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Highlights / Annotations / Catch Notes For June

Home Highlights June

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Showing 401 to 450 of 6336 Records

1 ....5 6 7 8910 11 12 13........ 127

June 17, 2024 Case Laws Income Tax

Assessment order invalid as reply not considered. AO must review objections raised by assessee. Order quashed, remanded for fresh assessment.
June 17, 2024 Case Laws Income Tax

Assessee entitled to deduction u/s. 80IA(4) as developer, not contractor. ITAT decision upheld.
June 17, 2024 Case Laws Income Tax

Petitioners filed tax returns without paying tax, but paid in full when notified. No intent to evade tax found. Offence Proceedings quashed.
June 17, 2024 Case Laws Income Tax

Cash deposits in bank accounts considered business income. Peak cash deposit amount only taxed.
June 17, 2024 Case Laws Income Tax

Assessee bought agricultural land, not subject to capital gains tax. Addition u/s 56(2)(x) deleted. Appeal allowed.
June 17, 2024 Case Laws Income Tax

ITAT ruled in favor of assessee on various issues: 1. Valuation of closing stock 2. Disallowance u/s 14A for shares 3. Interest on unpaid purchase price 4. Insurance expenses.
June 17, 2024 Case Laws Income Tax

Exemption u/s 11: ITAT ruled in favor of assessee on salary & rent payments. Excessive payments not found.
June 17, 2024 Case Laws Income Tax

Assessee filed appeal physically before due date. Difficulty in e-filing acknowledged by CBDT. Appeal should be admitted and decided on merits.
June 17, 2024 Case Laws Income Tax

Unpaid interest on loan from World Bank not disallowed u/s 43B. Interest to World Bank covers provision. Electricity duty not trading receipt.
June 17, 2024 Case Laws Service Tax

CESTAT ruled in favor of no service tax on air and ocean freight charges pre & post 01.07.2012. Appeal allowed!
June 17, 2024 Case Laws Central Excise

CESTAT ruled Cheeslings classified under Tariff Item 21069099. Benefit of exemption confirmed. Appeal allowed.
June 17, 2024 Case Laws VAT and Sales Tax

Tax arrears settled under Amnesty Scheme 2020 for assessment years 1998-2005 & 2015-16. Appellant benefits from favorable provisions.
June 17, 2024 Case Laws Indian Laws

Petitioner paid compensation for bounced cheque. Court allows compounding of offence u/s 147. Judgments quashed, accused acquitted.
June 17, 2024 Case Laws Indian Laws

Court held that if trial court's view is just & reasonable, High Court cannot interfere with acquittal. Presumption u/s 139 must be rebutted.
June 17, 2024 Case Laws Indian Laws

In a cheque dishonour case, accused acquitted u/s 138 NI Act. Accused rebutted statutory presumptions. Appeal dismissed.
June 17, 2024 Case Laws Income Tax

Capital Gain calculation: Amendment to Section 50C applies retrospectively. Stamp duty value on agreement date considered for computation.
June 17, 2024 Case Laws Income Tax

The tribunal upheld the validity of the National Faceless Assessment Centre's notice. Tax rate for domestic companies clarified. Data processing fees not taxable. Interest payments to overseas branches not taxable.
June 17, 2024 Case Laws Customs

The court ruled that separate FIRs for different years, amounts, and accused are valid. No fresh investigation for same offense.
June 17, 2024 Case Laws Customs

Operating a duty-free shop without the right license led to legal issues. The appeal was successful, restoring the original license.
June 17, 2024 Case Laws FEMA

Appellate Tribunal found Appellant Company guilty of violating FERA 1973 by making payments without RBI permission. Penalties upheld.
June 15, 2024 Circulars SEZ

Got questions about the new SEZ Rule 11B (DoC Notification 6.12.2023)? The Dept. of Commerce has reviewed all queries and provided responses. Details in Annexure.
June 15, 2024 Circulars SEBI

New rules for selling shares to employees through stock exchange: Employees now bid at previous day's price. Effective in 30 days.
June 15, 2024 Circulars DGFT

16 agencies are now recognized as PSIAs u/s 2.52(c) of HBP, 2023. 2 existing PSIAs get new instruments. 24 PSIAs have revised areas of operation.
June 15, 2024 Notifications Customs

New Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver effective June 15, 2024. Check out the changes!
June 15, 2024 Notifications Customs

