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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 101 to 150 of 998 Records

1 234 5 6 7........ 20

July 29, 2024 Case Laws GST HC

Petitioner's challenge to GST demand on unbilled revenue upheld. Adjudicating Authority's rejection without reasons violated natural justice. Order set aside, matter remanded for fresh consideration.
July 29, 2024 Case Laws GST HC

Bank account provisionally attached for wrongful ITC claim due to fake supplies. Commissioner's action justified to protect revenue.
July 29, 2024 Case Laws GST HC

Petitioner denied access to relied upon docs, alleged nat justice violation. Held: Ample hearing opp, avail remedy u/s 107.
July 29, 2024 Case Laws GST HC

Order passed sans reasons based on audit report; violates natural justice. Lacks analysis on GST returns vs bank entries mismatch. Contentious issues unaddressed. Remanded.
July 29, 2024 Case Laws GST HC

GST cancellation notice lacked details, violating natural justice. Reasoning absent in order. Show cause notice must state allegations clearly. :
July 29, 2024 Case Laws Income Tax SC

Delay in TDS deposit (31-214 days) due to COVID-19 held reasonable cause. Sanction order mechanically passed, vitiated.
July 29, 2024 Case Laws Income Tax HC

Structured courses, fees & CSR funds for skilling students qualified as educational despite virtual mode. Formal education doesn't mandate affiliation.
July 29, 2024 Case Laws Income Tax HC

Faceless assessment notice by jurisdictional officer invalid. Bombay HC quashes reassessment order & penalties, upholds Hexaware & Vikram Developers.
July 29, 2024 Case Laws GST HC

Cancelled supplier invoices - ITC denied without specifying required docs. Appellate order verbatim copy, non-application of mind. Remanded to reconsider goods movement & indicate docs needed.
July 29, 2024 Case Laws Income Tax AT

Assessee deducted TDS on share purchase from non-residents, but AO recharacterized it unlawfully. Court upheld assessee's stance.
July 29, 2024 Case Laws Income Tax AT

CIT(A) to conduct preliminary inquiry into assessee's claim of additional evidence before admitting appeal u/s 249(4)(b) proviso for advance tax deposit exemption.
July 29, 2024 Case Laws Income Tax AT

Excise duty inclusion in turnover u/s 145A differs from rate determination based on turnover. Debatable issue can't be resolved via 143(1) intimation.
July 29, 2024 Case Laws Income Tax AT

Transfer pricing adjustment for corporate guarantee commission at 0.50%. Interest on receivables beyond 60-240 days for non-AEs allowed for AEs. LIBOR+200 interest rate on forex receivables/advances accepted.
July 29, 2024 Case Laws Income Tax AT

Reopening assessment on alleged benefit from share purchase unjustified. All facts furnished earlier. Invoking Sec 28(iv) incorrect as shares held as investment, not trading. Mere change of opinion impermissible.
July 29, 2024 Case Laws Income Tax AT

Assessee's appeal allowed on interest disallowance u/s 14A. ESOP expenses allowed as business expenditure u/s 37, following Biocon case.
July 29, 2024 Case Laws Income Tax AT

Loss due to employee theft allowed. Bogus purchases: Only profit added, not entire amount. Partial relief granted.
July 29, 2024 Case Laws Income Tax AT

Validity of assessment order sans DIN upheld. No presumption of mechanical approval. Arguments on satisfaction note rejected. Unaccounted money addition invalid. Reliance on statement sans cross-examination violates principles.
July 29, 2024 Case Laws Customs HC

Iron ore exporter's provisional assessment of Rs. 30+ crores quashed. Matter remanded for fresh decision based on test reports.
July 29, 2024 Case Laws Customs AT

Declared F.O.B. value rejected, penalty imposed u/ss 114(iii), 114AA upheld. Market enquiry conducted, appellant accepted re-calculated value. /s113
July 29, 2024 Case Laws Customs AT

Appellate Tribunal accepts exporter's explanation on goods-invoice mismatch. No willful mis-declaration found. Redemption fine & penalty quashed. Confiscation order set aside.
July 29, 2024 Case Laws Companies Law HC

Property transfer pre-winding up valid commercial transaction. No mala fide intent. Subject property can't vest with liquidated firm.
July 29, 2024 Case Laws Insolvency and Bankruptcy HC

Resolution plan extinguished all claims, including statutory dues. Creditor's inaction signifies acceptance. IBC prioritizes revival, binding stakeholders.
July 29, 2024 Case Laws FEMA HC

