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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 551 to 600 of 998 Records

1 ....8 9 10 111213 14 15 16........ 20

July 15, 2024 Case Laws Income Tax AT

Cash deposits in Nov 2016 unexplained, rightly taxed at 60% u/s 115BBE. Limited scrutiny scope upheld for demonetization verification.
July 15, 2024 Case Laws Income Tax AT

ITAT: Deleted expense disallowances, interest disallowance, salary disallowance. Allowed deduction u/s 80IC. Restricted selling/distribution expense disallowance.
July 15, 2024 Case Laws Income Tax AT

Jewellery seized but treated as explained based on income & family status. Unexplained additions set aside, following HC precedent.
July 15, 2024 Case Laws Income Tax AT

TCS on scrap sale: Assessee claimed immunity u/s 206C(6A). AO didn't consider nature of goods & Form 27BA. Remitted to verify 206C purview.
July 15, 2024 Case Laws Customs HC

Petitioner not an importer under Customs Act; penalty on abandoned cargo unjustified sans Bill of Entry. Court allowed petition to avoid litigation delays.
July 15, 2024 Case Laws Customs HC

Taxpayer gets refund + 8% interest for delay, 2% interest penalty on officers for inaction.
July 15, 2024 Case Laws Customs AT

Imported goods from Malaysia, claimed preferential duty under Indo-ASEAN FTA. Revenue alleged Chinese origin. Court upheld Malaysian origin based on documents.
July 15, 2024 Case Laws Customs AT

Injection Stretch Blow Moulding Machine produces IV fluid bottles, differs from Injection Moulding Machine. Classified under 84773000.
July 15, 2024 Case Laws Customs AT

Self-assessed Bill of Entry appealable. Tribunal remanded matter for classification of Glivec-400 mg under Tariff Sub-heading & Notification benefits.
July 15, 2024 Case Laws Insolvency and Bankruptcy AT

Section 7 application wrongly rejected despite debt & default. Assignment failed, liability remained. Interim injunction irrelevant for CIRP.
July 15, 2024 Case Laws Insolvency and Bankruptcy AT

Section 33 allows pending suits, but Respondent unlawfully adjusted ITR against pre-CIRP dues sans claim. ITR was liquidation estate; adjustment violated stakeholders' rights.
July 15, 2024 Case Laws Insolvency and Bankruptcy AT

Provident fund, interest, damages not part of liquidation assets. EPFO can determine dues, recover damages. Gratuity, pension excluded from liquidation assets. Priority payment to workers.
July 15, 2024 Case Laws Insolvency and Bankruptcy AT

NCLAT upheld re-verification of Pegasus's claim by RP & approval of Resolution Plan sans payment to appellant promoter.
July 15, 2024 Case Laws Service Tax HC

Public sector undertaking's service tax demand upheld but penalties waived. CENVAT credit eligibility cited for revenue neutrality.
July 15, 2024 Case Laws Service Tax HC

SVLDRS: Service tax recovery from foreign agencies: pre-deposit deducted from net eligible amount. HC allows refund of excess deposit.
July 15, 2024 Case Laws Service Tax AT

Residential complex built for govt bodies' non-commercial use exempt from service tax, akin to 'personal use' under residential complex service definition.
July 15, 2024 Case Laws VAT and Sales Tax HC

Arbitrator's award set aside for lack of evidence, exceeding jurisdiction & patent illegality. Arbitrator bound by contract terms.
July 15, 2024 Case Laws Indian Laws HC

Empowered to take disciplinary action against CA firms for misconduct, ICAI can hold firms accountable under CA Act.
July 13, 2024 Notifications GST

Central Govt exempts Unit Run Canteen supply of goods under 2202 heading to authorized customers from GST Compensation Cess, effective 15/07/2024.
July 13, 2024 Notifications GST

Railways exempts platform tickets, waiting rooms, battery cars, inter-zonal services, SPV infrastructure usage & maintenance. Accommodation up to Rs 20k/month for >= 90 days exempted.
July 13, 2024 Notifications GST

Exempts supply of farm produce > 25kg/25L from pre-packaged labelling norms under Legal Metrology Act from 15/7/24.
July 13, 2024 Notifications GST

Cartons, boxes, milk cans, solar cookers get 6% GST. Cartons (non-paper), milk cans (non-iron/steel), utensils (aluminium) at 9%. Pre-packaged labelling for agriculture products.
July 13, 2024 Notifications Customs

New entries in customs duty exemption notification: 5% duty on aircraft parts, exemption for RAMA buoys till 2026. Re-export & bond for exemption.
July 13, 2024 Notifications Customs

Notification amends anti-dumping duty on 'Flexible Slabstock Polyol' imports from Singapore, changing producer's name to Shell Singapore Pte. Ltd.
July 13, 2024 Circulars SEBI

