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Highlights / Annotations / Catch Notes For June of 2024

Home Highlights June June 2024 Year 2024

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Showing 701 to 750 of 937 Records

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June 7, 2024 Case Laws Income Tax

Validity of reassessment proceedings under India-Japan DTAA - income from canned software sale not taxable without PE in India - Order quashed
June 7, 2024 Case Laws Income Tax

Deduction u/s. 80P(1) denied due to s. 80P(4) not applicable as assessee not a co-operative bank. Retirement benefit disallowed, but subsumed in u/s. 80P(1) deduction. Interest on tax refund taxable.
June 7, 2024 Case Laws Income Tax

Revision u/s 263: AO's order erroneous & prejudicial to revenue. Lack of enquiry on provisions claim. PCIT decision upheld.
June 7, 2024 Case Laws Income Tax

Addition u/s 68 disallowed due to lack of creditor identity & creditworthiness. Additional evidence allowed. Case restored to AO for fresh consideration.
June 7, 2024 Case Laws Income Tax

Appeal dismissed due to non-payment of advance tax u/s 249(4)(b) but remanded for further consideration.
June 7, 2024 Case Laws Income Tax

Late submission of Form No.10IE led to denial of New Tax Regime benefit. Appellant's form was filed after due date but CPC had it.
June 7, 2024 Case Laws Income Tax

Disallowance u/s 40(a)(ia)/43B upheld by CIT(A) for unfinished work provisions. TDS not deducted on expenses.
June 7, 2024 Case Laws Income Tax

Validity of assessment proceedings u/s 144C challenged - extended period not applicable without TPO reference. Assessment order barred by limitation.
June 7, 2024 Case Laws Income Tax

Denial of Foreign Tax Credit due to late Form 67 filing - procedural or mandatory? ITAT held filing as procedural, not mandatory.
June 7, 2024 Case Laws Income Tax

Denial of Foreign Tax Credit due to late Form 67 filing deemed procedural, not mandatory. Assessee's appeal allowed.
June 7, 2024 Case Laws Income Tax

Reopening of assessment u/s 147 due to bogus accommodation loss entries provided by the assessee confirmed. Unaccounted brokerage income upheld.
June 7, 2024 Case Laws Income Tax

Validity of assessment order u/s 153A challenged - approval u/s 153D mandatory. No evidence of approval produced. Assessee appeal allowed.
June 7, 2024 Case Laws Income Tax

Provision for customer loyalty program upheld as scientific method applied. Disallowance u/s 14A set aside due to lack of satisfaction. TDS u/s 195 not applicable for foreign expenditure.
June 7, 2024 Case Laws Income Tax

Addition u/s 68 was deleted for share capital from dummy entities. Assessee part of RPS Group. Source accepted after scrutiny.
June 7, 2024 Case Laws Customs

CESTAT sets aside penalty u/s 114(iii) of Customs Act due to lack of admissible evidence.
June 7, 2024 Case Laws Customs

CESTAT denies benefit of N/N. 32/97-Cus for imported goods. Duty demand not sustainable as goods were exported after job work. Confiscation order set aside.
June 7, 2024 Case Laws Customs

Time limit for filing refund claim of SAD paid by importer - Delhi HC rules one-year limit not applicable. Importers relieved.
June 7, 2024 Case Laws Customs

Appellant misdeclared goods as display cabinets but found to be freezers. Appeal dismissed for lack of evidence.
June 7, 2024 Case Laws Customs

Refund claim for imported goods rejected by CESTAT. Assessee failed to refer matter to Chief Commissioner of Customs. Appeal dismissed.
June 7, 2024 Case Laws Companies Law

Provisional winding up of a company u/s 450 of Companies Act, 1956. Allegations of fraudulent activities. Court directs both parties to provide more information.
June 7, 2024 Case Laws Money Laundering

Attachments set aside in money laundering case as appellants proved funds' legitimacy. Appeals dismissed for unexplained sources.
June 7, 2024 Case Laws Service Tax

Validity of Show Cause Notice - Determination of service tax demand. Extended limitation period. High Court upholds jurisdiction of issuing SCN.
June 7, 2024 Case Laws Service Tax

CESTAT ruled in favor of appellant on service tax issues related to distribution of mutual funds, advertising sales, and training sessions.
June 7, 2024 Case Laws Service Tax

