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Highlights / Annotations / Catch Notes For July

Home Highlights July

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Showing 801 to 850 of 6408 Records

1 ....13 14 15 161718 19 20 21........ 129

July 6, 2024 Case Laws Customs

Red Sanders logs deemed prohibited goods. Exporter not penalized due to lack of evidence of involvement in smuggling. Sealed containers under excise officers' supervision.
July 6, 2024 Case Laws Customs

Customs broker license revocation & penalty unjustified. Alleged violations unproven. Acted as facilitator, verified exporter's IEC. Exporter admitted export. Order set aside.
July 6, 2024 Case Laws Companies Law

Bid-rigging cartel in UP soil testing tenders busted. Toyfort, Austere Systems & Fimo Info Solutions penalized for violating Competition Act.
July 6, 2024 Case Laws Insolvency and Bankruptcy

Dishonored bills/cheques=financial debt under IBC. Respondent=financial creditor. Interest not mandatory for Section 7. Procedural defects don't invalidate claim.
July 6, 2024 Case Laws Insolvency and Bankruptcy

Pre-existing dispute over machine defects & delays before demand notice upheld dismissal of application, rendering arguments immaterial. Appeal dismissed.
July 6, 2024 Case Laws Insolvency and Bankruptcy

Section 7 application rejected due to Section 10A bar on filing for COVID defaults. Amending pleadings allowed, but changing default date sans justification prohibited.
July 6, 2024 Case Laws Insolvency and Bankruptcy

Corporate debtor defaulted on operational dues, triggering CIRP. Winding-up petition didn't halt limitation sans govt consent.
July 6, 2024 Case Laws Service Tax

High Court quashes service tax notice over Rs. 50 lakh due to lack of pre-notice consultation. Dept. directed to follow proper procedure.
July 6, 2024 Case Laws Service Tax

Manpower supply classified, limitation extended. Rs. 1.12cr demand upheld. Overseas IT service excluded from Business Auxiliary Service. Partial remand.
July 6, 2024 Case Laws Service Tax

Appellants wrongly claimed excess Cenvat credit, failed to maintain separate accounts for exempted services in 2008-10. 20% cap breached. Recalculation ordered.
July 6, 2024 Case Laws Service Tax

Clients had effective control over rented equipment. Appellants paid taxes. Not a 'Supply of Tangible Goods for Use' service. Service tax demands unsustainable.
July 6, 2024 Case Laws Service Tax

Appellants' film music promotion not 'Business Auxiliary Service' under tax laws. Rights transfer, not service to clients.
July 6, 2024 Case Laws Central Excise

Refund interest computed from refund application date/ appellate order date. Rate as notified u/s 11BB, per Supreme Court. Tribunal can't decide other rate.
July 6, 2024 Case Laws Indian Laws

Notice u/s 138 NI Act is prerequisite for complaint. Allows drawer 15 days to pay & avoid penalty. Serving notice on director who signed cheque is valid service.
July 6, 2024 Case Laws Indian Laws

Dishonour of Cheque: Trial court overstepped remand scope, erred in allowing new evidence beyond limited mandate. Reopening settled issues impermissible.
July 6, 2024 Case Laws Indian Laws

Contract inclusive of tax upheld. Award can be set aside only if illegality goes to root, not for erroneous law/evidence.
July 5, 2024 Circulars SEBI

New timelines for CRAs: 1 day to communicate ratings, 3 days for appeals, 7 days for press releases. Website disclosures & 10-year records.
July 5, 2024 Circulars SEBI

Consolidated guidelines for registered Credit Rating Agencies (CRAs) - operations, obligations, inspections & code of conduct per SEBI norms.
July 5, 2024 Circulars SEBI

Brokers mandated to establish fraud prevention mechanisms, trading surveillance, internal controls & whistleblower policy as per SEBI regs.
July 5, 2024 Circulars SEBI

SEBI extends deadline for stock brokers/DPs to submit audited accounts/net worth certificate from Sep 30 to Oct 31 for ease of business.
July 5, 2024 Circulars Companies Law

MCA portal migration from 4-14 Jul '24 will make eForm MGT-6 & BEN-2 unavailable. Due dates during this period get 15 days extension without late fees.
July 5, 2024 Case Laws GST

Cancellation order sans reasons violated precedents; notice & hearing mandatory pre-revocation to avoid business disruption if no dues.
July 5, 2024 Case Laws GST

Petitioner denied natural justice; no notice u/s 73; failed to submit explanation despite adjournments; presumed delaying tactic; statutory remedy available.
July 5, 2024 Case Laws GST

Order quashed, case remitted for fresh orders after depositing disputed tax. Treated as addendum to show cause notice. Partial relief granted.
July 5, 2024 Case Laws GST

Breakwater construction ineligible for input tax credit under GST. Not 'plant & machinery' for outward supply. Ensures ship safety, not production.
July 5, 2024 Case Laws GST

