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Highlights / Annotations / Catch Notes For June of 2024

Home Highlights June June 2024 Year 2024

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Showing 101 to 150 of 937 Records

1 234 5 6 7........ 19

June 27, 2024 Case Laws Income Tax

Exemption u/s 11: The mistake of classification of income was rectified u/s 154 resulting in exemption approval.
June 27, 2024 Case Laws Income Tax

The Tribunal ruled in favor of the taxpayer, allowing genuine deductions despite reporting errors in filing ITR.
June 27, 2024 Case Laws Income Tax

In a tax dispute, the panel rejected time-barred objections, upholding the original order u/s 144C. However, the final assessment order was found invalid due to lack of communication.
June 27, 2024 Case Laws Income Tax

Revision u/s 263: ITAT upheld Assessing Officer's decision on Long Term Capital Gain Exemptions u/s 54. No errors found.
June 27, 2024 Case Laws Income Tax

Appellate Tribunal allows registration app u/s 80G, clarifying time limits for trusts.
June 27, 2024 Case Laws Income Tax

ITAT allows additional evidence for loan interest disallowance. Livestock expenditure not capitalizable. Profit from livestock sale is business income.
June 27, 2024 Case Laws Income Tax

ITAT rules on book profit calculation & TDS for non-residents. Fresh verification ordered for deductions. Payments to certain countries not taxable.
June 27, 2024 Case Laws Income Tax

Appellate Tribunal ruled in favor of a business during demonetization. Cash deposits justified by consistent sales. Government directives followed.
June 27, 2024 Case Laws Income Tax

The Tribunal ruled that assessee were not liable for penalty for not auditing accounts due to delayed book updating.
June 27, 2024 Case Laws Income Tax

The court denied exemption for alleged bogus LTCG from unreliable company shares. Profit size doesn't prove legitimacy.
June 27, 2024 Case Laws Income Tax

Revision u/s 263: ITAT ruled in favor of taxpayer in tax case for non-deduction of TDS on salary/commission payments.
June 27, 2024 Case Laws Income Tax

Appellate Tribunal upheld deletion of unexplained investment u/s 69. Director's name instead of company's was genuine mistake.
June 27, 2024 Case Laws Income Tax

Appellate Tribunal allows additional evidence in tax assessment case, remands to CIT for fresh review.
June 27, 2024 Case Laws Customs

High Court clarifies time limit for refund claims in customs case. Must apply within 1 year of finalizing provisional assessment. Lack of awareness key issue. Tribunal decision upheld.
June 27, 2024 Case Laws Customs

The court ruled in favor of refunding the amount without delay, dismissing the revenue's appeal.
June 27, 2024 Case Laws Customs

The Tribunal said appeal not valid due to low duty amount below Rs.50 lakhs. Follow CBIC circular.
June 27, 2024 Case Laws Customs

CESTAT ruled CBIC circular on monetary limit applied. Reversed re-assessment, restored self-assessment. Onus on dept to prove value. Appeals below Rs.50 lakh limit dismissed.
June 27, 2024 Case Laws Service Tax

Tribunal rules in favor of appellant on service tax valuation and procedural issues.
June 27, 2024 Case Laws Service Tax

Dispute over tax penalty! Appellant didn't register/pay tax. Tribunal: No 25% penalty, but 50% for a while. Maintain records for reduced penalty. Calculate total penalty & show proof. Case resolved.
June 27, 2024 Case Laws Central Excise

CESTAT ruled fruit juice-based drinks should be classified under Tariff Heading 2202 9020.
June 27, 2024 Case Laws VAT and Sales Tax

High Court clarifies: Amnesty Scheme allows penalty waiver but no refund if already paid. Petitioner granted waiver after prior tax payment.
June 26, 2024 Circulars SEBI

The depository's committees handle key functions: MC manages membership; NRC oversees governance; SCOT ensures IT security; ROC monitors compliance; RMC handles risk; IC reviews investments.
June 26, 2024 Circulars SEZ

New guidelines for solar power panels in SEZs! Developers can now install panels for common areas. Let's go green!
June 26, 2024 Notifications FEMA

New rules on foreign contribution reporting! Enhanced Form FC-4 needs asset details. Central Gov empowered. Stay compliant!
June 26, 2024 Case Laws GST

High Court rules for IGST refund valuation based on invoice value. Lower value of invoice and shipping bill is to be refunded.
June 26, 2024 Case Laws GST

