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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 1 to 50 of 998 Records

12 3 4 5........ 20

July 31, 2024 Case Laws Service Tax HC

Sec 125(1) disqualifies if duty not quantified by 30.06.2019 & enquiry/investigation held. Firm's rep statement recorded on 06.07.2007 is "enquiry". But duty quantified as per HC order, so rejection quashed.
July 31, 2024 Circulars GST - States

Transfer of ESOP/ESPP/RSU by foreign holding co. to employees of domestic subsidiary co. sans fee/markup is GST-exempt.
July 31, 2024 Circulars DGFT

Public notice extends deadline for modifying wastage & SIONs for precious metals exports till 31.08.2024. Interim restores previous norms.
July 31, 2024 Notifications SEBI

Securities contracts rules revised: Exchanges to disclose shareholding quarterly. Core fund omitted. Schedules trimmed. Investment policy updated.
July 31, 2024 Notifications DGFT

Govt allows 1,000 MT Non-Basmati White Rice export to Namibia through NCEL under FTP 2023.
July 31, 2024 Case Laws GST HC

Petitioner's reply to GST notice not considered, violating natural justice. Court orders fresh consideration of petitioner's own case.
July 31, 2024 Case Laws GST HC

Transit goods seizure requires Sec 129 CGST Act action first. Sec 130 confiscation invalid without it. DIN omission & lack of relied material violates natural justice.
July 31, 2024 Case Laws GST HC

Impugned order passed sans considering petitioner's reply & denying personal hearing despite request, violating natural justice principles.
July 31, 2024 Case Laws GST HC

Tax demand order set aside for lack of hearing. Remanded on condition of remitting 10% tax & replying to show cause.
July 31, 2024 Case Laws GST HC

Bail granted due to lack of evidence. Custody serves no purpose. Pending cases not a ground to reject bail.
July 31, 2024 Case Laws GST AAR

E-commerce operator liable for GST on app-based passenger transport services, even if payment goes directly to drivers.
July 31, 2024 Case Laws GST AAR

'Pushti' (powdered cereal, pulse & sugar mix) not covered under 'meal/powder of dried legumes' or 'flour of dried legumes' entries. Exemption for services inapplicable.
July 31, 2024 Case Laws Income Tax HC

AO can make best judgement assessment if no return filed. Petitioner didn't pursue case. AO's action valid, favoring revenue.
July 31, 2024 Case Laws Income Tax HC

Assessee's registration cancellation set aside; Board's rural development activities qualified as charitable purpose u/s 2(15).
July 31, 2024 Case Laws Income Tax HC

Mere profit on sale can't treat transaction as business. Disposal of investment property is capital gain, not income.
July 31, 2024 Case Laws Income Tax HC

Stay of demand beyond 365 days allowed if delay not assessee's fault. Proviso limiting extension struck down. Apex court, Bombay HC upheld.
July 31, 2024 Case Laws Income Tax HC

Reopening validity: FAO jurisdiction, not JAO's. covers . JAO notice quashed, time-barred.
July 31, 2024 Case Laws Income Tax HC

Interim order allows Rs. 97cr royalty repatriation after TDS, citing deposits, no demand & delayed assessment. Expedite assessment by 31.12.2024.
July 31, 2024 Case Laws Income Tax HC

High Court affirmed 6% disallowance of bogus purchases by Income Tax Tribunal based on facts & evidence. No interference warranted.
July 31, 2024 Case Laws Income Tax AT

Interest on ICDs & FDs rightly treated as business income for leasing & financing firm despite no NBFC registration. Rule of consistency upheld.
July 31, 2024 Case Laws Income Tax AT

Immovable property purchase: If consideration < stamp duty value by >Rs.50k/10%, addition u/s 56(2)(x) to buyer. 10% tolerance allowed.
July 31, 2024 Case Laws Income Tax AT

ALV of unsold housing stock added as income. High Court & SC upheld. CIT(A) deletions unsustainable. Vacant land taxability restored.
July 31, 2024 Case Laws Income Tax AT

Commission paid to director is allowable business expense. Substantial evidence of services & benefits provided. Weighted deduction claim u/s 35(2AB) allowed in full.
July 31, 2024 Case Laws Income Tax AT

TDS not applicable on payments by Indian residents to non-resident software suppliers for standard software licenses.
July 31, 2024 Case Laws Income Tax AT

