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Highlights / Annotations / Catch Notes For July

Home Highlights July

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1 2 345 6 7 8........ 129

July 28, 2024 Notes Bill

Proposed amendment allows tax deduction for donations to National Sports Development Fund from 2025-26.
July 28, 2024 Notes Bill

Clause 15 removes National Housing Bank from Section 43D on income of housing finance entities, as regulation shifts to RBI from 2025-26.
July 27, 2024 Notes Bill

Proposed amendment allows recovery of Black Money Act liabilities from seized assets, aligning with Income-tax Act provisions.
July 27, 2024 Notes Bill

Benami Act amendments: 3 months for owner's reply, 4 months for provisional attachment decision, 1 month for Adjudicating Authority referral. Effective 10/1/2024.
July 27, 2024 Notes Bill

New law offers immunity to benamidars for disclosing benami deals, targets real owners. Effective Oct 2024.
July 27, 2024 Notes Bill

Amendments broaden proof of origin, restrict warehouse ops, extend trade facilitation beyond importers/exporters & align customs law.
July 27, 2024 Notes Bill

Protective duty levy provision scrapped as Tariff Commission defunct. Effective from Finance Bill 2024 enactment.
July 27, 2024 Notes Bill

Tariff hikes from 24.07.2024: PVC flex films 25%, garden umbrellas 20% or Rs. 60/pc, lab chemicals 150%. From 01.10.2024: roasted nuts 150%.
July 27, 2024 Notes Bill

Revised customs duties for agri, aqua, minerals, steel, copper, chemicals, textiles, leather, cancer drugs, precious metals, medical, IT, electronics, renewables, shipping & capital goods.
July 27, 2024 Notes Bill

Notification exempts basic customs duty & AIDC on crude soyabean & sunflower oil imports till 10.5.23 under TRQ quota & Bill of Lading condition. GST Cess exemption for SEZ imports.
July 27, 2024 Notes Bill

New Shipper Review provision added to countervailing duty rules. Allows review of rates for new exporters not involved in original investigation.
July 27, 2024 Notes Bill

Customs extends aircraft/vessel export for repair from 6 months to 1 year. Duty-free re-import period rises from 3 to 5 years.
July 27, 2024 Notes Bill

BCD exemption extended for various goods till 2026/2029. Includes raw materials, machinery parts, renewable energy, pharma, aircraft, and more.
July 27, 2024 Notes Bill

BCD exemption extended for motion pictures, gaming software, renewable energy machinery, exports, artworks, precious stones, copper, gold, silver.
July 27, 2024 Notes Bill

Customs duty exemptions/concessions on various items like telecom equipment, medical devices, renewable energy components to lapse from 30.9.2024.
July 27, 2024 Notes Bill

SWS: Exemption for natural graphite, sands, quartz, ores & concentrates of Cu, Co, Sn, W, Mo, Zr, Hf, V, Nb, Ta, Sb, Te, Si, Se, rare-earth metals, oxides/salts.
July 27, 2024 Notes Bill

Revised AIDC rates: Gold bar 1%, dore 0.35%, Silver bar 1%, dore 0.35%, Precious metals 1.4%, Coins 1%, Findings 1% from 24.07.2024.
July 27, 2024 Notes Bill

Mega Power Project certificate submission period extended from 120 to 156 months. Clean Environment Cess exempted on pre-GST stock.
July 27, 2024 Notes Bill

CGST: Exclude ENA from central tax, refer to new Sec 74A, regularize non-levy/short levy, time of supply for reverse charge services, allow input tax credit with conditions.
July 27, 2024 Notes Bill

IGST: No integrated tax on Extra Neutral Alcohol for alcoholic liquor. Regularizing non-levy/short levy. Zero-rated supply for refund. No refund if export duty paid. Pre-deposit reduced for appeals.
July 27, 2024 Notes Bill

Sub-section (1) in Section 7 exempts Extra Neutral Alcohol for alcoholic liquor from UT tax. Section 8A regularizes non/short levy of UT tax.
July 27, 2024 Notes Bill

Govt empowered to validate erroneous GST cess collection retrospectively under new Sec 8A, regularizing non-levy/short levy.
July 27, 2024 Circulars DGFT

Govt launches SIMS 2.0 for steel imports monitoring; SIMS 1.0 discontinued. File new apps on https://sims.steel.gov.in after 25.07.2024, 2 pm.
July 27, 2024 Circulars DGFT

Export Promotion Capital Goods Scheme simplified: Installation certificate time extended, export obligation period relaxed. Reduced compliance burden.
July 27, 2024 Notifications SEBI

