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Highlights / Annotations / Catch Notes For August of 2024

Home Highlights August August 2024 Year 2024

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Showing 851 to 900 of 933 Records

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August 2, 2024 Notes Bill

Specified Mutual Fund definition clarified: >65% in debt/money market instruments or >65% in such funds. Fund-of-Funds included. Effective 04/01/2026.
August 2, 2024 Circulars GST - States

Road construction & maintenance under HAM is a continuous supply. Tax due on invoice/payment receipt, whichever is earlier. Interest included.
August 2, 2024 Circulars GST - States

Custodial services by banks/FIs to FPIs not treated as services to 'account holder' u/s 13(8)(a) IGST Act. Determined under default 13(2).
August 2, 2024 Case Laws GST

Excess stock triggers GST Act Sections 73/74, not Section 130. Court quashes orders invoking Section 130 for excess stock found during survey.
August 2, 2024 Case Laws GST

Petitioner allowed to rectify GST returns beyond time limit u/s 39(9) as no revenue loss. Respondents to open portal for amendment.
August 2, 2024 Case Laws GST

Petitioner challenged ITC mismatch order. Court set aside order, remitted case for fresh orders considering amended Rule 36(4).
August 2, 2024 Case Laws GST

Geo Membrane classified under Chapter 59, not 39 as per CTM case. GST 12% from 15.11.2017, not 18%. Discounted rate applies.
August 2, 2024 Case Laws GST

Refund claim time limit challenged. Online GST appeal filed timely on 31.10.2022. Hard copy not required. Impugned order set aside.
August 2, 2024 Case Laws GST

Petition dismissed; alternative remedy u/s 107 GST Act available. Disputed facts on hearing, Section 16(2)(b)&(c) invocation need analysis. Raise merits before Appellate Authority.
August 2, 2024 Case Laws GST

Seat covers permanently fitted over raw foam seats by OEMs/seat manufacturers are classifiable under HSN 9401 or Sl. No. 435A, not 940120 or 8708.
August 2, 2024 Case Laws GST

Mangala Borosan & G1 lack N,P,K; can't be classified as fertilizers under Ch.31 despite claimed usage or results. Classification based on description, notes & GRI.
August 2, 2024 Case Laws GST

Distinct supplies by applicant to Shell & farmers, not composite under GST. No single recipient. Supplies can't be clubbed per Sec 2(30). Applicant not Shell's agent/JV.
August 2, 2024 Case Laws Income Tax

Reopening notice invalid, based on material already considered during regular assessment. Mere change of opinion. Disclosure made, not a failure.
August 2, 2024 Case Laws Income Tax

Reassessment proceedings initiated beyond 3 years sans sanction from authorized authority u/s 151(ii) rendered invalid.
August 2, 2024 Case Laws Income Tax

Reassessment notice beyond 6-yr limit quashed. Statutory time can't be extended judicially/invoking other provisions. Writ allowed.
August 2, 2024 Case Laws Income Tax

Computer software payments not taxable as royalties. Follows SC's Engineering Analysis, Reliance & Lucent precedents. Income tax law applied.
August 2, 2024 Case Laws Income Tax

Jurisdiction row: AO's assessment after 142(1) notice expiry queried. Assessee's silence despite participation & 124(3)(a) time-bar scrutinized vis-`a-vis Kalinga case ratio.
August 2, 2024 Case Laws Income Tax

Trust's charitable nature upheld despite ancillary commercial activities. Reopening invalid due to lack of tangible material & erroneous reasons.
August 2, 2024 Case Laws Income Tax

Salaried employee can opt for 115BAC without Form-10-IE. ITAT upholds procedure, overrules Revenue Authorities' denial.
August 2, 2024 Case Laws Income Tax

Sanction from appropriate authority prerequisite for issuing notice u/s 148 after 4 years. Defect not curable, vitiates notice.
August 2, 2024 Case Laws Income Tax

Cooperative Housing Society's maintenance charges, rental & interest income rightly set off u/s 70 & 71.
August 2, 2024 Case Laws Income Tax

Tribunal upheld reasonable cause for Tax Audit Report delay due to dispute over interim dividend declaration delaying audited results. Penalty deleted.
August 2, 2024 Case Laws Income Tax

Assessment without seized material invalid. Reopening completed assessments requires relevant evidence.
August 2, 2024 Case Laws Customs

Tribunal allows appeal, restores CHA license despite violation; suspension deemed sufficient punishment.
August 2, 2024 Case Laws Companies Law

NCLT interim injunction order set aside for lack of reasoning, violating natural justice. Remitted for reconsideration.
August 2, 2024 Case Laws Insolvency and Bankruptcy