Notification: Amending Customs ports for specific purposes in Kerala. Effective June 12, 2024. Check it out!
June 15, 2024 Notifications Central Excise

Notification reducing Special Additional Excise Duty on Petroleum Crude production effective June 15, 2024.
June 15, 2024 Notifications Customs

Anti-dumping duty imposed on 'Poly Vinyl Chloride Paste Resin' from China, Korea, Malaysia, Norway, Taiwan, Thailand for 6 months.
June 15, 2024 Notifications Money Laundering

Notification: Reporting entities can now verify identity using Aadhaar for Money-laundering Act compliance. Consulted with UIDAI and RBI.
June 15, 2024 Notifications Income Tax

Notification: Kerala Co-op Deposit Guarantee Fund Board exempt u/s 10(46) for specific income. Conditions apply.
June 15, 2024 Case Laws GST

Penalty imposed for wrongly availing Input Tax Credit but not utilized is unsustainable. Unjustified penalty waived, token penalty of Rs. 10,000 imposed.
June 15, 2024 Case Laws GST

Challenge to denial of input tax credit rejected. Appellant must prove movement of goods to establish genuineness. Opportunity granted for verification.
June 15, 2024 Case Laws GST

Violation of privacy & human rights - guidelines for issuing summons clarified. Proceeding closed with direction to follow guidelines
June 15, 2024 Case Laws GST

Customs must refund IGST for goods exported. Failure to process claim is unjust. Respondents must act promptly. Petition granted.
June 15, 2024 Case Laws Income Tax

Petitioner's challenge to re-assessment dismissed for not following proper procedures. No grounds for interference found.
June 15, 2024 Case Laws Income Tax

Urban Cooperative Bank accepted cash in Specified Bank Notes, not covered by RBI Circular. Cash not unexplained income. Grounds allowed.
June 15, 2024 Case Laws Income Tax

Land sold not subject to Long-Term Capital Gains tax due to municipal limits expansion. Assessee's appeal allowed.
June 15, 2024 Case Laws Income Tax

PCIT found AO's assessment u/s 143(3) r.w.s. 153C erroneous. PCIT directipn for fresh assessment sustained.
June 15, 2024 Case Laws Income Tax

ITAT ruled in favor of the assessee in a case involving unexplained investment. Commissioner's actions under section 263 deemed unjustified.
June 15, 2024 Case Laws Income Tax

ITAT ruled that adding premium on shares to holding company not taxable under sec 56(2)(viib). Fair valuation upheld.
June 15, 2024 Case Laws Income Tax

Revision u/s 263: Tribunal rules in favor of assessee, expenses to subcontractors genuine. AO inquiry thorough. TDS details provided.
June 15, 2024 Case Laws Income Tax

ITAT ruled on TP adjustments for software services to AE. L&T Infotech & Persistent Systems Ltd upheld as comparables. Interest on receivables clarified. Employee PF contribution disallowed.
June 15, 2024 Case Laws Income Tax

Transfer of booking rights in 2009-10, not 2008-09. Capital gain deletion directed. Assessee's grounds allowed.
June 15, 2024 Case Laws Income Tax

TCS amount collected is not an expense for the seller. Buyer's income tax held by seller not hit by Section 43B.
June 15, 2024 Case Laws Income Tax

Penalty imposed on estimated income from bogus purchases overturned by ITAT. Assessee not at fault for incomplete details.
June 15, 2024 Case Laws Income Tax

Annuity payment to LIC not exempt u/s 10(10CC) - employer didn't pay, employees did. AO didn't verify, PCIT order upheld.
June 15, 2024 Case Laws Income Tax

Assessee argued AO didn't give proper hearing for order u/s 143(1)(a). AO's authority u/s 143(1)(a) is limited.
June 15, 2024 Case Laws Customs

Tribunal upheld part of enquiry report in customs broker's case. Court clarified timeline as directory.
June 15, 2024 Case Laws Customs

Penalty imposed on Appellant under Customs Act - lack of natural justice - upheld by CESTAT - no interference warranted - Appeal dismissed.
June 15, 2024 Case Laws Customs

Applicant accused of bribery for seeking release of goods by illegal means. Prima facie evidence supports proceeding against petitioners.
June 15, 2024 Case Laws Customs

Pre-arrest bail denied in customs fraud case. Strong evidence against applicant as key conspirator. Bail could hinder investigation.

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