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Highlights / Annotations / Catch Notes For July

Home Highlights July

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Showing 401 to 450 of 6408 Records

1 ....5 6 7 8910 11 12 13........ 129

July 20, 2024 Case Laws Income Tax

Purchase from AE: RPM is MAM for buy-sell/sales commission model sans value add. Trading filter 30%-40% accepted. ECMAS rejected. Arrow excluded. Working capital adjustment remitted.
July 20, 2024 Case Laws Income Tax

Exemption denied due to auditor's mistake, revised Form 10B filed. Rs. 43,98,666/- exemption u/s 11(1)(a) allowed by ITAT.
July 20, 2024 Case Laws Income Tax

Mauritian fund's investments in India for >5 yrs earned legit long-term capital gains. No proof of fund flow from India. Biz model rationale upheld.
July 20, 2024 Case Laws Income Tax

Agri income exempted. Increased expenses not as other income sans proof. AO can't estimate expenses sans verification. Order based on assumptions quashed.
July 20, 2024 Case Laws Income Tax

Demurrage charges disallowed. Salary reimbursement not taxable. DDT refund rejected, treaties inapplicable. Assessee lost relying on set aside orders.
July 20, 2024 Case Laws Income Tax

Non-resident entity's fees for telecasting rights not taxable in India. Reopening invalid due to non-application of mind by AO & DRP.
July 20, 2024 Case Laws Income Tax

Property partition among kin: no transfer, co-parcener shares devolved from father. Compromise decree upheld. Long-term capital gains applicable.
July 20, 2024 Case Laws Customs

Charges included in assessable value only if condition of sale, not post-importation activities per SC rulings. License fee related to manufacturing process, hence excluded.
July 20, 2024 Case Laws Money Laundering

Illegal sand mining suspicion alone can't trigger PMLA attachment. Scheduled offence case & proceeds determination mandatory.
July 20, 2024 Case Laws Service Tax

Maintenance charges refundable, not for services. No double taxation. Extended limitation period set aside due to nascent service tax law. Impugned order quashed.
July 20, 2024 Case Laws Central Excise

Refund claim upheld. Duty can't be loaded in LME index pricing. Appellant bore duty burden, entitled to excess duty refund.
July 20, 2024 Case Laws Central Excise

Clandestine Sponge Iron manufacture alleged - undervaluation demand based on seized docs - MD penalty & 18,156.96 MT confiscation set aside.
July 20, 2024 Case Laws VAT and Sales Tax

Penalty u/s 47(6) cancelled. Valid docs, no evasion intent. Tribunal rightly set aside assessment order. Assessee didn't benefit from lower tax rate.
July 19, 2024 Circulars Companies Law

Forms IEPF-3 & IEPF-4, IEPF-7 & IEPF-1 merged. Online fee payment for IEPF via MCA21. Simplified filings.
July 19, 2024 Case Laws GST

Goods detained on mere suspicion of tax evasion despite proper docs. Court: Authorities failed to prove intent (mens ria). Orders quashed.
July 19, 2024 Case Laws GST

HC allows small biz to upload ITC certificate by condoning 2-day delay due to COVID-19 u/r 40(1)(b) after approval of composition scheme withdrawal.
July 19, 2024 Case Laws GST

Plea to quash show-cause notice citing Rule 142 violation dismissed. Notices detailed tax liabilities, no breach of natural justice.
July 19, 2024 Case Laws GST

Provisional attachment orders valid if objection not filed u/r 159(5). Petitioner avoided service, didn't apply for release. Revenue interest protection permissible.
July 19, 2024 Case Laws GST

Petitioner failed to pass on GST rate cut benefits to viewers by not reducing ticket prices until 11.03.2019, violating Section 171.
July 19, 2024 Case Laws GST

Cancellation of GST registration doesn't absolve tax liability. Audit authorized for registered persons, including those during audit period. Fraudulent ITC claims & cancellation don't warrant relief.
July 19, 2024 Case Laws GST

Order cancelling registration quashed for lack of reasons. Matter remanded to provide reasons within 2 weeks. Appellate order set aside.
July 19, 2024 Case Laws Income Tax

Registration granted. Fresh application rejected, withdrawal allowed. Previous registration valid 2022-23 to 2026-27. Order inconsequential.
July 19, 2024 Case Laws Income Tax

Retrospective cancellation of registration u/s 12A invalid. CIT(E) failed to justify reasons. Provisions don't permit retrospective action.
July 19, 2024 Case Laws Income Tax

Obsolete inventory write-off per audited accounts & accounting norms allowed as deductible expense. Consistent with legal principles.
July 19, 2024 Case Laws Income Tax

