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Highlights / Annotations / Catch Notes For June of 2024

Home Highlights June June 2024 Year 2024

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Showing 51 to 100 of 937 Records

123 4 5 6........ 19

June 28, 2024 Case Laws Income Tax

Court says one day to respond to notice is unfair! Bank proof shows less money received. Order overturned, case sent back for review.
June 28, 2024 Case Laws Income Tax

High Court decided not to review petition due to long delay and legal questions. Court emphasized following rules to avoid uncertainty.
June 28, 2024 Case Laws Income Tax

The Tribunal confirmed additions for lack of evidence in transactions with Singla. Fair market value upheld for share variance.
June 28, 2024 Case Laws Income Tax

The Tribunal found assessment invalid due to improper approval process by AO. Lack of proper consideration made approval a formality.
June 28, 2024 Case Laws Income Tax

ITAT addressed cash deposits during demonetization. Found lack of evidence for certain expenses. Ruled Section 115BBE for higher rate of tax not retroactive.
June 28, 2024 Case Laws Income Tax

Appellate Tribunal rules in favor of taxpayer on LTCG & deduction issues. Upholds CIT(A)'s decision citing lack of Revenue challenge.
June 28, 2024 Case Laws Income Tax

Appellate Tribunal rules in favor of assessee on prior period expenses and TDS credit issues, rejects disallowance of demurrage charges.
June 28, 2024 Case Laws Income Tax

The tax tribunal ruled in favor of the taxpayer, allowing deduction for interest income from a cooperative bank u/s 80P(2)(d).
June 28, 2024 Case Laws Income Tax

Deduction u/s 32AD: ITAT rules in favor of deduction for investment made in 2015-16 despite dispute over Govt notification on backward areas.
June 28, 2024 Case Laws Income Tax

TP Adjustment: No negative working capital adjustment for captive service provider. Excluded companies not comparable. More verification needed
June 28, 2024 Case Laws Income Tax

Housing projects over 1000 sq. ft. get tax break. "Project Completion Method" approved for profit calculation. Local authority approval needed for tax deduction. Revenue's appeal dismissed.
June 28, 2024 Case Laws Income Tax

Retroactive cancellation of registration u/ss 12AA and 12AB found invalid by ITAT. Tax laws apply based on year of assessment.
June 28, 2024 Case Laws Income Tax

The tax tribunal reviewed appeal on cash deposits. Emphasized fair process & natural justice. Appeals allowed for fresh review.
June 28, 2024 Case Laws Income Tax

Appellate Tribunal cancels assessment order due to invalid notice by non-jurisdictional AO.
June 28, 2024 Case Laws Income Tax

The Tribunal ruled in favor of a trust seeking registration from 2021-22.
June 28, 2024 Case Laws Income Tax

The court found capital gains due to undeclared property sale. Claim of transfer under HUF rejected. Sale deed taxable in genuine transaction. Cash deposits justified.
June 28, 2024 Case Laws Income Tax

Tribunal rules in favor of assessee on safe harbor limit u/s 50C, allowing retrospective application. CBDT acknowledges property value differences.
June 28, 2024 Case Laws Customs

High Court reviewed a case on detention for gold smuggling. Emphasized timely communication. Delay in forwarding representation unjustified.
June 28, 2024 Case Laws Customs

Dispute over refund of SAD resolved! Tribunal rules in favor of appellant citing compliance with conditions and CA certificate.
June 28, 2024 Case Laws Central Excise

In a case about missing goods and personnel penalty, the Tribunal found no proof of wrongdoing by the company. Industry standards matter!
June 28, 2024 Case Laws Central Excise

Tax credit granted! Circular advises against double benefits but doesn't deny credit. Tribunal rules in favor of legitimate credit.
June 28, 2024 Case Laws Indian Laws

Dishonour of Cheque: High Court discussed jurisdiction, inquiry, bank statements, signature comparison, charges merging, and case clubbing.
June 27, 2024 Circulars GST

Tax circular clarifies overseas ESOP/ESPP/RSU taxability for Indian employees. No GST on direct share transfer, but GST if foreign company charges fees.
June 27, 2024 Circulars GST

The Circular explains how suppliers can exclude discounts from taxable value under certain conditions. Suppliers may need certificates from recipients as proof.
June 27, 2024 Circulars GST

