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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 701 to 750 of 998 Records

1 ....11 12 13 141516 17 18 19........ 20

July 10, 2024 Case Laws Central Excise AT

Black sand from casting process not 'manufactured', hence non-dutiable. Color change alone doesn't alter nature.
July 10, 2024 Case Laws Central Excise AT

Sale completed on delivery to buyer's factory. Outward freight charges for FOR sale eligible for CENVAT credit.
July 10, 2024 Case Laws Central Excise AT

Penalty for CENVAT credit fraud set aside as firm settled dues under Sabka Vishwas Scheme. Discrepancy in stock can't lead to adverse inference against supplier. Payments received through cheques.
July 10, 2024 Case Laws Indian Laws SC

Appellate Court's remand power u/s 37(1)(c) to be used sparingly. Narrow scope of interference u/s 34 & 37. Multiple grounds waste time & increase pendency.
July 10, 2024 Case Laws Indian Laws SC

Limitation period for arbitration petition filing expired on 30/09/2022, excluding extension. Petition filed on 31/10/2022 dismissed.
July 10, 2024 Case Laws Indian Laws HC

Cheque dishonour: Proprietor/signatory liable, not others. Petitioner neither, so complaint dismissed.
July 10, 2024 Case Laws Indian Laws HC

Reference proceedings abate if 3/4th secured creditors initiate SARFAESI recovery, benefiting majority creditors. Statutory conditions met, abatement ensues.
July 10, 2024 Case Laws Indian Laws HC

Petitioner violated undertakings, failed to clear dues despite extensions. Bank allowed to take possession of properties.
July 9, 2024 Circulars SEBI

AIF schemes availing dissolution/additional liquidation period must file info memo/details with SEBI. Formats prescribed. In-specie distribution conditions specified.
July 9, 2024 Circulars SEBI

Passive funds like ETFs & Index Funds can invest up to 35% in group cos of sponsor if based on approved indices. Rebalance in 60 days else restrictions.
July 9, 2024 Circulars Customs

Food import entry points: ICD/SEZ, LCS, seaports. Authorized officers: FSSAI, superintendents, appraisers, inspectors, examiners.
July 9, 2024 Case Laws Income Tax AT

CIT(E) rejected 12AB registration due to lack of details from assessee. Tribunal upheld order, distinguishing from prior case with documents.
July 9, 2024 Case Laws Income Tax HC

Reopening invalid; profit disclosed. Assessing Officer overreached, no fresh material. Mere change of opinion unacceptable.
July 9, 2024 Case Laws Income Tax HC

Unexplained cash credit, non-genuine purchases additions rightly deleted. Interest expenses disallowance rightly deleted due to sufficient capital.
July 9, 2024 Case Laws Income Tax HC

High Court upholds deletion of addition u/s 41(1) where liability time-barred & no deduction claimed earlier.
July 9, 2024 Case Laws Income Tax HC

Reassessment invalid: No fresh material for reopening. Disclosed facts in original assessment. Mere change of opinion untenable. Impugned notice unsustainable. Entitled to co-owner's benefit.
July 9, 2024 Case Laws Income Tax AT

Donations receipts doubted, but AO failed to disprove evidence. ITAT: Allow deduction u/s 35(1)(ii) for earlier donations despite later withdrawal.
July 9, 2024 Case Laws Income Tax AT

ITAT upheld CIT(A) allowing full deduction u/s 54EC for REC bonds invested before 2015 amendment capping deduction at Rs. 50L.
July 9, 2024 Case Laws Income Tax AT

Publishing biz' subscription fee & commission income not taxable as Fees for Technical Services or royalty. Just promotion, sale, distribution. No special skills.
July 9, 2024 Case Laws Income Tax AT

Prior period expenses disallowed in first year of business. Reassessment quantum addition can't be challenged via rectification order.
July 9, 2024 Case Laws Income Tax AT

Live transmission fees not royalties under India-Australia DTAA. AO to verify amounts. Balkrishna fees not royalties. Appeal allowed.
July 9, 2024 Case Laws Income Tax AT

TP Adjustment: Proportionate adjustment for third-party transactions remitted for computation. Notional interest on receivables deleted following precedent.
July 9, 2024 Case Laws Income Tax AT

Tribunal upholds Commissioner's revision order on deduction u/s 80P(2)(d) for interest income from co-op bank deposits.
July 9, 2024 Case Laws Income Tax AT

TP Adjustment: Tribunal upheld assessee's stance on dissimilar comparables, excluding E-clerx, Acropetal, Infosys BPO & TCS EServe.
July 9, 2024 Case Laws Benami Property HC

Benami Act amendment effective 2016. Cases from 2011-2015 pre-date it. SC ruling in Ganpati case led to High Court setting aside orders by consensus.
July 9, 2024 Case Laws Customs HC

