation entry / amount to be added.
May 24, 2024 Case Laws GST

Cancellation of GST registration due to alleged excess Input Tax Credit claim. Order set aside for lack of petitioner's response. Opportunity granted for re-adjudication.
May 24, 2024 Case Laws Income Tax

ITAT: Exemption u/s 11 - Merger of intimation u/s 143(1) with regular assessment u/s 143(3). Appeal against intimation infructuous.
May 24, 2024 Case Laws VAT and Sales Tax

Andhra Pradesh HC: GST registration canceled. Petition dismissed on the ground of delay.

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