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Highlights / Annotations / Catch Notes For August of 2024

Home Highlights August August 2024 Year 2024

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Showing 801 to 850 of 933 Records

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August 5, 2024 Case Laws Service Tax

Service tax not leviable on logistics/handling charges for car sales as it's part of sale value, pre-sale activities exempt.
August 5, 2024 Case Laws Service Tax

Service tax demand for Rs.41.43 crore dropped; tax leviable on payments received, not accrual basis. Dept failed to negate CA certificate.
August 5, 2024 Case Laws Central Excise

Duty rebate eligibility on overseas packing costs disputed. Rebate on "duty paid", not "duty payable". Transaction value includes buyer's expenditure.
August 5, 2024 Case Laws VAT and Sales Tax

Strict interpretation of tax statutes. "Purchase price" excludes purchases sans VAT credit. Taxable turnover excludes VAT paid.
August 5, 2024 Case Laws Indian Laws

Banks must follow RBI's restructuring framework for MSMEs without application. MSMEs to produce documents to avail benefits.
August 5, 2024 Case Laws Indian Laws

Arbitration allowed. Court's role limited. Denial of claim triggers dispute. Limitation period upheld. Negotiations don't extend limitation.
August 3, 2024 Notes Bill

Salary & family pension deductions enhanced for new tax regime. Standard deduction up from Rs. 50K to Rs. 75K. Family pension deduction up to Rs. 25K/33.33%.
August 3, 2024 Notes Bill

Employer's pension contribution deductible up to 14% of employee's salary from AY 2025-26. Sec 80CCD amended for higher deduction.
August 3, 2024 Notes Bill

Proposed amendments expand tax exemptions for retail funds, ETFs, Core Settlement Guarantee Funds & ease compliance for Venture Capital Funds & finance companies in IFSCs.
August 3, 2024 Circulars DGFT

Govt harmonizing Export Policy with ITC(HS) codes for Chapters 40-98 to streamline exports. Draft enclosed, comments by 11/08/24.
August 3, 2024 Notifications SEBI

SEBI amends Mutual Fund rules for market abuse deterrence, whistle-blower policy, exempting recording communications. CEOs accountable.
August 3, 2024 Case Laws Income Tax

Award to non-resident individual not liable for TDS deduction, as per SC & HC precedents. Judgment debt exempt from TDS.
August 3, 2024 Case Laws GST

Refund application filed on 17.09.2018 within limitation period deemed valid despite deficiency memo. Fresh application a continuation.
August 3, 2024 Case Laws Income Tax

Notices by Joint Assessing Officer invalid due to lack of jurisdiction u/s 151A. Court followed Hexaware case, allowing petition.
August 3, 2024 Case Laws Income Tax

Property value difference not taxable income. AO failed to consider objections. Petitioner disclosed all facts. Reopening beyond 4 years invalid.
August 3, 2024 Case Laws Income Tax

Reopening justified due to tangible material for escapement belief. Firm's brokerage income belonged to company as per partner's statement. Firm claimed bad debts to avoid tax.
August 3, 2024 Case Laws Income Tax

No adjustment of refund sans intimation. Revenue must follow Sec 245: prior notice, record reasons for withholding refunds.
August 3, 2024 Case Laws Income Tax

Revenue dept's request for delay in paying interest on delayed refunds rejected. Public money can't be wasted.
August 3, 2024 Case Laws Income Tax

Reassessment invalid due to improper sanctioning authority. Principal Chief Commissioner's sanction mandatory for cases beyond 3 years.
August 3, 2024 Case Laws Income Tax

Non-speaking order treating returns as invalid quashed. Issue of profession vs business unaddressed, violating natural justice.
August 3, 2024 Case Laws Income Tax

Reassessment notice invalid due to lack of reasonable opportunity to file reply. Bona fide mistake, sufficient cause shown. Natural justice violated. Order quashed, fresh consideration ordered.
August 3, 2024 Case Laws Income Tax

Deduction denied for houses owned pre-construction. Colony road insufficient for 'housing project'. Verify sale deeds for buyer loans. Await SC verdict on completion certificate.
August 3, 2024 Case Laws Income Tax

Deposited Rs. 36.5L SBNs during demonetization, AO added u/s [email protected]%. Tribunal: No addition when source proved. Upheld assessee's case.
August 3, 2024 Case Laws Income Tax

Partners' capital accounts revaluation taxed as transfer u/s 45(4). Fair market value, not revalued amount, is consideration u/s 48.
August 3, 2024 Case Laws Income Tax

