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Highlights / Annotations / Catch Notes For June of 2024

Home Highlights June June 2024 Year 2024

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Showing 551 to 600 of 937 Records

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June 12, 2024 Case Laws Income Tax

Insurance company wins case for tax exemptions on dividends & surplus. Tax rate set at 12.5% instead of 30%. Claim for deduction u/s 80(JJAA) to be reconsidered.
June 12, 2024 Case Laws Income Tax

Unexplained loan issue resolved in favor of the assessee. Burden of proof met with PAN & confirmations. Addition deleted.
June 12, 2024 Case Laws Income Tax

Assessee can claim deduction u/s 80IA in returns filed u/s 153A for past 6 years. ITAT rules in favor of assessee.
June 12, 2024 Case Laws Income Tax

Contributions to Core SGI not an expense. Stock Exchange is a specified person. Statutory contributions allowed as business expense.
June 12, 2024 Case Laws Customs

CESTAT ruled dry dates imported from UAE were not mis-declared. No evidence of FSSAI non-compliance found. Penalties quashed.
June 12, 2024 Case Laws Customs

CESTAT ruled in favor of the appellant in a smuggling case involving illegal export of mobile phones. Lack of evidence led to confiscation and penalty being set aside.
June 12, 2024 Case Laws Customs

CESTAT ruled: Outdoor LCD with accessories classified under Chapter 9013, not 85287390. Supreme Court decision supported.
June 12, 2024 Case Laws Companies Law

Company in liquidation lacks funds for creditors. Application for dissolution approved under Section 481.
June 12, 2024 Case Laws Money Laundering

Seized property not proceeds of crime, gifted to avoid seizure. No prosecution complaint filed within 365 days. Appeal dismissed.
June 12, 2024 Case Laws Service Tax

CESTAT ruled demand of service tax on foreign currency payments not sustainable. Penalties on Shri K. Satishchandra set aside.
June 12, 2024 Case Laws Service Tax

CESTAT ruled services not OIDAR but Business Support Services. Export of services allowed. No service tax due.
June 12, 2024 Case Laws Service Tax

CESTAT ruled on service tax liability for IT services provided as a sub-contractor. Services classified as Business Auxiliary.
June 12, 2024 Case Laws Service Tax

CESTAT ruled in favor of the Appellant on refund of service tax for export pass fee. No service tax liability on Export Pass Fee. Refund granted.
June 12, 2024 Case Laws Service Tax

CESTAT ruled on Cenvat Credit eligibility for input services. Appellant needs to provide proper evidence. Adjudicating Authority to decide within 3 months.
June 12, 2024 Case Laws Central Excise

CESTAT ruled medicaments supplied to institutions assessed u/s 4, not 4A. No penalty on control samples.
June 12, 2024 Case Laws Central Excise

CESTAT ruled in favor of appellant supplying goods to power projects, clearing without duty payment. Benefit of exemption granted.
June 12, 2024 Case Laws Indian Laws

Can a Member of Parliament claim immunity from bribery prosecution? Court says no. Bribery erodes public probity.
June 12, 2024 Case Laws Indian Laws

Court rules in favor of accused in dishonored cheque case. No interim compensation granted due to plausible defense. Dilatory tactics considered. Judgment quashed.
June 12, 2024 Case Laws Indian Laws

Accused acquitted in cheque bounce case as debt not proven. Standard of proof clarified by Supreme Court. Preponderance of probabilities needed to rebut presumption. Appeal dismissed.
June 12, 2024 Case Laws Indian Laws

Court overturns acquittal in cheque bounce case due to improper notice issuance. Accused convicted, fined Rs.70,000.
June 11, 2024 Notifications DGFT

Notification: Import policy amended for specific gold items. Policy for specified items put into "Restricted" category.
June 11, 2024 Case Laws Income Tax

High Court ruled on validity of bonus shares issuance & GAAR vs. SAAR. GAAR prevails. Petitioner's argument flawed.
June 11, 2024 Case Laws GST

Delay in filing revocation application for GST registration condoned. Petitioner must pay all dues for consideration.
June 11, 2024 Case Laws GST

Violation of natural justice in tax assessment order challenged. Petitioner not given fair chance to contest. Order quashed, remit 10% disputed tax.
June 11, 2024 Case Laws GST

Court held that end of lease doesn't negate petitioner's claim for GST amounts. Arbitral tribunal to decide. Limited protection granted.
June 11, 2024 Case Laws GST

AAAR: Appeal delay condoned for Tamilnadu Govt Electricity Utility due to staff shortage.
June 11, 2024 Case Laws Income Tax

