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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 451 to 500 of 998 Records

1 ....6 7 8 91011 12 13 14........ 20

July 18, 2024 Case Laws GST AAR

Eligible for ITC on capital goods like wires/cables for electricity transmission from power station to factory premises, not fixed to earth.
July 18, 2024 Case Laws GST AAR

Nominal deduction from salaries for factory canteen facility is not 'supply' u/s 7 of CGST Act. ITC available on GST charged by Canteen Service Provider.
July 18, 2024 Case Laws GST AAR

Turnkey contract = composite supply, GST payable on advances. Not divisible despite two parts. Notification 66/2017-CT inapplicable.
July 18, 2024 Case Laws GST AAR

Transporting coal within mining area via rented vehicles with operators falls under SAC 9966, not goods transportation exemption. GST reduced from 18% to 12% from 18.07.2022.
July 18, 2024 Case Laws GST AAR

Deposit work & supervision charges not exempt under GST for transmission/distribution of electricity. Ancillary to principal supply.
July 18, 2024 Case Laws Income Tax HC

Assessee's failure to file return led to proceedings u/s 148. Assessment order set aside on condition of paying costs. Petitioner to reply to show cause, respondents to provide portal access.
July 18, 2024 Case Laws Income Tax HC

Absence of incriminating search material prevents deemed dividend addition u/s 2(22)(e) & 153A. Court upholds taxpayer's stance.
July 18, 2024 Case Laws Income Tax HC

Software payments not taxable as royalty in India if no PE.
July 18, 2024 Case Laws Income Tax HC

Order upheld: 20% pre-deposit in 18 installments due to financial constraints. Appeal for AY 2022-23 to be disposed within 4 months.
July 18, 2024 Case Laws Income Tax AT

AO rightly deleted irrelevant portions from show cause notice, mentioning only charge of furnishing inaccurate income particulars.
July 18, 2024 Case Laws Income Tax AT

Non-compete fees paid are revenue expenditure, deductible u/s 28(va). Expenditure related to profit-earning is revenue in nature.
July 18, 2024 Case Laws Income Tax AT

Exemption u/s 11: Tribunal remits reassessment case to AO for hearing after wrong ITR filing; allows appeal statistically.
July 18, 2024 Case Laws Income Tax AT

Trust denied registration by CIT(E) on caste grounds, but ITAT allowed pre-existing trust citing pre-1961 status.
July 18, 2024 Case Laws Income Tax AT

Reopening assessment invalid due to no non-disclosure by assessee. Purchases from GST non-filers already examined & accepted earlier.
July 18, 2024 Case Laws Income Tax AT

DRP's stance on forex gains/losses inconsistent. Comparables' inclusion/exclusion remitted. Infosys BPO, BNR Udyog excluded. Informed Tech, Ace BPO included. TDS disallowance restored to AO.
July 18, 2024 Case Laws Income Tax AT

Cash payments to state govt co. for rent & electricity allowed as legal tender exception; pervasive state control test applied.
July 18, 2024 Case Laws Income Tax AT

Deduction for written off "Unclaimed VAT" allowed. Excess PF contribution to contractual laborers allowed as per EPF Act. Payment for business purposes.
July 18, 2024 Case Laws Income Tax AT

Salaried employee deputed abroad, income taxed in work country as per DTAA. AO to verify foreign taxes paid.
July 18, 2024 Case Laws Customs HC

Tribunal's selective reliance on statements led to inconsistent order; must re-evaluate all facts for reasoned conclusion. Agency's penalty upheld; remanded for fresh adjudication.
July 18, 2024 Case Laws Customs HC

Refusal of MESI benefits violated equality. Conversion of Shipping Bills allowed. Digital errors rectifiable in Welfare State. No limitation period for delay condonation.
July 18, 2024 Case Laws Customs AT

Denial of cross-exam opportunity to customs broker in license revocation case involving undervaluation, misdeclaration & concealment charges. Inquiry officer delayed report.
July 18, 2024 Case Laws Customs AT

Imported goods valuation: Aluminium & zinc scrap undervaluation rejected. Contract price prevails over LME rates if no evidence of undervaluation.
July 18, 2024 Case Laws Customs AT

Tribunal quashed gold seizure & penalty due to lack of evidence of foreign origin/smuggling. Onus on officer to establish reasonable belief.
July 18, 2024 Case Laws Customs AT

Cost recovery charges under Cargo Handling Regulations unsustainable due to lack of statutory mechanism & prescribed rates/manner.
July 18, 2024 Case Laws Customs AT