SEBI: Bars insiders from misusing unpublished info. Mandates tracking database. Restricts trading on inside info. Requires disclosures. Prescribes code of conduct, controls & disciplinary actions.
July 27, 2024 Notifications SEBI

SEBI mandates new insider trading rules effective Nov 1, 2024 under SEBI Act, 1992.
July 27, 2024 Notifications Income Tax

Himachal SLD Centre exempted from income tax on fees/charges under Electricity Act & interest on bank deposits for 2021-24.
July 27, 2024 Notifications Income Tax

Punjab Skill Development Mission Society gets income tax exemption on grants, CSR funds, service charges & interest income. No commercial activity allowed.
July 27, 2024 Case Laws GST

Tax officer's dual role challenged. Court quashed orders, remanded cases for fresh hearing within 2 months with petitioner's cooperation.
July 27, 2024 Case Laws GST

Widow's tax liability overturned due to letterhead technicality. Court orders reassessment after reply to notices. Petition allowed.
July 27, 2024 Case Laws GST

Unreasoned order violating natural justice set aside. Alleged irregular ITC u/s 16(2)(c) sans concluding supplier's non-payment.
July 27, 2024 Case Laws GST

Transfer of goods between own units without sale shouldn't attract interest/penalty. Authorities must give reasons as per CBIC circular & court precedents.
July 27, 2024 Case Laws GST

Differential dealer margin by petroleum cos. is a taxable supply of service under GST, being consideration for agreeing to refrain from an act.
July 27, 2024 Case Laws GST

Application inadmissible under Sec 97(2) CGST/KSGST Act. Sec 98 procedures not followed. Questions already decided/pending for applicant.
July 27, 2024 Case Laws GST

Advance ruling on ITC reversal based on credit notes & GSTR mismatch - questions admissible u/s 97(2)(d). Notice issued, proceedings pending - application liable to be rejected u/s 98(2).
July 27, 2024 Case Laws Income Tax

Delay of 294 days invalidated SLP filing. Reopening assessment sans proper sanction u/s 151(1). ITO's satisfaction from non-competent authority.
July 27, 2024 Case Laws Income Tax

Receipts from Indian customers for services outside India not taxable u/s 9(1)(vi). Treaty overrides domestic law amendments u/s 90(2).
July 27, 2024 Case Laws Income Tax

Expatriate salaries paid abroad in foreign currency deductible in India under Indo-Japan tax treaty. Exception for statutory prohibition inapplicable if Tribunal/Court directs. Relief granted.
July 27, 2024 Case Laws Income Tax

Interest on receivables & management fees rightly allowed. Receivables beyond period not recharacterized as loans. TPO can't doubt commercial expediency or disallow legitimate expenses.
July 27, 2024 Case Laws Income Tax

Development rights acquired, not immovable property. Stamp duty value differential not taxable u/s 56(2)(x) as per SC's Seshasayee Steels.
July 27, 2024 Case Laws Income Tax

Appellant failed to acquire new property within time limit, but relevant date for deduction u/s 54 is payment & possession, not "one year before transfer". Entitled to deduction.
July 27, 2024 Case Laws Income Tax

Penalty on NRI unsustainable if income declared accurately despite higher TDS deduction based on legitimate expectation.
July 27, 2024 Case Laws Income Tax

Shares allotted to holding firm by subsidiary at DCF value of CCPS is valid. Can't reject prescribed method. Losses later irrelevant. Intra-group transaction not tax evasion.
July 27, 2024 Case Laws Income Tax

Return filed u/s 139(1) can't be treated as response to notice u/s 148. Non-issuance of Sec 143(2) notice is fatal defect, not curable.
July 27, 2024 Case Laws Income Tax

Assessee failed to file return, received notice u/s 148. Despite presumptive taxation, liable to maintain books u/s 44AA.
July 27, 2024 Case Laws Income Tax

HCIL not liable to deduct TDS on payments to non-resident AEs for raw materials as AEs had no PE in India. Offshore supplies & FTS receipts not taxable without PE.
July 27, 2024 Case Laws Income Tax

Additions based on unsubstantiated docs like loose sheets, jottings, Excel sheets & unaccounted cash receipts from students rejected. Mere notes require corroboration.
July 27, 2024 Case Laws Income Tax

AO wrongly reopened assessment; assessee disclosed receipts, provided details in scrutiny. AO relied on assumptions sans inquiry despite CIT(A)'s info.
July 27, 2024 Case Laws Customs

2nd SCN issued despite withdrawal of 1st SCN for different amount permissible if within limitation, no new grounds allowed in review.
July 27, 2024 Case Laws Customs

Imported goods' classification hinges on complete article's components availability. "Business" under Customs Act broadly covers business models.

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