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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 3401 to 3450 of 9406 Records

1 ....65 66 67 686970 71 72 73........ 189

July 30, 2024 Notes Bill

Tax Collection at Source on luxury goods over Rs. 10 lakh to widen tax base & track high-value expenses. Effective 01/01/2025.
July 30, 2024 Notes Bill

TDS on property transfer based on aggregate payment to all sellers, not individual payments below Rs. 50L. Prevents misinterpretation. Effective 1/10/2024
July 30, 2024 Notes Bill

TDS applicable on interest over Rs. 10,000 from FRSB 2020 & specified securities from Oct 1, 2024 as per Income Tax Act Sec 193 amendment.
July 30, 2024 Notes Bill

Income Tax Act amended to disallow inadmissible expenses for life insurers' profits from Apr'25. Actuarial surplus to include such expenses.
July 30, 2024 Notes Bill

Amendment widens tax base, deems foreign taxes withheld as income to curb double deduction & tax avoidance. Effective 1st April 2025.
July 30, 2024 Notes Bill

Amendment excludes sums paid u/s 194J from TDS u/s 194C for professional/technical services. Deduct tax u/s 194J instead of 194C. Effective 10/1/2024.
July 30, 2024 Case Laws GST

Goods detained for wrong destination in documents. No mens rea found for tax evasion. Human error in e-way bill. Proceedings quashed.
July 30, 2024 Case Laws GST

Vehicle detained for expired E-Way bill, mismatch details. Proceedings initiated u/s 129 TSGST Act. Opportunity for hearing. :
July 30, 2024 Case Laws GST

Doctrine of mutuality - GST on services by association to members - Provisions valid, but retrospective effect impermissible. Prospective from 01.01.2022. Case-by-case examination required.
July 30, 2024 Case Laws GST

Recipient liable for reverse charge eligible for Advance Ruling despite definition - Section 95 contextual interpretation
July 30, 2024 Case Laws GST

Petition maintainable despite alternative remedy. Transitional credit allowed. Filing GST return in Telangana permitted for PAN-linked centralized registration. Credit transfer u/s 140(8) proviso valid.
July 30, 2024 Case Laws GST

Error in filing led to ITC denial. Court allowed rectification despite time lapse, considering company's survival at stake.
July 30, 2024 Case Laws Income Tax

Reassessment validity hinges on initial reasons; AO can't deviate. Explanation 3 doesn't allow changing original grounds.
July 30, 2024 Case Laws Income Tax

Offences u/s 279-A IT Act non-cognizable, triable by Magistrate. Appeals against conviction lie before Sessions Judge. Avoid conflicting judgments.
July 30, 2024 Case Laws Income Tax

Reopening assessment allowed despite ex post facto approval from Principal Chief Commissioner for issuing notice u/s 148(A)(b).
July 30, 2024 Case Laws Income Tax

Reduced royalty rate of 0.75% on FOB value upheld. 19% growth rate for share valuation. Deductions allowed on scrap sale receipts.
July 30, 2024 Case Laws Income Tax

Liquidated damages disallowed. Warranty provision upheld. TPO's income enhancement void. AE services not stewardship. Re-notification due.
July 30, 2024 Case Laws Income Tax

Reopening valid if income escaped assessment or mistake, not change of opinion. Interest on loans for new company not exempt.
July 30, 2024 Case Laws Income Tax

AO conducted enquiries on demonetization cash deposits, accepted assessee's submissions after replies. CIT set aside for reassessment without examining details.
July 30, 2024 Case Laws Income Tax

Exemption u/s 10(35) disallowed due to unchallenged CPC order. Exemption u/s 10(23FB) rejected, attaining finality. Exemption u/s 10(38) allowed for LTCG on share sale.
July 30, 2024 Case Laws Income Tax

Rigorous assessment with due diligence, proper inquiry & verification. AO applied mind. PCIT order exceeded jurisdiction, irregular exercise of revisionary power.
July 30, 2024 Case Laws Income Tax

Mauritian entity's long-term gains from share sale exempt under India-Mauritius tax treaty. Withholding tax deducted, refund granted.
July 30, 2024 Case Laws Income Tax

CIT(Appeals) erred in dismissing appeal without considering merits despite assessee's participation. Order set aside for disposal on merits.
July 30, 2024 Case Laws Income Tax

Incorrect section code selection during 80G(5) registration acknowledged. Clarifications on religious expenses, vegan food, non-audit, animal welfare & donations overlooked. Fresh adjudication ordered.
July 30, 2024 Case Laws Income Tax

Assessee argued limited scrutiny, but mutuality principle examination was necessary for deduction evaluation. Court ruled breach of contributor-beneficiary identity commercializes transactions, taxing surplus.
July 30, 2024 Case Laws Income Tax