Adjudicating authority must explain alleged contraventions & reasons for opinion. Rules 4(3) & 4(4) ensure fair opportunity, not violating natural justice. Procedures must be followed.
July 29, 2024 Case Laws Service Tax AT

Exemption upheld despite delayed EXP-3 & invoices non-submission. Equity condition inapplicable. Timely EXP-4 with export evidence suffices. Technical lapses condoned.
July 29, 2024 Case Laws Service Tax AT

Service tax refund admissible for SEZ units as per SEZ Act, overriding Finance Act notification conditions. Non-compliance irrelevant.
July 29, 2024 Case Laws Central Excise HC

Classification dispute: Agro Shed Net - 'fabric' or plastic? Petitioner aggrieved over ignoring HC decision. Reply to show-cause notice permitted.
July 29, 2024 Case Laws Central Excise AT

Duty demand of Rs.15,19,610/- upheld. Clandestine removals denied notification benefit. Duty payable on waste/scrap. Partial relief granted.
July 29, 2024 Case Laws Central Excise AT

Discounts to dealers not trade discounts if end-user doesn't receive them. No suppression/mis-declaration, larger limitation period can't apply. Demand barred by limitation. :
July 29, 2024 Case Laws Central Excise AT

Surgical glove inner wrap classified as packing paper, not 'wallet' under 4817. Reasonable grounds, no suppression. Demand limited, penalty set aside.
July 29, 2024 Case Laws Indian Laws HC

Home buyer allowed to approach multiple forums after losing savings to defective houses built by state body. Refund + 12% interest & Rs. 5L compensation ordered.
July 28, 2024 Notes Bill

Disallowing deduction for settlement amounts paid for contraventions as business expenses to widen tax base & promote anti-avoidance.
July 28, 2024 Notes Bill

Budget: The amendment plugs a gap in computing cost of acquisition for equity shares transferred via OFS in IPOs. For unlisted shares on 31/1/18, the cost is calculated by applying Cost Inflation Index for FY 2017-18 to acquisition cost.
July 28, 2024 Notes Bill

Budget: Introducing Direct Tax Vivad se Vishwas Scheme 2024 for settling tax disputes, reducing litigation cost-effectively.
July 28, 2024 Notes Bill

2% equalisation levy on e-commerce operators' consideration ends 1/8/2024. E-commerce income from 1/4/2020-31/7/2024 tax-exempt.
July 28, 2024 Notes Bill

Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :
July 28, 2024 Notes Bill

Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.
July 28, 2024 Notes Bill

Budget: Amendments set 6-year time limit for tax default orders, 2 years from correction statement, for resident & non-resident payees u/s 201 & 206C. Effective Apr 1, 2025.
July 28, 2024 Notes Bill

Budget: Income Tax Act amended to process statements like Form 26QF from entities other than deductors. Scheme to be formulated by Board.
July 28, 2024 Notes Bill

Budget: Proposed amendments to sections 197, 194Q, 206C(9), and 206C(1H) aim to ease business & reduce compliance burden for large transactions. :
July 28, 2024 Notes Bill

Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '24.
July 28, 2024 Notes Bill

Budget: TDS/TCS correction statements restricted after 6 years from original filing year. Aimed at certainty & curbing misuse. Effective Apr 1, 2025.
July 28, 2024 Notes Bill

Budget: No penalty if TDS/TCS paid with fees & interest within 1 month of due date, not 1 year. Better compliance from 1/4/2025.
July 28, 2024 Notes Bill

Budget: Non-resident liaison offices in India must file annual statements or face penalties up to Rs. 1 lakh after 3 months. Effective 01/04/2025.
July 28, 2024 Notes Bill

Budget: TPO can determine arm's length price for unreported domestic transactions. Sections 92CA amended to enable this from AY 2025-26.
July 28, 2024 Notes Bill

Budget: Quoting Aadhaar Enrolment ID for PAN/ITR discontinued from Oct 1, 2024. Provide Aadhaar number to avoid PAN duplication/misuse.
July 28, 2024 Notes Bill

Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.
July 28, 2024 Notes Bill

Budget: If taxpayer unresponsive, Commissioner can set aside assessment order for fresh assessment. Time limit for disposal of such cases amended.
July 28, 2024 Notes Bill

Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allowed.
July 28, 2024 Notes Bill

Budget: Tax clearance certificate now mandatory for outstanding liabilities under Black Money Act before leaving India.
July 28, 2024 Notes Bill

Budget: Streamlining tax assessment timelines: new limits for assessment orders, reassessments & recomputation.

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