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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 501 to 550 of 998 Records

1 ....7 8 9 101112 13 14 15........ 20

July 17, 2024 Case Laws Income Tax AT

Share capital, a liability, can't be treated as asset to invoke jurisdiction. AO overreached by probing beyond 6 years sans undisclosed asset.
July 17, 2024 Case Laws Income Tax AT

Loan from bogus entry provider, lender not produced despite directions. Inquiry prevented. Unusual huge yearly loans.
July 17, 2024 Case Laws Income Tax AT

Software depreciation 60%, sales promotion expense revenue, share premium valuation upheld. Genuine transaction. Recompute tax after PGBP loss.
July 17, 2024 Case Laws Income Tax AT

Income surrendered during search must meet "undisclosed income" definition for penalty. AO must record findings based on search material.
July 17, 2024 Case Laws Income Tax AT

Royalty receipts adjustment by TPO based on Form 3CEB differences without ALP computation by prescribed methods is unsustainable.
July 17, 2024 Case Laws Income Tax AT

Tribunal: Order based on binding precedent can't be recalled/reviewed due to later contrary higher court judgment. Final order can't be reopened u/s 254(2).
July 17, 2024 Case Laws Income Tax AT

Transfer pricing adjustment: Arm's length broking commission - TPO rejected TNMM, applied CUP method. Consider domestic & overseas clients for CUP. Allow 40% marketing & research cost adjustment.
July 17, 2024 Case Laws Income Tax AT

Salary earned for services rendered outside India not taxable. Short-term capital gains taxed at 15%. TDS credit after verification. Interest consequential.
July 17, 2024 Case Laws Customs HC

Diamond pendant qualifies as personal effect for jewelry biz owner. Customs erred in valuation. Refund ordered.
July 17, 2024 Case Laws Customs HC

Detention for smuggling under Customs Act requires strict interpretation, utmost care & specifying detenu's acts prejudicing forex conservation.
July 17, 2024 Case Laws Customs AT

Penalty on CHAs for not verifying exporters' KYC set aside; due diligence breach attracts CBLR provisions, not Sec 117 penalty.
July 17, 2024 Case Laws Insolvency and Bankruptcy AT

The Tribunal allowed the Financial Creditor to amend the date of default for computing limitation to file u/s 95.
July 17, 2024 Case Laws FEMA AT

FERA violations upheld for unrecovered export dues sans RBI nod. Collusion found. Penalty reduced for rationality with main defaulter.
July 17, 2024 Case Laws Money Laundering HC

Court upholds ED's seizure & sale of luxury vehicles bought from proceeds of crime under PMLA. Sale proceeds kept as FDs to preserve value.
July 17, 2024 Case Laws VAT and Sales Tax HC

Petitioner paid excess tax, Respondents illegally adjusted refund against non-existent demand. HC ordered refund of excess tax with interest.
July 17, 2024 Case Laws Indian Laws SC

Exemption for Market fee doesn't cover Rural Development fee. 2003 Policy doesn't exempt latter. Distinct fees under different statutes. Only Mega Projects exempted. Respondent ineligible.
July 17, 2024 Case Laws Indian Laws HC

Legal notice for dishonor sent on 19.12.2018. Complaint filed on 14.1.2019 before 15 days' response period, no offense u/s 138 NI Act.
July 16, 2024 Case Laws GST HC

E-way bills & GSTR 3B disparity for 2018-21. Non-taxable supplies caused mismatch. Remit ₹3.5cr, submit docs for reconsideration.
July 16, 2024 Case Laws GST HC

Missed 30-day deadline to file returns after best judgment assessment order u/s 62 CGST/SGST Act led to registration cancellation. Opportunity to nullify assessment by filing returns not availed.
July 16, 2024 Case Laws GST HC

GST on mineral mining royalty in limbo. Petitioner to reply in 4 weeks. Respondent to keep order on hold pending SC verdict as per Division Bench.
July 16, 2024 Case Laws Income Tax HC

STI, Samsung's Indian subsidiary, ruled an independent manufacturer, not a contract manufacturer for Samsung Korea. Received tech know-how & paid royalties. Price differences justified.
July 16, 2024 Case Laws Income Tax HC

Exemption u/s 10(46) valid for non-profit developmental activities, loans, investments per assigned role - not commercial profit motive.
July 16, 2024 Case Laws Income Tax AT

Salary earned by non-resident on foreign ship in EEZ exempt u/s 9(1)(ii). Fresh notice u/s 143(2) not mandatory for successor AO.
July 16, 2024 Case Laws Income Tax AT

TPO's adjustment inappropriate, CUP method reliable. Product certification expenses not taxable in India. Royalty provision allowable.
July 16, 2024 Case Laws Income Tax AT

Reopening invalid: AO didn't verify facts, just repeated info on unexplained credits sans evidence. Lacked independent analysis.
July 16, 2024 Case Laws Income Tax AT

