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Highlights / Annotations / Catch Notes For August of 2024

Home Highlights August August 2024 Year 2024

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Showing 751 to 800 of 933 Records

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August 6, 2024 Case Laws Income Tax

Refund delay at CPC despite order; Court directs timely refund credit or cheque/pay order with interest to avoid public loss.
August 6, 2024 Case Laws Income Tax

Reassessment proceedings beyond 3 years invalid if sanction by lower authority. Order & notice quashed, following Siemens case.
August 6, 2024 Case Laws Income Tax

Addition of capital by partners can't be taxed in firm's hands. Deduction u/s 35AD denied for lack of CA certificate.
August 6, 2024 Case Laws Income Tax

Tax assessments arbitrary sans incriminating evidence. Reassessment needs material proof. Unexplained credits deleted if source unverified. No disallowance without incrimination.
August 6, 2024 Case Laws Income Tax

Export turnover doesn't qualify for 10A exemption. Exclude forex expenses from both turnovers for parity. Interpret 10A liberally.
August 6, 2024 Case Laws Income Tax

Interest income from co-op bank allowed u/s 80P(2)(d), subject to verification. Non-co-op bank interest not deductible.
August 6, 2024 Case Laws Income Tax

Capital gain on flats: Gift not taxed, but taxable when gifted asset transferred. Indexation benefit from previous owner's acquisition year.
August 6, 2024 Case Laws Income Tax

Mauritian entity with resident directors held tax resident despite treaty shopping allegations. Funds routed via Cayman entities for genuine investment platform.
August 6, 2024 Case Laws Income Tax

Calculating book profit u/s 115JB excludes capital gains from flat sales with indexed cost benefit. Strict adherence to Schedule VI mandated.
August 6, 2024 Case Laws Income Tax

Transfer pricing: Royalty upheld; Ad expenses remanded; Third-party ads deleted; IT/Consultancy costs deleted. Comparables revised.
August 6, 2024 Case Laws Income Tax

TDS disallowance deleted for professional fees to non-residents sans fixed base/PE in India. Disallowance removed for non-resident services outside India. CSR expenditure allowed.
August 6, 2024 Case Laws Income Tax

Cooperative society earning interest & dividend from deposits with Delhi State Coop Bank eligible for deduction u/s 80P(2)(d).
August 6, 2024 Case Laws Income Tax

Assessee proved financial credibility; Revenue failed to disprove genuine transaction. CIT(A) rightly deleted AO's addition.
August 6, 2024 Case Laws Income Tax

Agriculture land sold not a capital asset as located outside municipal limits & village population below threshold. No tax on gains.
August 6, 2024 Case Laws Customs

Customs authorities can continue inquiry & impose penalty despite revoking broker's license suspension. Temporary order revocation /= inquiry closure.
August 6, 2024 Case Laws Customs

License cancellation & penalty set aside. Penalty /= offence under Customs Act. Different meanings for expressions in notification. Impugned order unsustainable. Appeal allowed.
August 6, 2024 Case Laws Customs

Declared transaction value of imported goods determinable u/s 14 & Rule 3(1). Rejecting it without legal sanction unsustainable. NIDB data alone can't justify enhancement.
August 6, 2024 Case Laws Customs

MCPCB classified as 'Printed Circuits' under 8534 0000, not 9405 9900. Tribunal upholds specificity of 8534 0000 over Revenue's claim. Order set aside.
August 6, 2024 Case Laws Customs

Mis-declaration of goods in SEZ unit attracts penalty u/s 112(a) & 114A. Option for reduced 25% penalty if duty+interest paid timely.
August 6, 2024 Case Laws Customs

Cocoa powder import from Malaysia: FTA benefit denial challenged. Customs must verify origin certificate retroactively.
August 6, 2024 Case Laws Service Tax

Payment made on 25.08.2020 under SVLDRS entitled appellants to discharge obligations & avail amnesty from interest/penalty.
August 6, 2024 Case Laws Service Tax

Forfeited amounts from contract breach/cancellation lack nexus with taxable service, hence can't be taxed as consideration for services.
August 6, 2024 Case Laws Central Excise

Valuation excludes 3rd party inspection & transport charges. "By reason of sale" doesn't negate charging section. Demand without evidence unsustainable.
August 6, 2024 Case Laws Central Excise

Goods classified under wrong heading due to interpretation issue. No malafide intent. Assessee entitled to CENVAT credit.
August 6, 2024 Case Laws Central Excise