High Court finds tax recovery proceedings invalid due to missing DIN number. Proceedings set aside. Department to proceed lawfully.
June 26, 2024 Case Laws GST

High Court rules on temporary GST registration issue due to missing e-way bill and transport docs. Petitioner misusing GST laws investigated further. Court orders inquiry and compliance.
June 26, 2024 Case Laws GST

Court ruling: Late filing not reason enough to deny transition of credit extension u/s 140(5) of CGST Act.
June 26, 2024 Case Laws Income Tax

High Court: Assessment against dissolved company invalid post-Resolution Plan approval by NCLT. Claims in plan binding on debtor / tax authority.
June 26, 2024 Case Laws Income Tax

High Court ruled that reassessment under Income Tax Act must follow Finance Act, 2021. Respondent Dept's actions deemed illegal.
June 26, 2024 Case Laws Income Tax

Appellate Tribunal backs ex parte order against assessee, citing lack of evidence. Directs verification of TDS deductions.
June 26, 2024 Case Laws Income Tax

Appellate Tribunal cancels penalty for non-filing tax return, citing error by deductor as the TDS was deductible at source u/s 195.
June 26, 2024 Case Laws Income Tax

ITAT rules: 1. Proper notice issued for assessment 2. Upholds non-discrimination clause 3. Overseas fees not taxable 4. Interest not taxable under DTAA.
June 26, 2024 Case Laws Income Tax

ITAT accepts assessee's explanations and evidence, deletes AO's additions. Payment to retired partners justified. TDS discrepancy to be verified.
June 26, 2024 Case Laws Income Tax

ITAT rules no TDS for payments to foreign university for exam fees. No Permanent Establishment found. Decision consistent with tax treaty. Appeal allowed.
June 26, 2024 Case Laws Income Tax

Assessee switched from % of completion to project completion for revenue recognition. Legit change, no profit understatement found.
June 26, 2024 Case Laws Income Tax

ITAT ruled on TP adjustments: Selection of comparable companies on various criteria and exclusion of others. Directions issued.
June 26, 2024 Case Laws Income Tax

ITAT ruled in favor of taxpayer on various issues - Disallowed depreciation on unverified purchases deleted, goodwill depreciation allowed, TP Adjustment on LOC deleted
June 26, 2024 Case Laws Income Tax

Unexplained cash deposits in bank accounts opened by CA using fake documents not linked to assessee - Appellant wins case against wrongful additions
June 26, 2024 Case Laws Income Tax

Appellate Tribunal disallows effluent/waste disposal expenses & sales return provision. TDS liability on certain expenses to be examined. Bogus purchases deleted due to lack of response to notices.
June 26, 2024 Case Laws Income Tax

Income earned in India by Abu Dhabi Investment Authority is not taxable in India as per India-UAE treaty. Decision favors the Authority.
June 26, 2024 Case Laws Income Tax

Exemption: Application u/s 12A rejected as filed under wrong section. Reconsideration needed under correct section. Appeal allowed for future application.
June 26, 2024 Case Laws Income Tax

ITAT ruled in favor of the assessee, finding no prejudice to revenue due to revenue recognition and stock valuation methods.
June 26, 2024 Case Laws Income Tax

Appeal Tribunal found AO's assessment under limited scrutiny in compliance with CBDT instructions. Revision u/s 263 not justified.
June 26, 2024 Case Laws Income Tax

Tribunal ruled in favor of assessee on various tax issues including disallowance of expenses, foreign tax credit, & brand building expenses.
June 26, 2024 Case Laws Customs

CESTAT ruled in favor of customs broker - no penalty imposed for aiding in misclassification of goods. Unwarranted penalty of Rs.50,000/- overturned.
June 26, 2024 Case Laws Money Laundering

Bail denied in money laundering case involving bribery & proceeds of crime. No anticipatory bail due to grave nature of offence.
June 26, 2024 Case Laws Service Tax

Court ruled in favor of Tata Steel Ltd. in a tax dispute. Companies Act can't override tax laws. Input service tax can be distributed among units.
June 26, 2024 Case Laws Service Tax

The court ruled that two units of the same company can't be taxed separately for services. No justification for extended limitation period.
June 26, 2024 Case Laws Service Tax

GST Era: Appellate Tribunal rules in favor of taxpayer for refund of service tax under reverse charge mechanism.

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