Jurisdiction not challenged, addition u/s 68 unsustainable. Verify receipts. Notice u/s 143(2) valid despite 143(1) delay.
July 16, 2024 Case Laws Income Tax AT

Donations rejected sans evidence. Donors identified, some confirmed. Denied chance to produce donors. Not anonymous. Onus discharged. Improper invocation.
July 16, 2024 Case Laws Income Tax AT

Assessee withdrew LTCG exemption claim, offered amount as income from "Other sources" to avoid litigation; no concealment found. Penalty u/s 271(1)(c) quashed.
July 16, 2024 Case Laws Income Tax AT

Interest income disallowance partly allowed. Provisions & interest reapportioned based on business activity. Disallowance for tax-free bonds deleted. Non-compete fees held as capital receipts.
July 16, 2024 Case Laws Income Tax AT

Directors not liable u/s 179. Company can be proceeded against if struck off. Gift from NRI grandson not unexplained u/s 69A. Double addition avoided.
July 16, 2024 Case Laws Income Tax AT

Expenses disallowed for lack of evidence. Valuation issue dismissed. Losses disallowed, evidence required. Addition deleted. Depreciation allowed for slump sale. Liability receipt held capital.
July 16, 2024 Case Laws Income Tax AT

Software license fees deductible. No disallowance for own funds > tax-free investments. Recompute disallowance on tax-free income only.
July 16, 2024 Case Laws Income Tax AT

Order imposing 270A penalty appealable before CIT(A) u/s 246A. CIT(A) erred in dismissing appeal. ITAT set aside order to rehear appeal.
July 16, 2024 Case Laws Income Tax AT

Assessee surrendered unaccounted professional receipts during survey. AO accepted it as taxable income, PCIT's revision unsustainable.
July 16, 2024 Case Laws Service Tax HC

Authority can't review order post estimate u/s 127. Rejected application contrary to scheme. HC allowed petition to pay amount+9% interest.
July 16, 2024 Case Laws VAT and Sales Tax HC

AAC blocks wrongly classified under residuary entry instead of proposed entry. Show cause notice mandatory. Order deviating from notice without hearing assessee violates natural justice.
July 16, 2024 Case Laws Indian Laws HC

IBC bars fresh proceedings against guarantor's debt, not security interest. Banks can't proceed under SARFAESI once IBC initiated. Guarantor can approach DRT.
July 15, 2024 Case Laws GST HC

Non-service of show cause notice led to unawareness. Tax demand quashed if 15% remitted within 15 days. 10% already paid for appeal.
July 15, 2024 Case Laws GST HC

GST Appeal delay condoned; registration suspended due to lapse; re-hearing ordered with conditions for lapses; Covid-19 infection caused delay.
July 15, 2024 Case Laws GST HC

Challenge assessment order time limit. GST taxability from 01.07.2017 irrelevant. Fresh order after 10% tax deposit in 30 days.
July 15, 2024 Case Laws GST HC

Order quashed for lack of natural justice. Fresh orders within 60 days on Rs. 38L recovery treating impugned order as show cause addendum.
July 15, 2024 Case Laws GST CCI

Respondent didn't pass GST rate cut benefit, profiteered Rs. 54L+ on cinema tickets. Directed to reduce prices, deposit profiteered amount.
July 15, 2024 Case Laws GST CCI

Profiteering by cinema on GST rate cut, not passing benefit to customers. Directed to reduce prices. Violated law, but penalty can't be retrospective.
July 15, 2024 Case Laws Income Tax HC

Reopening notice beyond 4 years quashed. Complete details submitted, no non-disclosure. Mere change of opinion.
July 15, 2024 Case Laws Income Tax HC

No undisclosed investment found, only profit on unaccounted sales taxable. AO's assumption unsupported. Tribunal's view upheld.
July 15, 2024 Case Laws Income Tax HC

Parents' admission fee treated as corpus donation, not capitation fee. Trust entitled to tax exemption. Revenue's stance incorrect.
July 15, 2024 Case Laws Income Tax HC

Delay of 3 years by revenue dept. rejected; official machinery excuses not accepted. No justification for colossal delay in re-filing appeals.
July 15, 2024 Case Laws Income Tax AT

ITAT: Disallowed cash purchases over Rs. 20K under 40A(3). Cash deposits treated as unexplained income. License fee addition set aside. Appeal partly allowed.
July 15, 2024 Case Laws Income Tax AT

Excess deduction claimed u/s 36(1)(viia) led to income escapement. AO rightly reopened assessment based on records. Not opinion change.
July 15, 2024 Case Laws Income Tax AT

Domestic co. pays dividend tax u/s 115-O at rate therein, not DTAA rate for non-resident shareholders unless treaty protects dividend tax. TP regs inapplicable to TTS income.

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