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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 3451 to 3500 of 9406 Records

1 ....66 67 68 697071 72 73 74........ 189

July 29, 2024 Case Laws Income Tax

Delay in TDS deposit (31-214 days) due to COVID-19 held reasonable cause. Sanction order mechanically passed, vitiated.
July 29, 2024 Case Laws Income Tax

Structured courses, fees & CSR funds for skilling students qualified as educational despite virtual mode. Formal education doesn't mandate affiliation.
July 29, 2024 Case Laws Income Tax

Faceless assessment notice by jurisdictional officer invalid. Bombay HC quashes reassessment order & penalties, upholds Hexaware & Vikram Developers.
July 29, 2024 Case Laws GST

Cancelled supplier invoices - ITC denied without specifying required docs. Appellate order verbatim copy, non-application of mind. Remanded to reconsider goods movement & indicate docs needed.
July 29, 2024 Case Laws Income Tax

Assessee deducted TDS on share purchase from non-residents, but AO recharacterized it unlawfully. Court upheld assessee's stance.
July 29, 2024 Case Laws Income Tax

CIT(A) to conduct preliminary inquiry into assessee's claim of additional evidence before admitting appeal u/s 249(4)(b) proviso for advance tax deposit exemption.
July 29, 2024 Case Laws Income Tax

Excise duty inclusion in turnover u/s 145A differs from rate determination based on turnover. Debatable issue can't be resolved via 143(1) intimation.
July 29, 2024 Case Laws Income Tax

Transfer pricing adjustment for corporate guarantee commission at 0.50%. Interest on receivables beyond 60-240 days for non-AEs allowed for AEs. LIBOR+200 interest rate on forex receivables/advances accepted.
July 29, 2024 Case Laws Income Tax

Reopening assessment on alleged benefit from share purchase unjustified. All facts furnished earlier. Invoking Sec 28(iv) incorrect as shares held as investment, not trading. Mere change of opinion impermissible.
July 29, 2024 Case Laws Income Tax

Assessee's appeal allowed on interest disallowance u/s 14A. ESOP expenses allowed as business expenditure u/s 37, following Biocon case.
July 29, 2024 Case Laws Income Tax

Loss due to employee theft allowed. Bogus purchases: Only profit added, not entire amount. Partial relief granted.
July 29, 2024 Case Laws Income Tax

Validity of assessment order sans DIN upheld. No presumption of mechanical approval. Arguments on satisfaction note rejected. Unaccounted money addition invalid. Reliance on statement sans cross-examination violates principles.
July 29, 2024 Case Laws Customs

Iron ore exporter's provisional assessment of Rs. 30+ crores quashed. Matter remanded for fresh decision based on test reports.
July 29, 2024 Case Laws Customs

Declared F.O.B. value rejected, penalty imposed u/ss 114(iii), 114AA upheld. Market enquiry conducted, appellant accepted re-calculated value. /s113
July 29, 2024 Case Laws Customs

Appellate Tribunal accepts exporter's explanation on goods-invoice mismatch. No willful mis-declaration found. Redemption fine & penalty quashed. Confiscation order set aside.
July 29, 2024 Case Laws Companies Law

Property transfer pre-winding up valid commercial transaction. No mala fide intent. Subject property can't vest with liquidated firm.
July 29, 2024 Case Laws Insolvency and Bankruptcy

Resolution plan extinguished all claims, including statutory dues. Creditor's inaction signifies acceptance. IBC prioritizes revival, binding stakeholders.
July 29, 2024 Case Laws FEMA

Adjudicating authority must explain alleged contraventions & reasons for opinion. Rules 4(3) & 4(4) ensure fair opportunity, not violating natural justice. Procedures must be followed.
July 29, 2024 Case Laws Service Tax

Exemption upheld despite delayed EXP-3 & invoices non-submission. Equity condition inapplicable. Timely EXP-4 with export evidence suffices. Technical lapses condoned.
July 29, 2024 Case Laws Service Tax

Service tax refund admissible for SEZ units as per SEZ Act, overriding Finance Act notification conditions. Non-compliance irrelevant.
July 29, 2024 Case Laws Central Excise

Classification dispute: Agro Shed Net - 'fabric' or plastic? Petitioner aggrieved over ignoring HC decision. Reply to show-cause notice permitted.
July 29, 2024 Case Laws Central Excise

Duty demand of Rs.15,19,610/- upheld. Clandestine removals denied notification benefit. Duty payable on waste/scrap. Partial relief granted.
July 29, 2024 Case Laws Central Excise

Discounts to dealers not trade discounts if end-user doesn't receive them. No suppression/mis-declaration, larger limitation period can't apply. Demand barred by limitation. :
July 29, 2024 Case Laws Central Excise

