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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 3201 to 3250 of 9406 Records

1 ....61 62 63 646566 67 68 69........ 189

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.
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.

1 ....61 62 63 646566 67 68 69........ 189

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H: Revision: Hospital receipts verified, partial refunds & fees paid subs...

H: Goods matched documents like e-way bill and invoices; detention order ...

H: Goods Inspection Matches E-Way Bill, Lack of Tax Evasion Intent Quashe...

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H: Reassessment Rules Interpretation: Taxpayer Wins Over Accommodation En...

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H: Tax assessments beyond 6-year limit quashed, satisfaction note lacked ...

H: Cash found in lockers linked to temple trust and educational foundatio...

H: Microphone Tech Classification: Functionality Over Technology.

H: Exemption from Social Welfare Surcharge on duty-free imports via scrips.

H: Claim for performance pay not an operational debt under IBC; Multiple ...

A: Director Identification Number