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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 751 to 800 of 998 Records

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July 8, 2024 Case Laws Insolvency and Bankruptcy AT

CIRP: Corporate Debtor defaulted on undisputed operational debt of rent. Legal notice post Section 9 application can't establish pre-existing dispute.
July 8, 2024 Case Laws Insolvency and Bankruptcy AT

Corporate guarantee survives IBC resolution plan for principal borrower. SC affirms guarantor's liability. NCLAT upholds admission against guarantor.
July 8, 2024 Case Laws Insolvency and Bankruptcy AT

Corporate debt triggered insolvency process. Settlement agreement didn't replace original contract. Loans & default established. Unusual recovery delay. Appeal dismissed.
July 8, 2024 Case Laws Insolvency and Bankruptcy AT

Adequate notice given, appellant's absence unjustified. Debt & default proven per IBC. No violation of natural justice. Rightful CIRP initiation.
July 8, 2024 Case Laws Insolvency and Bankruptcy AT

CIRP: Purchaser not liable for Corporate Debtor's past electricity dues. New connection obtainable on statutory dues payment, excluding past dues. Past dues can't burden liquidation sale.
July 8, 2024 Case Laws Service Tax HC

Impugned show cause notice for service tax shortfall quashed as ultra vires. Rules can't include reimbursables in taxable value before 2015 amendment.
July 8, 2024 Case Laws Central Excise AT

Refund claim for PLA deposit allowed, not subject to time limit u/s 11B. Modipon Ltd. case misinterpreted. Impugned order set aside.
July 8, 2024 Case Laws Central Excise AT

Tribunal upheld CENVAT credit on inputs from ship breakers despite Revenue's objections based on inadmissible statements.
July 8, 2024 Case Laws Central Excise AT

Undervaluation dispute resolved: Goods sold to related parties don't warrant Rule 8 valuation if some are sold to independent buyers. Rule 4 takes precedence. No evidence of undervaluation.
July 8, 2024 Case Laws Central Excise AT

Cenvat credit on spare parts as capital goods allowed. Assessee can claim more beneficial provision. Entitled to refund.
July 8, 2024 Case Laws VAT and Sales Tax HC

Excess tax paid on natural gas purchase to be refunded with interest within 12 weeks after verifying C-Forms for 2017-18 & 2018-19.
July 6, 2024 Notifications DGFT

Potato import from Bhutan under ITC code 07019000 allowed freely till 30/06/2027 as per DGFT amendment. Duty-free import period extended.
July 6, 2024 Notifications DGFT

Export of rice to EU & some European nations needs Certificate of Inspection. Exemption for other European countries for 6 months.
July 6, 2024 Circulars GST - States

Spectrum allocation with deferred instalments is a continuous service supply. GST due when instalments paid/due, whichever is earlier.
July 6, 2024 Circulars Customs

New CBLMS portal features allow data correction in Customs Brokers' profiles. Submit change requests via Annexure-B to policy sections.
July 6, 2024 Circulars Customs

Transitional SCMTR extended till Aug'24 for transparency, predictability & expedited Customs clearance. New manifest formats, parallel filing allowed. Amendments permitted. DGoS to issue guidelines.
July 6, 2024 Circulars Companies Law

Public cos can file Form PAS-7 on MCA portal for share warrants pre-2013 Act without fees till 5 Aug 2024 as per new Rules.
July 6, 2024 Case Laws GST HC

HC allowed GST credit to appellant based on IOCL's declaration of discharging GST under RCM, set aside orders & remanded matter.
July 6, 2024 Case Laws GST HC

Order: File statutory appeal within 30 days, pre-deposit amount. Appellate Authority to dispose within 5 months, consider on merits.
July 6, 2024 Case Laws GST HC

Petitioner's fake invoices & tax credits led to provisional attachment of movable assets to secure Rs. 76cr+ revenue interest. Court dismissed petition.
July 6, 2024 Case Laws GST HC

Minor error in e-way bill vehicle number, goods detained citing invalid e-way bill. HC: Detention unjustified, permits penalty for minor errors. Rs. 18.75L tax & penalty demand quashed.
July 6, 2024 Case Laws GST HC

Un-denatured Extra Neutral Alcohol faced GST levy. Show-cause notice issued, but petitioner approached court without explanation.
July 6, 2024 Case Laws GST AAAR

Advance ruling on GST levy on electricity network charges, cross-subsidy surcharge, etc. not admitted for services under Sec 98(2). Applicant's argument rejected.
July 6, 2024 Case Laws GST AAR

Reverse osmosis reduces dissolved solids from 7932 to 148 mg/l for dyeing industry. Retains salts for zero liquid discharge. Taxable under CTH 2201.
July 6, 2024 Case Laws GST AAR

In case of upward price revision, supplementary invoice/debit note must be issued within 30 days. Increased rent is treated as supply under GST.
July 6, 2024 Case Laws GST AAR