Appellate Authority dismissed appeal due to limitation; High Court can examine original order's legality. Petitioner's claim for GST cancellation revocation to be reconsidered on merit.
July 5, 2024 Case Laws Income Tax

IMG's services to BCCI for IPL taxed as business income, not FTS; bifurcation upheld; "effectively connected" clause left open.
July 5, 2024 Case Laws Income Tax

Trust's application can't be denied solely for not starting charitable activities. Authorities must verify objects' genuineness & activities' alignment.
July 5, 2024 Case Laws Income Tax

Cash transactions for sale & purchase proved. Denial of Sec 54 exemption on cash portion for reinvestment after property sale quashed. Undisclosed income doesn't negate exemption.
July 5, 2024 Case Laws Income Tax

Delayed filing of audit report condoned. Deduction u/s 11(1) allowed despite 134-day delay in Form 10B filing. Court: Don't deny exemption for delay if eligible. Liberal exercise of power required.
July 5, 2024 Case Laws Income Tax

CIT(A) rightly allowed appeal withdrawal despite objection, as revisionary order quashing necessitated consequential order's dismissal.
July 5, 2024 Case Laws Income Tax

E-filing lapses noted. Deduction denial unjust. Dept. must assess correctly, allow deductions per law & Constitution. Technicalities can't obstruct justice.
July 5, 2024 Case Laws Income Tax

Nexus between expenses & exempt income u/s 14A crucial. Rule 8D application requires due diligence. Bogus capital loss addition rightly deleted. Speculation loss treatment appropriate.
July 5, 2024 Case Laws Income Tax

Unsecured loans & capital intro during demonetization questioned. AO failed inquiries. Assessee claimed jewelry sales, past savings. Creditworthiness proved. Cash deposits not loans.
July 5, 2024 Case Laws Income Tax

Reassessment notice validly issued within 6-yr limit. AO recorded reasons before sanction & issued notice timely.
July 5, 2024 Case Laws Income Tax

Flawed valuation report benefits company's interest. Continuous losses lead to negative net worth. Share premium rightly taxed as income.
July 5, 2024 Case Laws Income Tax

TP adjustments: Equity broking markup tweaked, port fee allowed, no AE service markup. Program trades brokerage disallowed. Interest expense allowed due to interest-free funds.
July 5, 2024 Case Laws Income Tax

Compensation for rights transfer rightly taxed as income, not capital gains. Notional rent & interest income additions upheld. Deduction claim rejected due to lack of evidence.
July 5, 2024 Case Laws Customs

Monetary threshold for customs adjudication examined. Appellate authority rightly accepted lack of jurisdiction. Remand permissible. Limitation issue left open.
July 5, 2024 Case Laws Insolvency and Bankruptcy

Debt & default established through substantive evidence. Loan purpose irrelevant. Stamping issue inconsequential. AA's dismissal erroneous. Appeal allowed.
July 5, 2024 Case Laws Service Tax

Insurance firms can avail CENVAT credit on invoices with service tax paid. Coordinate benches bound by precedents. Dissent & referral to 3rd member impermissible.
July 5, 2024 Case Laws Service Tax

IT-enabled services resale value can't exclude reimbursable expenses. Gross customer charge basis for principal's price u/s 67. Revenue neutrality no defense for limitation.
July 5, 2024 Case Laws Central Excise

Fatty Acid Pitch (FAP) exemption wrongly denied citing fuel use without evidence. Lack of inquiry despite details provided. Invoking extended period sans proof is untenable.
July 5, 2024 Case Laws Indian Laws

Petitions dismissed for delay, laches & not availing s.397 CrPC remedy. S.482 powers can't override specific provisions like s.397(2).
July 4, 2024 Circulars Central Excise

Revised monetary limits for adjudication of show cause notices in Central Excise for tobacco & tobacco products. Applicable from 01.07.2017.
July 4, 2024 Circulars FEMA

All cross-border remittances now require Form A2, regardless of value. Earlier exemption up to $25K withdrawn. ensure compliance.
July 4, 2024 Circulars FEMA

Authorised Dealers can facilitate unlimited remittances based on Form A2 online/physically, subject to FEMA conditions. ADs to frame guidelines with Board approval.
July 4, 2024 Circulars SEBI

Master Circular consolidates debt securities issuance & listing norms. Supersedes previous circulars. Compliance mandatory for recognized entities.
July 4, 2024 Circulars SEBI

SEBI permits private placement of debt securities & preference shares at ₹10,000 face value with conditions like merchant banker, interest/dividend, & credit rating.
July 4, 2024 Circulars GST - States

Circular: 1) Car leasing sans operator not 'same line'. 2) Electricity reimbursed by lessees taxable. 3) Malted barley job work 5% GST. 4) District Mineral Trusts exempt. 5) CPWD landscaping exempt.

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