Addl. CIT lacked authority / jurisdiction to pass assessment order u/s 143(3). AO has sole power for scrutiny assessment.
June 11, 2024 Case Laws Income Tax

Sales added to income u/s 69A due to lack of evidence. Assessee proved innocence with docs & steps. No addition warranted.
June 11, 2024 Case Laws Income Tax

Reopening assessment u/s 147 for unexplained cash credit u/s 68 - Reasons must have live nexus with info possessed - Appeal allowed
June 11, 2024 Case Laws Income Tax

ITAT ruled that gains from sale of shares allotted in IPO should be treated as Short-Term Capital Gains, not business income.
June 11, 2024 Case Laws Income Tax

Addition u/s 69C r.w.s.115BBE - Furniture import expenditure not recorded in books. No proof of business relation with China supplier. Custom duty paid. Appeal dismissed.
June 11, 2024 Case Laws Income Tax

ITAT ruled on various tax issues: 26AS mismatch, disallowance of guarantee commission, TDS credit, & interest levy.
June 11, 2024 Case Laws Income Tax

Tax rate dispute resolved in favor of assessee on LTCG from unlisted shares sale. Share transfer is not a business asset transfer. TDS deduction explained.
June 11, 2024 Case Laws Income Tax

Penalty notice must specify reason for penalty u/s 271(1)(C). Ambiguous notice not valid. Assessee must be clear on grounds.
June 11, 2024 Case Laws Income Tax

Bank deposits = turnover. Assessee failed to prove otherwise. GP estimated @ 6%. No interference.
June 11, 2024 Case Laws Income Tax

ITAT ruled in favor of taxpayer, canceling interest charges u/s 234B. No liability post original assessment.
June 11, 2024 Case Laws Income Tax

Notice u/s 148 to reopen assessment quashed. AO failed to prove alleged receipt of Rs. 35 Lakh. Assessee appeal allowed.
June 11, 2024 Case Laws Income Tax

Income from software license fees not taxable as royalty in India. No liability for tax resident of Denmark. Appeal allowed.
June 11, 2024 Case Laws Income Tax

Assessment u/s 153A needs incriminating material from search. Completed assessments can't be changed without it.
June 11, 2024 Case Laws Income Tax

Revision u/s 263 - ITAT ruled in favor of the assessee on issues of limited scrutiny assessment, deduction u/s 80JJAA, and share issuance.
June 11, 2024 Case Laws Income Tax

Revision u/s 263: Interest income on Core Settlement Guarantee Fund not taxable. ICCL controls funds. Income exempt u/s 10(23EE).
June 11, 2024 Case Laws Income Tax

Reopening of assessment due to unexplained cash deposits. Assessee failed to provide details. Tribunal limits income estimation to 15%.
June 11, 2024 Case Laws Income Tax

Penalty u/s 271(1)(c) not justified for addition on closing stock valuation. No clear findings on concealment. Assessee's explanation deemed bona fide.
June 11, 2024 Case Laws Income Tax

ITAT ruled in favor of the assessee on TP Adjustment issue. Additional evidences admitted for further examination. Proviso to Section 92C(2) benefit allowed.
June 11, 2024 Case Laws Income Tax

Assessee not penalized for alleged tax evasion due to lack of concrete evidence. Penalty deleted.
June 11, 2024 Case Laws Income Tax

Appellate Tribunal ruled against penalty for cash deposits below Rs. 20,000 as unexplained. Sale transactions legit.
June 11, 2024 Case Laws Income Tax

Penalty notice u/s 271(1)(c) upheld for unexplained trading cost difference. Assessee's explanation inconsistent. Penalty imposed.
June 11, 2024 Case Laws Income Tax

Approval u/s. 153D must be granted after thorough review, not mechanically. Failure to do so vitiates assessment orders.
June 11, 2024 Case Laws Customs

High Court ruled that importer evaded duty on over Rs. 50 Lakhs worth of gold, not exported as required. No bail granted.
June 11, 2024 Case Laws Customs

Jurisdiction, penalty, and confiscation of gold jewelry under Customs Act. Show cause notice timing valid due to COVID. No appeal filed. Penalty upheld.

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H: Goods Inspection Matches E-Way Bill, Lack of Tax Evasion Intent Quashe...

H: Income tax reassessment validity: AO initiated proceedings u/s 147 ins...

H: Reassessment Rules Interpretation: Taxpayer Wins Over Accommodation En...

H: Sale-purchase loss disallowed unreasonably by tax officer, commercial ...

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H: Loan to equity conversion attracts income tax on excess share premium ...

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A: Director Identification Number