BSE recognized as RAASB & IAASB for 5 years. Bye-laws, SOPs, FAQs for adoption. Revised RA fees from July 25, 2024. Fee neutral.
July 13, 2024 Case Laws GST HC

HC quashed order for violating natural justice. Case remanded for fresh order after petitioner deposits 10% tax & files reply in 30 days.
July 13, 2024 Case Laws GST HC

Principles of natural justice violated due to SCN non-uploading on portal. Despite emails, confusion persisted due to redesign. Permitted to challenge order within 30 days by filing appeal.
July 13, 2024 Case Laws GST HC

Order upheld, pay tax demand & interest. Fresh orders on penalty in 6 months, Penalty may drop if 53rd GST Council norms applied.
July 13, 2024 Case Laws GST HC

Order u/s 107 set aside. Remanded to treat deposit as per notification. Hear appeal within 8 weeks, allow personal hearing.
July 13, 2024 Case Laws GST HC

Tax demand set aside for lack of proper notice. Petitioner gets chance to contest after remitting 10% disputed amount.
July 13, 2024 Case Laws Income Tax HC

Interest paid to LIC Mutual Fund on unsecured debentures allowable, not disallowed u/s 43B as it's not a Public Financial Institution.
July 13, 2024 Case Laws Income Tax HC

Notice by non-Faceless Officer for escaped income invalid. Faceless assessment mandatory. Officer ignored submissions on project completion method. Assessee wins appeal.
July 13, 2024 Case Laws Income Tax HC

Impugned notice quashed due to lack of sanction for reopening assessment beyond 3 years, violating Section 151(ii). Notification can't override statute.
July 13, 2024 Case Laws Income Tax HC

Notices by JAO instead of FAO invalid & bad-in-law u/s 151A. Non-compliance with Section 151A vitiates proceedings u/s 148.
July 13, 2024 Case Laws Income Tax AT

Incorrect claim doesn't amount to inaccurate particulars. Separate books, own capital investments & direct expenses debited. No concealment. No Penalty.
July 13, 2024 Case Laws Income Tax AT

Unexplained investment share capital/premium sans incriminating material. Conditions u/s 153C not met. Search didn't yield documents. Notice invalid.
July 13, 2024 Case Laws Income Tax AT

Services rendered outside India, payment made abroad. No PE of foreign co. in India. Fees for technical services utilized for earning income from foreign source.
July 13, 2024 Case Laws Income Tax AT

TDS 194H/192 - Commission to directors, deducted TDS u/s 192 as salary - No addition u/s 40(a)(ia) for non-deduction of TDS on commission
July 13, 2024 Case Laws Income Tax AT

Registration denied for non-compliance with state trust law. Charitable institutions must follow applicable state laws.
July 13, 2024 Case Laws Income Tax AT

Offshore Supply Contracts receipts not taxable u/s 44BBB. Functions post equipment sale irrelevant for business income chargeability.
July 13, 2024 Case Laws Customs HC

Customs dept's vindictive conduct restricting exit despite acquittal is abuse of power. Court grants exit & ₹10L compensation for trauma.
July 13, 2024 Case Laws Customs AT

Valuation case: Polyurethane Sealant import value enhanced 5x solely on acceptance letter. Held: Insufficient evidence for enhancement as per CMR Nikkei case.
July 13, 2024 Case Laws Customs AT

Broker's license revocation overturned, penalty upheld for misdeclaration entries despite due diligence. Deterrent penalty for future compliance.
July 13, 2024 Case Laws Companies Law HC

Arbitral order lacks jurisdiction, misreads tax laws, violates self-incrimination. Accounts' veracity dispute unresolved. Order may render proceedings infructuous.
July 13, 2024 Case Laws Insolvency and Bankruptcy AT

Certified copy essential for appeals, not free copy. Tribunal clarifies in line with precedents.
July 13, 2024 Case Laws Insolvency and Bankruptcy AT

Resolution plan approved by CoC can't be challenged by individual homebuyer. Homebuyers are financial creditors under IBC & RERA. Different payment schemes for creditor categories valid.
July 13, 2024 Case Laws Service Tax AT

Training exempt pre-2010, works contract benefit allowed, mandap service demand upheld, foreign training non-taxable, consultancy demand wrong, grants non-taxable. Penalties set aside.
July 13, 2024 Case Laws Central Excise AT

Tribunal upheld input tax credit eligibility for services utilized in manufacturing, rejecting vague allegations without specific objections.
July 13, 2024 Case Laws Central Excise AT

Refund: Unjust enrich Invoices - didn't mention duty. Stock transfers between units. Appellant bore duty burden. Price difference due to gold rate. Refund eligible.
July 12, 2024 Notifications SEBI

SEBI redefined "liquid asset" for Credit Rating Agencies to include low-risk assets easily convertible to cash.

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