Advance Ruling: GST on "Deposit Contribution Works" limited to "Establishment & Supervision Charges" for self-execution schemes. No tax on third-party works.
July 6, 2024 Case Laws GST AAR

Healthcare IT/ITeS provider eligible for input tax credit on contract staffing services. Not barred by Sec 17(5), can claim u/s 16(1) of GST Act.
July 6, 2024 Case Laws GST AAR

AAR: Construction services for residential units <60 sq.m & commercial area <15% qualify for 8% GST after land value deduction.
July 6, 2024 Case Laws GST AAR

AAR: Health insurance services for TNSG & reinsurance from abroad are GST exempt. ITC reversal follows Sec 17(2) & Rule 42.
July 6, 2024 Case Laws Income Tax HC

Reassessment solely on audit objection sans new material is impermissible. Mere opinion change can't trigger reassessment, as it's a prohibited review.
July 6, 2024 Case Laws Income Tax HC

Contract for sharing profits from RBI supply; no evidence found during search; agreement terminated in 2012; assessee became NRI later; ITAT rightly deleted additions.
July 6, 2024 Case Laws Income Tax HC

Capitation fees undeclared, exemption denied. 'Wholly' in Sec 11 means 'solely' charitable. ITAT erred, HC favored Revenue.
July 6, 2024 Case Laws Income Tax HC

Income Tax Settlement Commission can go beyond application, consider all aspects for finality. Not regular assessment.
July 6, 2024 Case Laws Income Tax AT

Provision for loss on investment is a capital expense, ineligible for deduction u/s 37(1) or depreciation. Allowing it fails the test.
July 6, 2024 Case Laws Income Tax AT

Expenditure disallowance on exempt income from partnership profits upheld. AO's computation valid under amended rules. CIT(A) erred in deleting disallowance. MAT adjustment partly allowed.
July 6, 2024 Case Laws Income Tax AT

Assessee eligible for deduction on regular members' income. AO to verify bye-laws. Interest from co-op banks taxable. Expenditure for earning interest allowed after cost determination.
July 6, 2024 Case Laws Income Tax AT

Delay in filing appeal condonable if reasonable cause exists. Substantial justice trumps technicalities. TDS computation remitted for re-examination. Update contact details & cooperate.
July 6, 2024 Case Laws Income Tax AT

Penalty u/s 271(1)(c) cannot be levied due to ambiguity in assessment year for unaccounted cash payment made for land purchase. Tribunal allows new pleas during penalty proceedings.
July 6, 2024 Case Laws Income Tax AT

Trust's capital gains from permitted investments are exempt if utilized for immovable property. Interest income from fixed deposits & savings accounts is deductible.
July 6, 2024 Case Laws Income Tax AT

Assessee's 1008-day delay in filing appeal before CIT(A) not condoned due to insufficient reasons like COVID impact & staff changes. Appeal dismissed.
July 6, 2024 Case Laws Income Tax AT

Tribunal upheld deduction u/s 80P(2)(d) on interest from cooperative banks, overruling disallowance via intimation u/s 143(1).
July 6, 2024 Case Laws Income Tax AT

Late filing of Form 67 for Foreign Tax Credit allowed if before assessment order. Provision directory, not mandatory. Tax authority's rejection improper.
July 6, 2024 Case Laws Income Tax AT

DRP directions without valid DIN are invalid. CBDT Circular applies to DRP, irrespective of communication mode. Non-DIN invalidates orders.
July 6, 2024 Case Laws Customs HC

Duty-free gold bullion misused for local market instead of export. Pre-notice consultation exempted. Show cause notices allow explanation. Limitation period applicable.
July 6, 2024 Case Laws Customs AT

Royalty payments for tech transfer & know-how, not linked to imported goods, are non-addable to transaction value. Tribunal upholds BREMBO case.
July 6, 2024 Case Laws Customs AT

Appellant's (Commission Agent) close ties with kingpin, facilitated export conspiracy as middleman for monetary gain. Knowingly associated with key conspirator. Penalties reduced.
July 6, 2024 Case Laws Customs AT

Royalty of 1.75% on yeast made in India using foreign knowhow not part of customs value if not conditional sale. Precedent followed.
July 6, 2024 Case Laws Customs AT

Imported garments wrongly classified as girls' trousers. Expert opinion subjective, contrary to evidence. Classification a quasi-judicial decision, not experts'. No misdeclaration proved.
July 6, 2024 Case Laws Customs AT

Imported Artemia Cysts rightly classified under CTH 0511.99; penalties set aside. Tribunal upholds classification despite 2003 modification.
July 6, 2024 Case Laws Customs AT

Double duty paid at Mumbai & Kolkata due to system error. Importer provided proof. After verification, refund ordered for erroneous payment.

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