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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 3001 to 3050 of 9406 Records

1 ....57 58 59 606162 63 64 65........ 189

August 10, 2024 Case Laws Income Tax

Roaming charges paid by telcos are "fees for technical services" u/s 194J, attracting TDS due to integral human intervention & expertise for smooth roaming.
August 10, 2024 Case Laws Income Tax

Sec 44AB inapplicable for tax-exempt income. No penalty u/s 271B for non-audit if income exempt u/s 10(34).
August 10, 2024 Case Laws Income Tax

Transfer of funds by assessee to own foreign account doesn't attract TDS u/s 195 as remittance wasn't to another person.
August 10, 2024 Case Laws Income Tax

CIT(A) erred in allowing appeal without considering facts. Section 50B applicable for slump sale capital gains computation.
August 10, 2024 Case Laws Income Tax

Interest income earned by govt co-op society in regular operations qualifies as cottage industry revenue eligible for 80P(2)(a)(ii) deduction.
August 10, 2024 Case Laws Income Tax

Voluntary income surrender /= concealment. AO failed to prove concealment. Not deemed concealment under Exp. 5A to 271(1)(c).
August 10, 2024 Case Laws Income Tax

Assessee proved identity & genuineness of share applicants; creditworthiness verification in shareholders' hands if doubted.
August 10, 2024 Case Laws Income Tax

Disallowance u/s 14A: AO to accept assessee's suo moto disallowance. Only non-exempt income yielding investments considered. Deduction u/s 80G allowed except for specific Kosh, Fund & CSR contributions.
August 10, 2024 Case Laws Income Tax

Filing Form 10-IE for new tax regime & Form 67 for FTC before due date is directory. Consider if filed before assessment.
August 10, 2024 Case Laws Income Tax

AO's findings on unspent funds u/s 11 set aside. Capital fund use for assets, WIP & current assets excluded from Sec 11(2)/(5). Remanded for fresh adjudication.
August 10, 2024 Case Laws Income Tax

Unexplained share capital & premium received = assessee's own unaccounted money flowing back. Creditworthiness proved. No sec 68 addition.
August 10, 2024 Case Laws Income Tax

Land valuation can't solely rely on DVO report. Land-locked properties' market value considered by independent valuer.
August 10, 2024 Case Laws Income Tax

Incriminating docs like satakhat & digital data insufficient for additions u/ss 69A & 69B. Lack of payment proof, unexamined sellers, no probe.
August 10, 2024 Case Laws Income Tax

Ex-parte order set aside. Assessee denied fair hearing. Natural justice calls for fresh opportunity to present case with evidence.
August 10, 2024 Case Laws Insolvency and Bankruptcy

Delay in appeal filing denied; prerequisites unfulfilled. Negligence, not jurisdictional defect. Visa Steel case distinguished. 209 days delay exceeds 15 days limit. Appeal dismissed.
August 10, 2024 Case Laws Money Laundering

Proceeds of crime include property of value equivalent to crime proceeds, even if not directly obtained.
August 10, 2024 Case Laws Service Tax

Sizing stones/boulders=manufacturing, not mining service. Equipment control transferred to recipient. No suppression. Appeals allowed.
August 10, 2024 Case Laws Central Excise

Clandestine removal claims rejected due to inadmissible witness statements. Insufficient evidence from documents. Discrepancies noted. Penalties on partners impermissible. Demand set aside.
August 10, 2024 Case Laws VAT and Sales Tax

Assessment can't be reopened on basis of later SC judgment if earlier assessment was per law then. Impermissible colourable exercise.
August 9, 2024 Notifications SEBI

AIFs can't leverage except short-term borrowing. Encumbrance on infra equity allowed. Large funds can extend tenure with unitholders' nod.
August 9, 2024 Notifications Income Tax

Karnataka State Natural Disaster Monitoring Centre exempted from income tax on specified income like govt grants, data sharing.
August 9, 2024 Notifications Income Tax

Govt exempts specified income of Kalyan Karnataka Region Development Board from tax u/s 10(46) for FY22-23 & FY23-24. Conditions apply.
August 9, 2024 Case Laws GST

Excess stock found during survey can't trigger proceedings u/s 130 of GST Act. Court ruled it should be u/ss 73/74, quashed orders against petitioner.
August 9, 2024 Case Laws GST

Garnishee order upheld; refund contingent on appeal outcome. Court directs swift disposal within 2 months for justice.
August 9, 2024 Case Laws GST

Delayed GST appeal maintainable; revocation possible after paying dues. Time spent in wrong forum excluded.
August 9, 2024 Case Laws Income Tax

