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Highlights / Annotations / Catch Notes For August of 2024

Home Highlights August August 2024 Year 2024

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Showing 701 to 750 of 933 Records

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August 7, 2024 Case Laws Income Tax

Legal reps of deceased can challenge proceedings, but must follow Section 159. Court set aside reopening notice against deceased.
August 7, 2024 Case Laws Income Tax

Validity of order questioned after Settlement Commission abolished. CBDT's additional conditions for eligibility deemed unlawful. Petitioner eligible.
August 7, 2024 Case Laws Income Tax

Is property income "house property" or "business income"? Tribunal favors consistency, rejects Revenue's interpretation.
August 7, 2024 Case Laws Income Tax

Expat salary reimbursed not taxable as FTS. No agency PE/interrelated transaction. SanDisk India not assessee's dependent agent.
August 7, 2024 Case Laws Income Tax

Assessee LLC providing web services held US tax resident, eligible for India-USA DTAA benefits. Tribunal remands taxability issue to AO.
August 7, 2024 Case Laws Income Tax

Non-resident's foreign income not taxable in India. Stock options for foreign services not taxable. Tax treaty benefits allowed.
August 7, 2024 Case Laws Income Tax

Penalty u/s 271(1)(c) not leviable if assessee voluntarily discloses & pays tax during reassessment without adjustment.
August 7, 2024 Case Laws Income Tax

Non-resident Indian's challenge against ITO's jurisdiction upheld; reassessment notice invalid. Faceless Assessment Unit acknowledged NRI status.
August 7, 2024 Case Laws Income Tax

Reassessment notice quashed due to time limit & lack of approval under new law. Appellant wins on legal grounds.
August 7, 2024 Case Laws Income Tax

Tonnage Tax Scheme: No FCCB premium deduction allowed. Expenditure against tonnage income prohibited. Free funds argument rejected. 60% depreciation on UPS.
August 7, 2024 Case Laws Income Tax

Consultancy fees paid to director allowed if reasonable per business needs, complying with laws & not excessive as per market rates.
August 7, 2024 Case Laws Income Tax

Penalty u/ss 271D & 271E for cash loans from directors rejected - no exemption, proceedings timely despite COVID delays. Urgent expenses at distant project sites allowed cash loans.
August 7, 2024 Case Laws Income Tax

Annual letable value based on expected market rent, not actual rent. Provisioned expenses: If payer, payee, nature & liability identified, TDS due.
August 7, 2024 Case Laws Income Tax

Reopening invalid; mere discrepancy in computation method & legal interpretation isn't 'information'. Lack of reason to believe income escaped assessment. Sec 50C inapplicable on stock-in-trade sale.
August 7, 2024 Case Laws Income Tax

Corpus donations exempted u/s 11(1)(d), not 11(1)(a). No overlapping exemption. Separate incomes, separate exemptions. Assessee's appeal dismissed.
August 7, 2024 Case Laws Customs

Malicious prosecution suit against government authorities barred for late notice, overruling HC's view. Notice must precede limitation expiry per precedents.
August 7, 2024 Case Laws Customs

Imported medical monitor classified under 8529, not 8528; monitors lack distinction; proposed classification upheld.
August 7, 2024 Case Laws Customs

Denial of concessional duty rate for 'waste paper' import, non-maintenance of separate books, concealment from excise authorities to obtain 'end-use certificate'.
August 7, 2024 Case Laws Customs

Import allowed sans BIS cert, CESTAT orders provisional release. Test reports inconclusive on goods' nature/value. Final ruling awaited.
August 7, 2024 Case Laws Customs

Reg 17 CBLR mandates cross-exam rights; denial requires reasons. Statements u/s 108 questionable, cross-exam vital. Customs Broker not liable for employee's acts.
August 7, 2024 Case Laws Customs

Imported goods wrongly classified due to lack of testing evidence. Witness stance changed, further questioning denied.
August 7, 2024 Case Laws Insolvency and Bankruptcy

Operational creditors' rights under Art. 300A upheld. Tribunal's revisional jurisdiction over CoC affirmed. Finality doctrine & fraud risks in IBC addressed.
August 7, 2024 Case Laws Money Laundering

Arrest legal, court order, reasonable suspicion. Prosecution justified delay. Petitioner's influence, witness reluctance considered.
August 7, 2024 Case Laws Service Tax

Service tax refund allowed on additional charges recovered from customers without availing CENVAT credit. Gross amount charged basis for service tax payable.
August 7, 2024 Case Laws Service Tax

Flawed order due to vague notice alleging dual taxability impermissibly. No independent design services. Revenue failed to prove design as aim.
August 7, 2024 Case Laws Service Tax

Service recipient's costs for CISF security like accommodation, medical, telecom not taxable as free supplies. Tribunal upheld Bhayana Builders ratio.
August 7, 2024 Case Laws Central Excise

Electricity use evidence challenged; cross-exam denied, violating justice. Tribunal rejected quantification formula, but Revenue calculated averages. Case law argument rejected. Remanded for cross-exam opportunity.
August 6, 2024 Circulars Income Tax

Higher TDS/TCS rate exemption if deductee/collectee expired before linking PAN-Aadhaar by 31.05.2024 for transactions until 31.03.2024.
August 6, 2024 Circulars SEZ

BoA for SEZs: Co-devs, area changes, de-notification, validity extensions, conversions & misc. approved with caveats like Act/Rules compliance, tax examination & lease periods.
August 6, 2024 Circulars SEBI

SEBI consolidates circulars for Mutual Funds. New Master Circular supersedes previous one. Rescinded circulars listed, actions remain valid.
August 6, 2024 Circulars SEBI