Inadequate scrutiny of loans, funds transfers, interest income & share sale profits led to erroneous assessment favoring assessee.
July 31, 2024 Case Laws Income Tax AT

Overseas sales commission not "Fees for Technical Services" under Income Tax Act. Indigenous tech firm supplying patented products globally.
July 31, 2024 Case Laws Income Tax AT

Trust's income tax liability determined by last will, not max rate. AO & CIT(A) erred in applying Sec 164(1). Sec 160(iv) applies.
July 31, 2024 Case Laws Income Tax AT

Penalty u/s 271(1)(c) invalid for TP adjustment. AO relied on TPO without examining penalty imposition. Assessee computed ALP diligently.
July 31, 2024 Case Laws Income Tax AT

Appeal delay condoned. Rectification petition pending disposal justified delay. Appellant pursued alternate remedy bonafidely.
July 31, 2024 Case Laws Customs HC

Impugned public notices subject to private contracts between shipping lines & exporters/importers. Petition disposed.
July 31, 2024 Case Laws Customs AT

Customs classification dispute resolved. No wilful suppression found. Correct classification accepted after examination. Differential duty paid.
July 31, 2024 Case Laws Customs AT

Broker license revocation invalid; no subletting/overvaluation proved. Penalty/deposit forfeiture set aside due to lack of evidence.
July 31, 2024 Case Laws Companies Law HC

Dissolution of company ordered u/s 481. Liquidation proceedings terminated. Official Liquidator discharged. Company dissolved.
July 31, 2024 Case Laws Companies Law HC

Winding up company, land rights dispute. Court determined shares in lands, valuation-based compensation approach. Revised scheme verification ordered. Disbursements to resume.
July 31, 2024 Case Laws Companies Law HC

Court can't set aside arbitral award for mere errors; must shock judicial conscience. 2015 amendment expanded public policy violation.
July 31, 2024 Case Laws Companies Law HC

Respondents 1&2 ordered to act against Respondent 3 & sister firms for record manipulation & fund siphoning under Companies Act.
July 31, 2024 Case Laws FEMA HC

Secured creditors under SARFAESI Act take priority over FEMA dues. Secured creditor's claim prevails, FEMA dues payable to govt covered.
July 31, 2024 Case Laws Service Tax AT

Call Option Fee not liable for service tax, being derivative under SCRA, not service as per Finance Act. SC discussed it in Vodafone case.
July 31, 2024 Case Laws Service Tax AT

Tribunal rules surcharge not insurance premium. No policy issued. Not licensed insurer. Surcharge pre-1.7.2012 not premium. Stage carriage exempted from service tax.
July 31, 2024 Case Laws Service Tax AT

No service tax liability for unapproved long courses until 2011. Exemption reinstated from 1.7.2012. No suppression or malafide intent.
July 31, 2024 Case Laws Central Excise AT

Subsidy received under Rajasthan Investment Promotion Scheme 2010 not included in assessable value of goods cleared in 2016-17.
July 31, 2024 Case Laws Indian Laws SC

Appellant bank's SARFAESI proceedings upheld; can issue Sec 13(4) notice to guarantor for recoverable loan amounts.
July 31, 2024 Case Laws Indian Laws HC

Real estate promoters must deposit interest amount per MahaRERA Order as pre-condition for appeal entertainment, subject to COVID-19 period deduction.
July 30, 2024 Notes Bill

Sec 194M: TDS rate reduced from 5% to 2% for payments to residents for contracts, commissions, etc. Effective Oct 1, 2024.
July 30, 2024 Notes Bill

Tax deduction on e-commerce sales reduced from 1% to 0.1% from Oct 1, 2024. Parity with offline transactions.
July 30, 2024 Notes Bill

Mutual funds/UTI unit repurchase TDS of 20% abolished from Oct 1, 2024, simplifying capital gains taxation.
July 30, 2024 Notes Bill

Amendment expands tax deduction scope for salaried employees, allowing credit for TCS/TDS paid under certain chapters, easing compliance.
July 30, 2024 Notes Bill

Govt proposes interest rate hike from 1% to 1.5% per month on late TCS payment to align with TDS provisions from Apr 1, 2025.
July 30, 2024 Notes Bill

Remuneration limit for working partners raised: 1st Rs. 6L book profit/loss - Rs. 3L or 90%, whichever higher; balance - 60%.
July 30, 2024 Notes Bill

New tax provision allows parents to claim TCS credit on funds remitted to minors under RBI scheme, effective Jan 1, 2025.

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