Reassessment grounds dropped, no additions permitted. Indelible link between 148A(b) & 148A(d). Validity check precedes Explanation 3.
August 9, 2024 Case Laws Income Tax

Compensation for diminished ESOPs value is a taxable perquisite, not capital receipt. Entire compensation qualifies as salary if no payment made for retained ESOPs.
August 9, 2024 Case Laws Income Tax

Lack of valid satisfaction note before issuing notice under special provision rendered assessment null & void. AO lacked jurisdiction. Penalties quashed. Assessee's appeals allowed.
August 9, 2024 Case Laws Income Tax

Consideration for relinquishing sweat equity shares after job exit can't be 'profits in lieu of salary'. It's capital gains.
August 9, 2024 Case Laws Income Tax

Non-receipt of notices plea rejected. Firm dissolved but proprietor continued transactions. Huge transactions observed. Orders u/s 144,147 upheld. Pre-deposit Rs. 50L for fresh consideration.
August 9, 2024 Case Laws Income Tax

Penalty u/s 271(1)(c) overturned: No hearing chance; No wilful omission; Doctor's plea accepted; Relief granted like Dr. R. Gopalakrishnan's case.
August 9, 2024 Case Laws Income Tax

Validity of advocate's premises search upheld, seizure of client's pre-engagement docs barred. Authorities to segregate incriminating evidence judiciously.
August 9, 2024 Case Laws Income Tax

Assessment validity upheld despite secret office search. Digital data=books pre-amendment. Limitation period: 31.03.2024 for 153C, 31.03.2023 for 153B. Timely notices. Scrutiny orders valid. Income addition to directors quashed.
August 9, 2024 Case Laws Income Tax

Non-profit export promotion council granted tax exemption for facilitating trade fair participation of leather exporters.
August 9, 2024 Case Laws Income Tax

Income assessed in hands of Representative Assessee. No credit for prepaid taxes availed by beneficiaries. Interest levied.
August 9, 2024 Case Laws Income Tax

Notice u/s 148 barred if beyond limitation period under erstwhile s.149(1)(b), despite relaxation act (TOLA). First proviso ineffective post Apr 1, 2021.
August 9, 2024 Case Laws Income Tax

Penalty for excess claim nullified. Assessee's intent not malafide. ITAT favors deletion of penalty imposed u/s 270A(9).
August 9, 2024 Case Laws Income Tax

Deduction u/s 54 allowed even if new house bought before asset sale using other funds. Construction start date irrelevant.
August 9, 2024 Case Laws Income Tax

AO disallowed professional fees; CIT(A) allowed based on evidence. Tribunal upheld CIT(A). No disallowance u/s 14A for investments. Tribunal deleted disallowance of admin expenses u/s 14A r/w Rule 8D.
August 9, 2024 Case Laws Income Tax

Transfer of industrial unit to rural area by partnership firm qualifies for tax exemption. Partner eligible despite firm investing.
August 9, 2024 Case Laws Income Tax

Interest on enhanced land compensation from possession till judgment is non-taxable under Sec 145A & 56(2)(iii).
August 9, 2024 Case Laws Income Tax

Purchase value vs. District Valuation Officer's value differed <10%. Transacted amount within tolerance limit. No addition warranted u/s 56(2)(x)(b)(B)(ii).
August 9, 2024 Case Laws Income Tax

Onus on Revenue to prove taxability of Form 26AS entries not in audited books. Assessee denied transaction & filed reconciliation. Revenue failed to establish income.
August 9, 2024 Case Laws Customs

Adjudication & prosecution under Customs Act independent. Parallel proceedings allowed. Exoneration in one doesn't preclude other.
August 9, 2024 Case Laws Customs

Customs Broker's license revocation, security deposit forfeiture & penalty set aside as violations under Regs 10(a),(d),(e),(n) not established.
August 9, 2024 Case Laws Customs

Customs license cancellation overturned - typographical error & non-operation not violations. Penalty reduced, license restored upon payment.
August 9, 2024 Case Laws Customs

Aluminum circles classified under CTH 76069110, not 7616 or 7615. Revenue failed to justify reclassification. Chartered engineer's report supported assessee's claim of raw materials.
August 9, 2024 Case Laws Customs

Non-Basmati Rice export Duty Drawback claim wrongly rejected. Tribunal upholds discretion to allow claim despite no drawback bill if uncontrollable reasons.
August 9, 2024 Case Laws Companies Law

Revival of company from register justified due to assets, business transition intent, revenue/ employment benefits.
August 9, 2024 Case Laws Insolvency and Bankruptcy

NCLT resolution plan excludes personal guarantors, assignee NBFC can't recover from them. Debt liability survives between lenders & guarantors.

1 ....57 58 59 606162 63 64 65........ 189

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