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Highlights / Annotations / Catch Notes For June

Home Highlights June

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Showing 501 to 550 of 6336 Records

1 ....7 8 9 101112 13 14 15........ 127

June 13, 2024 Case Laws Income Tax

Bogus LTCG issue: Share transactions on regulated stock exchange platform deemed genuine. No evidence of wrongdoing. Addition u/s 68 deleted.
June 13, 2024 Case Laws Income Tax

Interest expenses disallowed u/s 40A(2) for unrelated parties. Rate of 11% not justified. Disallowance deleted. Loans genuine, addition u/s 68 rejected.
June 13, 2024 Case Laws Income Tax

Claim for deduction u/s 54 allowed as possession date considered purchase date.
June 13, 2024 Case Laws Income Tax

Appeal dismissed for filing in the name of deceased without legal heir mention. AO must refile with proper info.
June 13, 2024 Case Laws Income Tax

Application for registration u/s 80G(5) rejected due to technical glitch. Assessee to be given fair opportunity.
June 13, 2024 Case Laws Income Tax

Penalty for not filing tax return on time was cancelled as no tax was evaded. Assessee's appeal allowed.
June 13, 2024 Case Laws Income Tax

When TDS certificates had different TANs, confusion arose. Assessee complied with rules, so no default found. Appeal allowed.
June 13, 2024 Case Laws Income Tax

Application for registration u/s 12A/12AB rejected due to clerical error in e-filing. Tribunal allows correction.
June 13, 2024 Case Laws Income Tax

Reopening of tax assessment based on book profits under s. 115JB not valid. Tax liability on book profits exceeds total income.
June 13, 2024 Case Laws Income Tax

Revision was sought u/s 263 for lack of inquiry by AO on deduction u/s 32AC. Matter set aside for fresh review. Plant/machinery acquisition clarified. No merit found in appeal.
June 13, 2024 Case Laws Income Tax

Interest expenditure must be connected to interest income for deduction. Lack of evidence on TDS & payment disallows claim.
June 13, 2024 Case Laws Income Tax

Land sale & property purchase not same! Possession not equal to ownership. No deed, no deduction. Conditions not met, appeal dismissed.
June 13, 2024 Case Laws Income Tax

Notice issued on wrong address violates natural justice principles. Appellant entitled to fair hearing.
June 13, 2024 Case Laws Income Tax

After withdrawal of application u/s 80G, assessee couldn't reapply due to portal issue. Tribunal allows fresh application.
June 13, 2024 Case Laws Income Tax

Assessee received Rs. 37,12,500 dividend, distributed Rs. 30 Lakh to shareholders. Allowed deduction u/s 80M.
June 13, 2024 Case Laws Income Tax

Brand Ambassador Expenses not capital but revenue nature, deductible u/s 37. Advertisement expenses for sales promotion allowed. Warranty provision deductible u/s 37.
June 13, 2024 Case Laws Income Tax

Validity of proceedings u/s 153C questioned - AO didn't find incriminating evidence. Revenue to initiate proceedings u/s 148. Assessee's appeal allowed.
June 13, 2024 Case Laws Income Tax

Unexplained investment in factory construction added based on private valuer's report quashed. AO can refer to valuer during search/survey.
June 13, 2024 Case Laws Customs

Imported roasted areca nuts deemed fit for human consumption as per FSSAI reports. High Court orders release of consignments.
June 13, 2024 Case Laws Customs

TED: Court rules in favor of petitioner for refund of excise duty on deemed exports. Deemed exports entitled to same benefits as physical exports.
June 13, 2024 Case Laws FEMA

Petitioner's compounding application under FEMA rejected due to ongoing money laundering investigations. Compounding authority can't proceed.
June 13, 2024 Case Laws Service Tax

CESTAT ruled refund of service tax not allowed without challenging self-assessment. Refund based on assessment made.
June 13, 2024 Case Laws Service Tax

CESTAT ruled charges collected by appellant as pure agents not liable for service tax. No evidence against reimbursable expenses.
June 13, 2024 Case Laws Central Excise

High Court ruled in favor of refunding rebate amount with interest. Cash refund required, not credit. Payment due within 4 weeks.
June 13, 2024 Case Laws Central Excise