AO rejected valuer's report; ITAT: refer to DVO if unsatisfied. Old property, cost unascertainable, adopt fair market value per Sec 48.
July 19, 2024 Case Laws Income Tax

Tribunal upheld genuineness of loan transaction backed by documents; authorities erred in rejecting evidence without verification.
July 19, 2024 Case Laws Income Tax

Offshore design & engineering inextricably linked to equipment supply, not taxable as FTS. Supervisory services taxable as business profits/FTS under tax treaty.
July 19, 2024 Case Laws Income Tax

Tribunal upholds assessee's contentions, deletes additions by AO on unexplained cash, bank statements, time deposits & u/s 68.
July 19, 2024 Case Laws Income Tax

Personal expenses disallowed. Lack of evidence for exclusive professional use. Exempt income expense disallowance upheld. Appeal dismissed.
July 19, 2024 Case Laws Customs

Petition against customs seizure, SCN, lookout circular dismissed. SCN valid u/s 28(4). Commissioner is "Proper Officer". Delay grounds rejected.
July 19, 2024 Case Laws Customs

Customs Broker License: Revocation set aside; deposit forfeiture & Rs.50k penalty upheld for concealment of Red Sander logs under CITES; verification lapse.
July 19, 2024 Case Laws Customs

Goods classified under CTH 09011149 or 09019010 remanded to obtain amended procurement certificate instead of confiscation. Opportunity for re-testing samples.
July 19, 2024 Case Laws Customs

Misdeclared imports confiscated. Declared value accepted. Excess goods' value upheld. Redemption fine & penalty reduced.
July 19, 2024 Case Laws Insolvency and Bankruptcy

Creditor failed to prove debt & default against Corporate Debtor. Section 9 application rejected as debt fell in COVID-19 prohibited period.
July 19, 2024 Case Laws Service Tax

Online services like SEO, web design & app dev aren't OIDAR. They're biz support/software dev, not info retrieval. Place of provision outside India = export.
July 19, 2024 Case Laws Service Tax

Leasing DG Sets is deemed sale, not supply of service. Excluded from service tax purview. Order set aside, appeal allowed.
July 19, 2024 Case Laws Service Tax

Refund claim rejected; services not exempt under Notification 25/2012-ST or Section 66D. Invoices showed business auxiliary services to SOLCIL, taxable.
July 19, 2024 Case Laws Central Excise

Clandestine removal denied CENVAT credit. Duty, interest & penalty assessed for FY 2007-12. Differential duty demand reduced. Imported showers duty demand set aside.
July 19, 2024 Case Laws VAT and Sales Tax

Belated Input Tax Credit claim allowed, following precedent. Right to claim ITC indefeasible, no time limit prescribed.
July 19, 2024 Case Laws Income Tax

Short-term capital loss from selling shares valid. Intervening transactions can't be ignored. Buying loss-making firm's shares for turnaround legit.
July 18, 2024 Circulars Customs

Procedure to carry personal gold/silver jewelry abroad & duty-free reimport. Valuation, packing list, photos required pre-departure. Valid 3 yrs.
July 18, 2024 Circulars FEMA

FCRA registration validity extended for certain entities till 30.09.2024 or renewal disposal, whichever earlier.
July 18, 2024 Circulars Companies Law

Additional fee waived for IEPF e-forms till 16/08/2024 due to MCA21 v2 to v3 transition. Plan accordingly.
July 18, 2024 Circulars GST

GST rates: Solar cookers 12%, fire sprinklers 12%, poultry machinery parts 12%. Farm produce >25kg/L exempt. Pulses/cereals for weaker sections regularized.
July 18, 2024 Circulars GST

GST clarifications: Railway supplies exempted, SPV transactions exempted, RERA fees exempted, RuPay/UPI incentives non-taxable, reinsurance regularized, accommodation under Rs.20k/month exempted.
July 18, 2024 Notifications Bharatiya Nyaya

Notification issued to construe references to repealed laws like IPC, CrPC, Evidence Act in any Act/Order as Bharatiya Nyaya Sanhita, Nagarik Suraksha Sanhita & Sakshya Adhiniyam 2023.
July 18, 2024 Notifications Companies Law

Centre amends IEPF Rules: New forms, online remittance to Authority within 30 days. Effective from gazette notification.
July 18, 2024 Case Laws GST

Rule 86A empowers restricting fraudulent ITC debit for liabilities/refunds. Restriction ceases after 1 year by law.
July 18, 2024 Case Laws GST

Arbitral award upheld; GST implementation envisaged; tax incentives conditional; estoppel claim rejected. Secure awarded amount.
July 18, 2024 Case Laws GST

Alleged fraud led to registration cancellation. Show cause notice issued, petitioner claimed lack of basis. Documents provided, response filed but registration canceled.

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