Jurisdiction of CESTAT - Tribunal can entertain appeal u/s 142(9)(b) of CGST Act, 2017 for refund of CENVAT Credit.
June 7, 2024 Case Laws Central Excise

Appellate Tribunal rules on CENVAT credit for CVD/SAD components under GST Act. Doctrine of Necessity applied for refund claims.
June 7, 2024 Case Laws Central Excise

CESTAT ruled in favor of appellant in a case involving classification of wet wipes. No suppression of facts found, demand for extended period set aside.
June 7, 2024 Case Laws Central Excise

CESTAT ruled on assessable value under Section 4 of Central Excise Act. Expenses not in cash but as benefits are not included.
June 6, 2024 Circulars DGFT

Revision in guidelines simplifies process for deemed exports under Handbook of Procedures 2023. Compliance burden reduced.
June 6, 2024 Circulars SEBI

New rules for financial penalties on market institutions for surveillance lapses to ensure market integrity.
June 6, 2024 Circulars SEBI

SEBI's Master Circular for Custodians consolidates all requirements in one place. Custodians must also comply with additional SEBI requirements.
June 6, 2024 Circulars SEBI

SEBI introduces new rules for Foreign Portfolio Investors (FPIs) to manage their securities after registration expires.
June 6, 2024 Circulars Customs

Panel of Approved Valuers/Assayers appointed for valuing Gold, Silver, Jewelry, and more. Annual performance reports due by April 30.
June 6, 2024 Case Laws GST

Seeking direction to accept appeals filed within time limit. Non-production of hard copy a technical defect. Appeals to be processed.
June 6, 2024 Case Laws Income Tax

Income from Other Sources u/s 56(viib) - Assessing Officer rejects DCF valuation, but CIT(A) deletes addition. No consideration received for shares. DCF method valid.
June 6, 2024 Case Laws Income Tax

Exemption u/s 11 allowed for belated return filed u/s 139(4) - CBDT Circular clarifies - ITAT decision supports assessee
June 6, 2024 Case Laws Customs

CESTAT held demand of duty under Section 28(4) not sustainable for import of inputs used in exempted final products.
June 6, 2024 Case Laws Indian Laws

Appellate court must provide a reason for imposing conditions u/s 148 of the Negotiable Instruments Act. Blanket orders not acceptable.
June 6, 2024 Case Laws GST

Extension of time granted for adjudication of GST Cases - "Force majeure" in legislative context upheld. COVID-19 impact considered. Legislative action not prejudicial.
June 6, 2024 Case Laws GST

Initiation of proceedings u/s 129 of CGST Act - Penalty imposed for minor discrepancy in Delivery Challan quashed. Gold not meant for sale.
June 6, 2024 Case Laws GST

Initiating tax assessment against a dissolved company is a jurisdictional defect. Tax authorities lack jurisdiction to assess a non-existing entity.
June 6, 2024 Case Laws GST

Advance Ruling application questioned on GST applicability for deductions from employees' salaries. AAR Rajasthan to reconsider application for clarity.
June 6, 2024 Case Laws GST

Advance Ruling application on GST deductions from employees' salaries remanded for fresh consideration.
June 6, 2024 Case Laws GST

AAR ruled no GST on amount recovered for canteen facility for permanent employees. Input tax credit allowed for canteen and transportation.
June 6, 2024 Case Laws GST

Classification of Mix Mukhwas - Roasted Til & Ajwain clarified by AAR as CTH 12074090. GST rate set at 2.5% CGST and 2.5% SGST.
June 6, 2024 Case Laws GST

Deduction of nominal amount from employees' salaries for food not a supply under CGST Act. ITC available on canteen services.
June 6, 2024 Case Laws GST

Classification of goods - Milk food for babies and Milk for babies under Momylac - fall under HSN 19011090 for GST at 18%.
June 6, 2024 Case Laws GST

Selling residential units in Saviour Park Phase IV without Completion Certificate is taxable, not exempt from GST.
June 6, 2024 Case Laws Income Tax

Faceless assessment of income escaping assessment - department must issue notices in a faceless manner as mandated u/s 151A. No fundamental right for manual notices.
June 6, 2024 Case Laws Income Tax

ITAT dismissed revenue appeal, holding no tax deduction required for royalty payment on technical documentation prepared in Russia.
June 6, 2024 Case Laws Income Tax

Legal & professional expenses for investment decision held as revenue expenditure. Interest expenses on loan against property allowed for business purposes.

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