Filing appeal delayed by 891 days - no sufficient cause shown to condone delay. Bona fide motive crucial. Rules of limitation preserve rights.
June 13, 2024 Case Laws VAT and Sales Tax

Slump sale not taxable under MVAT Act. Reviewing authority exceeded jurisdiction. Impugned order illegal.
June 13, 2024 Case Laws Indian Laws

Co-op banks & MPID Act: Fraud in loan distribution. Co-op banks not excluded from MPID Act. RBI supervision not enough. Different laws, different purposes.
June 13, 2024 Case Laws Indian Laws

Court rules bidder with lower bid wins tender. GST not included in bids. Judicial review limited. Petition dismissed.
June 12, 2024 Circulars DGFT

RCMC for Medical Devices now issued by EEPC INDIA & other EPCs u/s recent decision. Customs to accept till further notice.
June 12, 2024 Circulars FEMA

Banks can open extra accounts for trade transactions in Indian Rupees. More flexibility for exports and imports.
June 12, 2024 Circulars FEMA

Exim Bank of India provides $23.37 mn LoC to Guyana for aircraft procurement. 75% of goods from India. No agency commission.
June 12, 2024 Case Laws GST

Petitioner challenged assessment orders, citing breach of natural justice. Court found discrepancies addressed, quashed order, directed fresh assessment.
June 12, 2024 Case Laws GST

Challenge to Show Cause Notice in GST DRC-01 dated 25.09.2023 upheld. No restriction on officer issuing SCN or adjudicating. Petition disposed.
June 12, 2024 Case Laws GST

Demand of tax on cotton purchase from agriculturist under GST Act confirmed. Penalty sustained. Argument of revenue neutrality rejected.
June 12, 2024 Case Laws GST

Petitioner's challenge to GST assessment rejected due to missing documents. Order quashed for re-consideration.
June 12, 2024 Case Laws GST

Seizing goods before election, dispute on release method. Court says: Bond & Bank Guarantee needed. Complainant must comply.
June 12, 2024 Case Laws GST

High Court ruled no GST on royalty until Nine Judge Constitution Bench decides. Petitioner has 4 weeks to reply.
June 12, 2024 Case Laws GST

GTA: Goods Transport Agency can claim Input Tax Credit based on supplier's invoices.
June 12, 2024 Case Laws Income Tax

Problems with faceless assessment process - AO didn't mention summons in show cause notice. Court quashes order, sends back for reevaluation.
June 12, 2024 Case Laws Money Laundering

Applicant granted bail in money laundering case. Lack of evidence linking to crime. Court considers context, grants bail.
June 12, 2024 Case Laws Money Laundering

Proceeds of crime shifted to different property, leading to double attachment. Violation of FSI not relevant. Attachment quashed.
June 12, 2024 Case Laws GST

Petition dismissed for not using statutory remedy. File appeal within 3 weeks. Court won't review case now.
June 12, 2024 Case Laws GST

High Court ruled no GST recovery on royalty until Nine Judge Constitution Bench decision. Petitioner can reply within 4 weeks.
June 12, 2024 Case Laws Income Tax

ITAT ruled in favor of the tax authority on TP Adjustment for foreign exchange gains and engineering services. Assessee's appeal dismissed.
June 12, 2024 Case Laws Income Tax

Valuation of preference shares for tax purposes clarified by tribunal. Assessee's valuation method upheld. Revenue appeal dismissed.
June 12, 2024 Case Laws Income Tax

ITAT ruled in favor of taxpayer on TP Adjustment issue. RPM deemed most appropriate method for solar goods purchase.
June 12, 2024 Case Laws Income Tax

ITAT allowed deduction u/s 10A for enhanced business profit. Consistency key in tax assessments.
June 12, 2024 Case Laws Income Tax

Exemption claim denied due to clerical error in tax return. Tribunal orders fresh review. Assessee to be heard before decision.
June 12, 2024 Case Laws Income Tax

Promoters bought land for company before it existed. Stamp duty paid as per promise. Addition u/s 56(2)(x)(B) deleted.
June 12, 2024 Case Laws Income Tax

ITAT ruled in favor of assessee on disallowance of ATS fees & 14A disallowance. Bank guarantee commission & ESOP cost allowed. TP adjustment clarified.

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