Self-assessed goods before tariff hike. Reassessment orders quashed. Refund of additional duty allowed. Applicant to prove no unjust enrichment.
July 9, 2024 Case Laws FEMA AT

FEMA violation: Forex trading bitcoins in USD led to seizure of ₹1.97 crore. ED's bid to initiate fresh proceedings rejected.
July 9, 2024 Case Laws FEMA AT

Clerk not instrumental in business; director not liable for past acts. Mere designation insufficient for vicarious liability under FERA.
July 8, 2024 Circulars FEMA

Govt. of India provides $2.5M LoC to Guyana for solar plant at airport. 75% Indian export, 25% foreign sourcing allowed. Effective Jun'24, 48 months disbursement.
July 8, 2024 Circulars Customs

Custodianship renewal granted to Ennore Bulk Terminal Pvt. Ltd. for Multi cargo Terminal at Kamarajar Port until 19.06.2029.
July 8, 2024 Circulars Customs

Automated exchange rate publishing via SBI-Customs EDI integration. Rates rounded to 5 paise, published on ICEGATE at 6 PM, effective next midnight. Contingency plan in place.
July 8, 2024 Case Laws GST HC

Genuine issues in manual refund application merit liberal approach. Avoid undue technicalities & litigation. Foster assessee-friendly system.
July 8, 2024 Case Laws GST HC

Notices ignored, order quashed. Case remitted for fresh decision on recovered amounts. Order treated as addendum to show cause.
July 8, 2024 Case Laws GST HC

Fusible interlining fabric of cotton not classifiable under Heading 5903; visible plastic coating pattern disqualifies it.
July 8, 2024 Case Laws GST HC

High Court: Petitioners entitled to refund of unutilized ITC on zero-rated supplies despite delayed approval of CENVAT credit carry forward.
July 8, 2024 Case Laws GST HC

Transitional credit denial notice lacked details. Reply disregarded for manual submission. Order treated as show cause. Dept to issue reasons, allow rebuttal.
July 8, 2024 Case Laws Income Tax HC

Reopening assessment invalid if assessee's objections not disposed. Deduction u/s 24(a) disallowed. Objections mandatory per GKN case. Orders quashed, remanded.
July 8, 2024 Case Laws Income Tax AT

Failure to file Form 10/10B before due date not fatal for exemption u/s 11(2) if available when CPC passed intimation u/s 143(1).
July 8, 2024 Case Laws Income Tax AT

Refund claim allowed u/s 240 for Rs. 27,04,767/- despite late filing, overriding AO & CIT(A) orders.
July 8, 2024 Case Laws Income Tax AT

U/s 263, AO couldn't make additions on cash deposits & loans, basis for reopening u/s 147. CIT exceeded jurisdiction by revising distinct issues.
July 8, 2024 Case Laws Income Tax AT

Demerger/transfer: Resulting/transferee company eligible for TDS credit, even if TDS certificates in demerged/transferor's name. Verify relevant income & allow TDS credit.
July 8, 2024 Case Laws Income Tax AT

Cash deposits during demonetization period explained by audited books & tax audit report. No addition u/s 69A for unexplained income.
July 8, 2024 Case Laws Income Tax AT

Under-reported tuition fees led to penalty u/s 270A. But lack of specificity in notice prevented assessee's response. Following precedent, penalty deleted.
July 8, 2024 Case Laws Income Tax AT

TP interest adjustment based on rupee loan rate. Interest adjustments deleted for non-AE loans. R&D deduction allowed without reducing contract income. Guarantee fee restricted at 0.5%.
July 8, 2024 Case Laws Income Tax AT

Valuation by DVO invalid sans rejecting books; estimation sans discrediting actual cost unjustified.
July 8, 2024 Case Laws Income Tax AT

Cash payments accepted due to buyers' inability to pay via cheque/DD owing to restricted banking hours. Delay in penalty initiation u/s 271D. Assessee's explanation deemed bona fide.
July 8, 2024 Case Laws Income Tax AT

TP Adjustments: Transfer of case by PCIT not reflected on portal; AO order validity discussed. Comparables exceeding ₹200cr deselected for ₹14.53cr ITeS.
July 8, 2024 Case Laws Income Tax AT

Shares issued at premium based on DCF valuation. AO erred in rejecting report sans flaws. Arm's length subscription by reputed group.
July 8, 2024 Case Laws Customs HC

Duty demand quashed, Tribunal overstepped by relying on proviso unraised. Remanded to CESTAT for fresh decision by 31.12.2024 for 09/2008-05/2009.
July 8, 2024 Case Laws Customs HC

Revision plea rejected for lack of proof linking goods cleared & exported. Authority rightly dismissed petitioner's certificate. Petition meritless.

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