SEBI mandates valuation of AT-1 Bonds by MFs based on Yield to Call, aligning with NFRA's Ind AS 113 recommendation for market valuation.
August 6, 2024 Circulars SEBI

AMCs must have robust systems to detect market abuse like front-running, fraud. CEOs accountable. Surveillance, controls, escalation. Examine communications, logs. Whistleblower policy.
August 6, 2024 Circulars GST - States

Insurers needn't pay GST on salvage deducted from claims as it remains insured's property. But if claim settled without deduction, insurer must pay GST on salvage sale.
August 6, 2024 Circulars GST - States

GST on spectrum allocation: Deferred payment is continuous supply. Time of supply governed by Sec 13(3), WBGST Act. Invoice required per Sec 31(5)(a).
August 6, 2024 Notifications Companies Law

Govt introduces e-adjudication platform for company penalties. Notices, filings, hearings, orders & payments go digital.
August 6, 2024 Notifications LLP

2024 LLP Rules amend defunct LLP strike-off process, empowering Centre for Accelerated Corporate Exit alongside Registrar for streamlined exit.
August 6, 2024 Notifications SEBI

SEBI renews recognition of National Commodity Clearing Ltd as clearing corp from 10/09/2022 to 09/09/2025 under regulations.
August 6, 2024 Notifications SEBI

Amended ICDR Norms: Senior management under KMP disclosure, offer doc details on remuneration, shareholding & agreements mandated.
August 6, 2024 Case Laws GST

Petition dismissed for violation of natural justice principles. Inadequate time given for GSTR mismatch reply. Adjournment denied due to no written reply.
August 6, 2024 Case Laws GST

Jurisdiction challenge rejected for non-participation. 10% deposit within 8 weeks for fresh hearing. File replies in 12 weeks. Final order in 2 months.
August 6, 2024 Case Laws GST

Bail granted in fake GST entities case; petitioner released on Rs.50,000 bond & sureties; offence punishable up to 5 years.
August 6, 2024 Case Laws GST

Petition disposed, awaiting SC verdict on GST levy on mining under reverse charge. Recovery proceedings stayed pending appeal disposal. No pre-deposit needed.
August 6, 2024 Case Laws GST

Writ against GST adjudication order dismissed for violating natural justice. Petitioner can approach Appellate Authority after statutory pre-deposit.
August 6, 2024 Case Laws GST

Tax liability order set aside due to non-receipt of notice. Reconsider 5% tax demand within 2 weeks & reply to show cause.
August 6, 2024 Case Laws GST

Hostel accommodation exempt for 10 months (Serial No. 12). Short stay (1-2 months) for new students taxable (Serial No. 3).
August 6, 2024 Case Laws Income Tax

Non-searched entities u/s 153C don't require separate regime if AOs are same. Proviso regulates assessment year.
August 6, 2024 Case Laws Income Tax

ITAT dismissed appeal citing low tax effect; Revenue can recall if exceptions. Assessee cited Circular & HC judgment. HC quashed ITAT order, remanded matter.
August 6, 2024 Case Laws Income Tax

Reassessment nullified for 2020-21 due to lack of evidence on alleged IGST refund issue. Disallowed expenses unrelated to that year.
August 6, 2024 Case Laws Income Tax

Legality of search scrutinized through Articles 21 & 265. Proportionality applicable for statutory violations impacting privacy.
August 6, 2024 Case Laws Income Tax

Court allowed delayed tax filing for 72-yr-old citing depression, old age & small income. Relied on precedent for leniency.

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H: Reopening of Assessment upheld; NRI Status & Source of Funds questioned.

H: Service Tax Refund Claim's Jurisdiction Tussle - Recipient's Location ...

H: Assessment appeal dismissed over technicality, courts intervene to uph...

H: Hostel accommodation services taxed under GST, not exempt as residenti...

H: Liquor Tycoon's Undisclosed Income Unraveled Through Search Operation.

H: Petrol pump owner's cash deposits from sales accepted as genuine income.

H: Reassessment notices quashed, approval withdrawal invalid - jurisdicti...

H: NRI's unexplained mutual fund investment & capital gains get relief af...

H: Land sale profit: Business income or long-term capital gain? Intention...

H: Land business income surrendered during survey not unexplained, charge...

H: Taxpayer wins against tax dept's addition of unproved sundry creditors...

H: Professional fees earned abroad taxable in India, but Japanese withhol...

H: Lending business earned interest spread, no disallowance. Keyman insur...

H: Transaction Value Dispute: Insufficient Evidence for Duty Enhancement?

H: Rejected resolution plan barred from halting asset auction due to prin...

A: NON-SUBMISSION OF FORM 15G/15H TO THE COMMISSIONER FOR TDS UNDER SECTI...

A: UNDERSTANDING AMNESTY FOR WAIVER OF INTEREST / PENALTY U/S 128A OF GST...

A: Department cannot pass an order on the dated personal hearing

A: How to register a Company in India: A Step-by-Step Guide for 2024

C: Clarifications on the applicability of concessional duty under IGCR Ru...

C: Withdrawal of Master Circular on issuance of No Objection Certificate ...

C: Mandatory additional qualifiers in import declarations in respect of c...

C: Implementation of automation in the Customs (Import of Goods at Conces...

N: Securities and Exchange Board of India (Bankers to an Issue) (Amendmen...

N: Securities and Exchange Board of India (Buy-Back of Securities) (Secon...

F: INTERMEDIARY SERVICES OR EXPORT SERVICES

F: assessment order

F: Transfer of ITC without filing ITC-02

A: Electronic Liability Register

A: From Inception to Exit- A Complete Guide to LLP Registration, Closure,...