Cut & polished diamonds, gold jewellery exports valid. No circular trading, license misuse found. Revenue's allegations dismissed.
July 18, 2024 Case Laws SEBI SC

Liquidate assets via auctions, refund investors, disburse sale proceeds to genuine investors. Honorarium fixed for HPSC. State/police cooperation directed. Interim bail granted.
July 18, 2024 Case Laws Insolvency and Bankruptcy AT

EMD forfeiture upheld for non-payment after e-auction; bidder breached terms despite reminders. Sale certificate subject to tribunal orders.
July 18, 2024 Case Laws Insolvency and Bankruptcy AT

NCLAT affirmed admission of insolvency case against corporate guarantor despite asset insufficiency claims. Debt & default evident, asset value irrelevant for admission.
July 18, 2024 Case Laws Central Excise AT

Petroleum jelly for skin care = cosmetics under 3304, not 2712. Chapter 27 covers pure petroleum jelly w/o additives.
July 17, 2024 Notifications Companies Law

Central Govt bans use of "Nidhi Limited" in company names unless declared as Nidhi under Cos Act. Nidhi Rules amended.
July 17, 2024 Notifications SEBI

REITs allowed employee benefit schemes via trust. Unitholder nod needed to introduce, exceed limits. Disclosure norms for explanatory statement, reports.
July 17, 2024 Notifications Companies Law

Director's KYC: Update mobile/email once yearly for free, pay Rs 500 for more changes. Effective Aug 1, 2024.
July 17, 2024 Notifications SEBI

Comprehensive rules for unit-based employee benefit schemes in InvITs cover trust deeds, terms, disclosures, approvals, accounting & acquisition.
July 17, 2024 Notifications Companies Law

Amendment mandates MSME Form-1 for firms with pending MSME payments over 45 days. New Form-1 format in Annexure. Effective from Gazette publication.
July 17, 2024 Notifications Income Tax

Uttaranchal Board of Technical Education's specified income exempted from income tax for FY 2022-23, subject to conditions.
July 17, 2024 Notifications Customs

Revised tariff values: Crude Palm Oil $925/MT, Brass Scrap $5558/MT. Gold $775/10g (>99.5%), Silver $1000/kg (>99.9%). Areca nut unchanged.
July 17, 2024 Case Laws GST HC

Unsigned order & notice quashed for lack of digital/physical signature as per Rule 26 CGST Rules & TGST Act.
July 17, 2024 Case Laws GST HC

Sec 169 allows serving orders/notices via common portal. Sec 146 mandates portal use for registration, tax, returns & communication. Delayed access claim rejected.
July 17, 2024 Case Laws GST HC

Defective notice sans details invalidated registration cancellation. High Court upheld natural justice principles.
July 17, 2024 Case Laws GST HC

Order set aside on interest liability. Interest based on 700 days delay. Pay admitted interest in 15 days.
July 17, 2024 Case Laws GST HC

Appellate authority's inconsistent approach in accepting/rejecting contentions sans evidence rejected. Order quashed, remanded for judicial consideration.
July 17, 2024 Case Laws Income Tax HC

Subsidiary's expenses for parent's contracts ineligible as business loss. Separate entities, expenses must pertain to assessee's business.
July 17, 2024 Case Laws Income Tax HC

Unexplained money taxable despite no books. Onus on assessee to prove source. Stamp duty on market value, not guideline value.
July 17, 2024 Case Laws Income Tax AT

Loan waiver under One Time Settlement: If for trading, taxable u/s 41(1). Facts on loan purpose needed. Case remanded.
July 17, 2024 Case Laws Income Tax AT

AO's reassessment notice invalid. Alleged profits unverified. Assessee's trading loss claim wrongly rejected. Court allows appeal, deletes addition.
July 17, 2024 Case Laws Income Tax AT

Mere disallowance u/s 40A(3) won't invite penalty for concealment if assessee disclosed all particulars in Tax Audit Report.
July 17, 2024 Case Laws Income Tax AT

For property valued >45L, indexed cost of 45L evidenced by cheque payments held acceptable for indexation benefit. LTCG addition deleted.
July 17, 2024 Case Laws Income Tax AT

Sec 145(3) invoked wrongly, books rejected improperly u/s 144. Gross profit addition unjustified, ignoring evidence. Excess stock part of closing stock, no addition needed.
July 17, 2024 Case Laws Income Tax AT

Estimated net profit based on 1.33% of gross receipts from past audits. Interest, commission & rental income excluded.
July 17, 2024 Case Laws Income Tax AT

Assessee disclosed income but failed to prove expenses. AO rightly disallowed unsubstantiated deductions. Afterthought lawsuit can't cover up tax evasion.

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