Unexplained money & cash credit additions deleted as source explained. Capital contribution by partners through banking channels accepted.
July 30, 2024 Case Laws Income Tax

Loss from trading penny shares allowed. Transactions genuine despite neutralizing gains. High trading volumes ignored. Market rigging unproven.
July 30, 2024 Case Laws Income Tax

Unexplained cash credit deleted if genuineness, creditworthiness of investors established. Taxing authorities can claim dues during IBC resolution/liquidation.
July 30, 2024 Case Laws Income Tax

Assessee complied with queries in original assessment; AO didn't dispose objection for reopening. CIT(A) rightly quashed reassessment order.
July 30, 2024 Case Laws Income Tax

153C notice to 'other person' - block period starts from notice date, not search. For AY 2012-13, relevant is AY 2007-08 to 2012-13. Can't reopen AY 2006-07.
July 30, 2024 Case Laws Customs

Complaint quashed, petitioner exonerated as not beneficial owner of foreign currency. Tribunal's decision on merits, not technicalities. No abuse of process.
July 30, 2024 Case Laws Customs

Tribunal dismissed Revenue appeals on interest refund for excess customs duty, citing CBIC instructions & precedent order.
July 30, 2024 Case Laws Customs

ICs for mobile phones classified under CTH 8542, not 8517. Entitled to duty exemption as not standalone apparatus.
July 30, 2024 Case Laws Insolvency and Bankruptcy

CIRP against debtor & guarantor. Creditor loan secured by guarantee. Guarantor CIRP, haircut. Creditor filed Sec 7 for remaining dues against debtor.
July 30, 2024 Case Laws FEMA

Reasonable opportunity of being heard extends beyond show cause notice. Grave consequences mandate full natural justice compliance.
July 30, 2024 Case Laws Money Laundering

Acquittal of predicate offence nullifies money laundering case under PMLA, rules courts in kidney racket case.
July 30, 2024 Case Laws Service Tax

Mandatory requirements for invoking proviso to Section 73(1) stated in show cause notice. Statutory appeal remedy available u/s 85. No grounds for extended limitation period. Petition dismissed.
July 30, 2024 Case Laws Service Tax

Services by licensed insurance agents = taxable insurance auxiliary services. Unlicensed = business support services, not RCM.
July 30, 2024 Case Laws Service Tax

Statutory body's regulatory fees for architectural education & promotion exempted from service tax under mega exemption notification.
July 30, 2024 Case Laws Central Excise

Change of opinion can't void provisional assessments. Abatement eligibility requires CENVAT credit findings. Purchase price verification not needed.
July 30, 2024 Case Laws Central Excise

Tribunal dismissed appeal on assessable value of goods sold to related party u/s 4(1)(b) of Central Excise Act r/w Valuation Rules 2000.
July 30, 2024 Case Laws VAT and Sales Tax

Revisional order challenged on limitation grounds u/s 33 TVAT Act. Assessment based on presumptuous audit reports. Penalty sans show cause notice u/s 45(6). HC set aside reassessment order, remanded for fresh assessment.
July 30, 2024 Case Laws VAT and Sales Tax

Tribunal can't decide appeal ex parte sans appellant, violates natural justice. Dismiss for non-prosecution if appellant absent, not decide merits.
July 30, 2024 Case Laws Indian Laws

Royalty isn't tax but contractual pay for mineral rights. States can tax mineral lands via Entry 50, but Entry 50 subtracts from Entry 49's scope.
July 30, 2024 Case Laws Indian Laws

Jurisdiction of civil court u/s 34 of SARFAESI Act challenged. Suit rejected under Order VII, Rule 11 CPC. mandatory. barred, has purview. insufficient. Appeal dismissed.
July 29, 2024 Case Laws GST

Petitioner's challenge to GST demand on unbilled revenue upheld. Adjudicating Authority's rejection without reasons violated natural justice. Order set aside, matter remanded for fresh consideration.
July 29, 2024 Case Laws GST

Bank account provisionally attached for wrongful ITC claim due to fake supplies. Commissioner's action justified to protect revenue.
July 29, 2024 Case Laws GST

Petitioner denied access to relied upon docs, alleged nat justice violation. Held: Ample hearing opp, avail remedy u/s 107.
July 29, 2024 Case Laws GST

Order passed sans reasons based on audit report; violates natural justice. Lacks analysis on GST returns vs bank entries mismatch. Contentious issues unaddressed. Remanded.
July 29, 2024 Case Laws GST

GST cancellation notice lacked details, violating natural justice. Reasoning absent in order. Show cause notice must state allegations clearly. :

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A: Difference between “License” and “Royalty”

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

C: Guidelines to Stock Exchanges, Clearing Corporations and Depositories

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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...

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 ...

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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