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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 3251 to 3300 of 9406 Records

1 ....62 63 64 656667 68 69 70........ 189

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.
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.

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A: Difference between “License” and “Royalty”

A: Penalty proceedings under Section 130 of the CGST Act cannot be initia...

N: Inland Container Depots for loading and unloading of goods - Seeks to ...

C: Guidelines to Stock Exchanges, Clearing Corporations and Depositories

T: Supreme Court Upholds Validity of Re-Assessment Notices Issued During ...

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...

H: Income tax reassessment validity: AO initiated proceedings u/s 147 ins...

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

H: Sale-purchase loss disallowed unreasonably by tax officer, commercial ...

H: Building sale value can't determine depreciation; actual consideration...

H: Loan to equity conversion attracts income tax on excess share premium ...

H: Property purchase: Joint owners pay via banking channels before regist...

H: Tax exemption limit for leave encashment: Local authorities' employees...

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

A: No GST is applicable for the services provided by the Director under p...