Government clarifies input tax credit treatment for life insurance premiums not in taxable value. Premiums not exempt under CGST Act. No need to reverse credit as per Rule 42.
June 27, 2024 Circulars GST

Time limit for claiming input tax credit on supplies from unregistered persons clarified. Don't delay invoices!
June 27, 2024 Circulars GST

A new circular clarifies valuation of imported services from related parties for full tax credit. Invoice value equals open market value.
June 27, 2024 Circulars GST

Telecom spectrum services! Pay tax on deferred payments. Installment payments = continuous service. No GST on Frequency Assignment Letter. Invoice before payment due. Report issues to Board.
June 27, 2024 Circulars GST

Insurance companies don't pay GST on salvage if it's insured's property. But if it's insurer's property, GST is due on sale.
June 27, 2024 Circulars GST

New guidance clarifies that for goods sold to unregistered persons, the delivery address on the invoice determines the place of supply.
June 27, 2024 Circulars GST

New guidelines clarify GST rules for warranty cases, no GST on replaced goods. Extended warranty seen as separate service.
June 27, 2024 Circulars GST

New guidelines on tax for road construction services under HAM model: time of supply based on invoice/payment date. Interest should be included in taxable value.
June 27, 2024 Circulars GST

Circular clarifies no denial of tax credit for ducts & manholes in OFC networks as "plant & machinery."
June 27, 2024 Circulars GST

CBIC clarifies special procedure for manufacturers of certain goods under Notification 04/2024-Central Tax. Addresses trade concerns on machine details, reporting values, SEZ units, and more.
June 27, 2024 Circulars GST

The circular clarifies various receipts from loans between related parties as taxable under GST. Interest on loans is exempt, but processing fees may be subject to GST.
June 27, 2024 Circulars GST

New guidance clarifies tax rules for banks offering custodial services to Foreign Portfolio Investors. Custodial services are distinct from services to account holders.
June 27, 2024 Circulars GST

New limits set for filing appeals in tax cases to reduce litigation. Follow the National Litigation Policy. Appeal based on merits.
June 27, 2024 Circulars GST

Insurance companies can claim Input Tax Credit on repair expenses for motor vehicles even if garage invoices are in insured's name.
June 27, 2024 Circulars Customs

Ministry of Finance introduces ERAM for customs valuation, automating exchange rates based on daily SBI rates. Effective July 2024.
June 27, 2024 Circulars Customs

Guidelines for moving goods between warehouses under Customs Act. Focus on deferred duty payment, compliance with regulations, and accurate record-keeping.
June 27, 2024 Circulars FEMA

India extends FCRA certificate validity for certain entities till 30.06.2024 if renewal pending. Renewal refusal = expired certificate.
June 27, 2024 Case Laws GST

Court orders refund of Rs. 30 lakh to appellants as collected due to coercion during search proceedings.
June 27, 2024 Case Laws GST

High Court grants relief to small dealer in tax dispute due to lack of response and credit discrepancies. Case remanded for fresh consideration.
June 27, 2024 Case Laws GST

High Court ruled in favor of extending time for refunding input tax credit for zero-rated supplies. Petitioner entitled to benefit of Notification No. 13/2022-Central Tax.
June 27, 2024 Case Laws GST

The court ruled on unused tax credits from VAT to GST. Credits from TNVAT Act are protected. Refunds was denied for untransferred credits.
June 27, 2024 Case Laws GST

High Court ruled search invalid due to lack of reasons provided. Goods to be released in 3 weeks, refunds in 8 weeks.
June 27, 2024 Case Laws GST

HC: Recovery of incorrect refund due to duty error. Show cause notice lacked detail, violating justice. Order quashed, matter remanded for new notice.
June 27, 2024 Case Laws Income Tax

High Court rules no income escape warranting reassessment as no share sale occurred. Petitioner's evidence supports no income.
June 27, 2024 Case Laws Income Tax

High Court allows widow's plea for delayed tax return filing, citing business losses. Income tax authority directed to treat the ITR in time.
June 27, 2024 Case Laws Income Tax

High Court reviewed Leave Encashment exemption & increase in exemption limit for taxing earned leave salary. Petitioners can seek relief from Government.

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