EOU faced undervaluation allegations for DTA clearance. Tribunal ruled in EOU's favor, citing lack of evidence & Supreme Court's stance on transaction value.
August 5, 2024 Case Laws GST

Delay in availing Input Tax Credit disputed. Rs. 23,35,892/- relief granted. Case remitted for considering GST Council proposals.
August 5, 2024 Case Laws GST

Pre-deposit not made for appeal initially; later paid over 11% of disputed tax. Appellate authority to decide on merits.
August 5, 2024 Case Laws GST

Petitioner entitled to refund of unutilized ITC on exports. BRCs for realization suffice; can't reject refund for delay in BRC submission.
August 5, 2024 Case Laws GST

Petitioner's Input Tax Credit claim rejected due to lack of supplier certificates & GSTR mismatch. Recovery stayed for 3 months.
August 5, 2024 Case Laws GST

RBI penalties for law violations & vendor liquidated damages not taxable under GST as per circular. Disciplinary, not service consideration.
August 5, 2024 Case Laws GST

Govt company with equal Central & State equity denied exemption on leasing services as govts own >20%. 18% GST applicable.
August 5, 2024 Case Laws GST

Error not apparent, refund customers first. "Other charges" classification not rectifiable. AAR upheld for equity & uniformity.
August 5, 2024 Case Laws GST

Polymer coating for bridges is a 'works contract' under CGST Act, taxable as service. 18% GST applies for bridge construction/maintenance. Tax rate varies based on time of supply.
August 5, 2024 Case Laws Income Tax

Registration for tax deduction on donations for charitable activities - technicalities shouldn't override charitable purpose.
August 5, 2024 Case Laws Income Tax

Reopening disallowed: AO can't reopen on same issue after regular assessment, else it's change of opinion.
August 5, 2024 Case Laws Income Tax

Faceless assessment scheme: JAO's reassessment notice invalid if jurisdictional transfer not per facts. Circulars can't override laws. Authorities can't bypass provisions.
August 5, 2024 Case Laws Income Tax

Assessee rightly offered 50% rental income from jointly-owned Singapore property. Revised return accepted. No willful concealment. Penalty deleted.
August 5, 2024 Case Laws Income Tax

Deferred consideration contingent on revenue targets, accrual upon enforceable right. Cost of shares remanded. MFN clause for lower dividend tax rate remanded.
August 5, 2024 Case Laws Income Tax

Notice u/s 148 valid sans DIN if assessee participates. Cash deposits treated as income when unsubstantiated source contradicts documents.
August 5, 2024 Case Laws Income Tax

Addition u/s 68 requires corroborative evidence, not mere statements. Onus on Dept to collect cogent proof. Tax actual gains, not assumptions.
August 5, 2024 Case Laws Income Tax

Indexed cost disallowed based on DVO report. Assessee's valuer Rs. 89,800/sq. yard, DVO Rs. 72,000/sq. meter. No mistake in assessee's valuation.
August 5, 2024 Case Laws Income Tax

Interest, depreciation claims wrongly disallowed. SBI interest paid. Audited reports furnished. AO verification lapse. Brought forward losses allowable.
August 5, 2024 Case Laws Customs

Goods allowed for re-export: No redemption fine. Penalty reduced to Rs. 1L. HCL Hewlett Packard precedent cited.
August 5, 2024 Case Laws Customs

Licensed money exchanger's penalties for alleged illegal currency export/gold import set aside due to lack of evidence. Exchanging currency sans invoice violated license, not law.
August 5, 2024 Case Laws Customs

Gold bars wrongly seized despite proper docs. Lack of reasonable belief for smuggling at seizure time. Mere presumptions insufficient.
August 5, 2024 Case Laws Insolvency and Bankruptcy

Petition u/s 9 rightly rejected due to pre-existing dispute. Plausible forgery allegations & contractual breach claims led to dispute.
August 5, 2024 Case Laws Insolvency and Bankruptcy

Tribunal rules allow registrar to grant time to cure defects. Appeal refiling date after curing defects can't be treated as fresh filing date for limitation.
August 5, 2024 Case Laws Money Laundering

Appeals to High Court allowed within 60 days of order on questions of law/fact. 'High Court' defined as per aggrieved party's residence/business location.
August 5, 2024 Case Laws Service Tax

Writ maintainable. University's educational services non-taxable. Non-edu income like rent taxable unless exempt. Affiliation fees, penalties not taxable. Exemption notifications valid.
August 5, 2024 Case Laws Service Tax

Reimbursement cost from landowner for flat construction under JDA not liable to service tax. Follows Mormugao Port Trust case.

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