Surgical glove inner wrap classified as packing paper, not 'wallet' under 4817. Reasonable grounds, no suppression. Demand limited, penalty set aside.
July 29, 2024 Case Laws Indian Laws

Home buyer allowed to approach multiple forums after losing savings to defective houses built by state body. Refund + 12% interest & Rs. 5L compensation ordered.
July 28, 2024 Notes Bill

Disallowing deduction for settlement amounts paid for contraventions as business expenses to widen tax base & promote anti-avoidance.
July 28, 2024 Notes Bill

Budget: The amendment plugs a gap in computing cost of acquisition for equity shares transferred via OFS in IPOs. For unlisted shares on 31/1/18, the cost is calculated by applying Cost Inflation Index for FY 2017-18 to acquisition cost.
July 28, 2024 Notes Bill

Budget: Introducing Direct Tax Vivad se Vishwas Scheme 2024 for settling tax disputes, reducing litigation cost-effectively.
July 28, 2024 Notes Bill

2% equalisation levy on e-commerce operators' consideration ends 1/8/2024. E-commerce income from 1/4/2020-31/7/2024 tax-exempt.
July 28, 2024 Notes Bill

Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :
July 28, 2024 Notes Bill

Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.
July 28, 2024 Notes Bill

Budget: Amendments set 6-year time limit for tax default orders, 2 years from correction statement, for resident & non-resident payees u/s 201 & 206C. Effective Apr 1, 2025.
July 28, 2024 Notes Bill

Budget: Income Tax Act amended to process statements like Form 26QF from entities other than deductors. Scheme to be formulated by Board.
July 28, 2024 Notes Bill

Budget: Proposed amendments to sections 197, 194Q, 206C(9), and 206C(1H) aim to ease business & reduce compliance burden for large transactions. :
July 28, 2024 Notes Bill

Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '24.
July 28, 2024 Notes Bill

Budget: TDS/TCS correction statements restricted after 6 years from original filing year. Aimed at certainty & curbing misuse. Effective Apr 1, 2025.
July 28, 2024 Notes Bill

Budget: No penalty if TDS/TCS paid with fees & interest within 1 month of due date, not 1 year. Better compliance from 1/4/2025.
July 28, 2024 Notes Bill

Budget: Non-resident liaison offices in India must file annual statements or face penalties up to Rs. 1 lakh after 3 months. Effective 01/04/2025.
July 28, 2024 Notes Bill

Budget: TPO can determine arm's length price for unreported domestic transactions. Sections 92CA amended to enable this from AY 2025-26.
July 28, 2024 Notes Bill

Budget: Quoting Aadhaar Enrolment ID for PAN/ITR discontinued from Oct 1, 2024. Provide Aadhaar number to avoid PAN duplication/misuse.
July 28, 2024 Notes Bill

Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.
July 28, 2024 Notes Bill

Budget: If taxpayer unresponsive, Commissioner can set aside assessment order for fresh assessment. Time limit for disposal of such cases amended.
July 28, 2024 Notes Bill

Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allowed.
July 28, 2024 Notes Bill

Budget: Tax clearance certificate now mandatory for outstanding liabilities under Black Money Act before leaving India.
July 28, 2024 Notes Bill

Budget: Streamlining tax assessment timelines: new limits for assessment orders, reassessments & recomputation.
July 28, 2024 Notes Bill

Proposed amendment allows tax deduction for donations to National Sports Development Fund from 2025-26.
July 28, 2024 Notes Bill

Clause 15 removes National Housing Bank from Section 43D on income of housing finance entities, as regulation shifts to RBI from 2025-26.
July 27, 2024 Notes Bill

Proposed amendment allows recovery of Black Money Act liabilities from seized assets, aligning with Income-tax Act provisions.
July 27, 2024 Notes Bill

Benami Act amendments: 3 months for owner's reply, 4 months for provisional attachment decision, 1 month for Adjudicating Authority referral. Effective 10/1/2024.
July 27, 2024 Notes Bill

New law offers immunity to benamidars for disclosing benami deals, targets real owners. Effective Oct 2024.

1 ....66 67 68 697071 72 73 74........ 189

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F: Labour Cess applicable on cost of construction without GSt or gross cost

F: Merger of two GSTIN in the same State - Procedure to be followed

F: interest lability on ITC when payment to supplier is made after 180 days

F: GST on Solar Plant

F: ITC Issue in case of Acqusition of Company in Insolvency

F: Stock damaged in recent floods

F: TDS dedudted after 3 years after reporting invoices in GSTR 1

F: Time limit to upload Form GST MOV-09 on GST portal

A: PENALTY ON DIRECTORS CONTRAVENING EXPORT REGULATIONS UNDER FOREIGN EXC...

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

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