Income Tax Appellate Tribunal: Supply planning services not taxable as fees/royalty under India-UK tax treaty. Followed previous ruling.
August 3, 2024 Case Laws Income Tax

Assessee sold plot in 2003, paid remaining amount in 2007. Transaction concluded in 2003 as per circle rate. No addition u/s 50C warranted.
August 3, 2024 Case Laws Income Tax

Discrepancy in ITR & Form 26AS led to income addition & penalty. ITAT set aside penalty due to lack of specific allegation & rectified Form 26AS.
August 3, 2024 Case Laws Customs

Substantial compliance plea rejected if statutory prerequisite unmet. Procedural relaxation allowed for traders if claim verifiable. Exemption prevents double benefit.
August 3, 2024 Case Laws Customs

Iron Ore Fines' Fe content on WMT basis to determine duty rate. Fe<58%, no export duty under Notification 15/2016. Order set aside, reassessment ordered.
August 3, 2024 Case Laws Customs

Anticipatory bail for alleged Rs. 5 cr arecanut smuggling at JNPT. No custody needed as goods seized. Bail if arrested: Rs. 25K.
August 3, 2024 Case Laws Insolvency and Bankruptcy

Plaintiff neglected to seek Resolution Plan from defendant. Court invoked s.151 CPC, dismissed Suit as infructuous post NCLT Resolution Plan.
August 3, 2024 Case Laws Insolvency and Bankruptcy

Welfare statute for slum dwellers prevails over IBC; corporate debtor can't stall redevelopment for self-interest.
August 3, 2024 Case Laws Insolvency and Bankruptcy

Rent dispute led to arbitration, award challenged in court. Petitioner claimed keys, respondent denied guards. Stay order with conditions.
August 3, 2024 Case Laws Service Tax

Petitioner's SVLDRS benefit denial for 1-day late tax payment quashed. Revenue received payment, substantial justice prevailed.
August 3, 2024 Case Laws Central Excise

Electricity consumption alone can't determine duty liability. Demands based on Director's accepted documents upheld. Risers/runners demand & raw material shortage demand quashed.
August 3, 2024 Case Laws Indian Laws

Sec 141 NI Act: MDs liable for company's conduct, signatories covered. Complaint against directors quashed sans averments u/s 50(1). MD responsible.
August 2, 2024 Notes Bill

Tax exemption for closely-held cos on share issue premium from FY26. Excess consideration over fair value not taxable as income.
August 2, 2024 Notes Bill

Presumptive tax regime for non-resident cruise operators: 20% of receipts deemed profits. Intra-group lease rentals exempt till 2030-31.
August 2, 2024 Notes Bill

Block assessment for search/requisition cases: 6 years preceding year + period till last authorization. Consolidated assessment, 60% tax on undisclosed income, 50% penalty.
August 2, 2024 Notes Bill

Streamlining assessment/reassessment: New notice procedures, information definition, approval requirements, time limits, and transitional provisions.
August 2, 2024 Notes Bill

Period for imposing penalties rationalized. Limitation calculated from appellate order date, not receipt by top officers. Effective 01/10/2024.
August 2, 2024 Notes Bill

IT Act amended to allow withholding refund for 60 days post assessment if it adversely impacts revenue, with reasons recorded.
August 2, 2024 Notes Bill

Section 253 amended for appeals to ITAT against tax orders. Includes undisclosed income penalties. Time-limit rationalized.
August 2, 2024 Notes Bill

Trust/fund exemption regimes to merge. First regime under 10(23C)(iv-via) phased out from Oct 1, 2024. Existing approvals valid. Can apply under Sec 11-13 later. Eligible investments protected.
August 2, 2024 Notes Bill

Delay in filing trust registration can be condoned if reasonable cause exists. Effective Oct 1, 2024. Prevents permanent exit from exemption.
August 2, 2024 Notes Bill

Proposed amendment rationalizes timelines for 80G approval applications, preventing unintended exit. Streamlines process for charitable donations & tax deductions.
August 2, 2024 Notes Bill

Faster processing for tax exemption applications from trusts/funds. 6 months from quarter-end, not month-end. Applies to new & renewal cases.
August 2, 2024 Notes Bill

Merger of trusts/institutions rationalized. Accreted income may attract provisions. New section 12AC clarifies conditions for exemption.
August 2, 2024 Notes Bill

Trusts can claim exemptions u/s 10(23EA), (23ED), (46B) by choosing operative/inoperative 12AB registration. Rationalizes charitable trust provisions.
August 2, 2024 Notes Bill

Capital gains tax simplified: 2 holding periods, 20% short-term rate on equity shares/funds, 12.5% long-term rate with Rs. 1.25L exemption.

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