Petition for removal of Liquidator dismissed due to incomplete qualifications. IBBI rejected authorization as per regulations.
August 2, 2024 Case Laws Insolvency and Bankruptcy

Inordinate 466-day delay in appeal filing rejected. Financial crunch plea not accepted given substantial income. Delay condonation rightly denied. Appeal dismissed on limitation ground.
August 2, 2024 Case Laws Money Laundering

Art 21 guarantees personal liberty, bail is norm. But given offence nature, transactions, nexus, ongoing probe, Court invoked PMLA presumption.
August 2, 2024 Case Laws Money Laundering

ED can provisionally attach properties for 180 days if proceeds of crime suspected. Lapsed after 180 days when confirmation not obtained.
August 2, 2024 Case Laws Service Tax

Services for hydro project qualified for dam construction exemption. Bona fide belief on non-taxability prevented extended period.
August 2, 2024 Case Laws Service Tax

Extended limitation requires wilful suppression, not mere non-disclosure. Dept must prove positive act. Interpretation disputes don't invoke it. Bona fide belief /= mala fide.
August 2, 2024 Case Laws Service Tax

Non-payment of service tax on consultancy, royalty, IP, auxiliary & banking services challenged. Tribunal: No tax on consultancy to unit, IP taxable from Sept'04, no auxiliary services, no banking services rendered, time-barred demand.
August 2, 2024 Case Laws Service Tax

Car dealers' insurance service tax invoices valid for Cenvat credit despite unsigned & description mismatch.
August 2, 2024 Case Laws VAT and Sales Tax

Interest on delayed refunds must be paid. Excess amount to be adjusted against other dues. Filing separate refund form not required.
August 2, 2024 Case Laws Indian Laws

Cheque dishonour - no conversion to summons case. Insufficient time granted, recall plea rejected.
August 2, 2024 Case Laws Indian Laws

Presumption rebutted. Defence proved. Petitioner failed evidence. Acquittal justified. Presumption of innocence strengthened.
August 1, 2024 Circulars SEBI

University Funds & Endowments exempted from extra disclosures if: <25% Indian equity, >Rs. 10K cr global AUM, non-profit status.
August 1, 2024 Notifications DGFT

Kandla & Vishakhapatnam ports added for exporting essential commodities to Maldives in 2024-25 under restricted category.
August 1, 2024 Notifications SEBI

SEBI amends delisting norms: promoter group defined, trade curbs, certifications, 90% shareholding threshold, relaxations for small firms.
August 1, 2024 Notifications Customs

Revised tariff values for edible oils, brass scrap, areca nut, gold & silver announced. Effective Aug 1, 2024.
August 1, 2024 Notifications Customs

Lab chemicals (excl. undenatured ethyl alcohol) under HS 9802 attract 10% customs duty if used for lab/R&D & not sold. Misuse attracts full duty.
August 1, 2024 Notifications Central Excise

Govt slashes Special Addl Excise Duty on Crude Oil to Rs. 4600/tonne from existing rate. Effective 1st Aug '24.
August 1, 2024 Notifications GST

Ministry of Finance establishes GST Appellate Tribunal with Principal Bench in Delhi, 36 State Benches across India from Sep 1, 2023.
August 1, 2024 Notes Bill

TDS rates reduced for 194D, 194DA, 194G, 194H, 194-IB, 194M, 194-O from 0.1-2% from 1.4.2025/1.10.2024. 194F omitted for MF/UTI repurchase from 1.10.2024. No change for salary, VDAs, lottery, race horses, property transfers, NR payments, contracts.
August 1, 2024 Notes Bill

Tax Deducted at Source (TDS) on insurance commission for non-corporates reduced from 5% to 2% from Apr 1, 2025.
August 1, 2024 Notes Bill

Lower TDS rate of 2% on life insurance payouts from Oct 1, 2024 to simplify taxation of capital gains.
August 1, 2024 Notes Bill

Lower 5% TDS on lottery commission/prizes to 2% from Oct 1, 2024 for income over Rs. 15,000.
August 1, 2024 Notes Bill

Income tax deduction on commission/brokerage slashed from 5% to 2% from Oct 1, 2024. Simplified capital gains taxation.
August 1, 2024 Notes Bill

Rent >Rs 50K/month? 5% TDS u/s 194-IB. From Oct '24, 2% TDS rate simplifies capital gains tax.
August 1, 2024 Case Laws GST

Petition maintainable despite pending appeal on different cause. Claimed ITC refund for exports Sep'19-Jan'20. Approach appellate authority.

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