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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 3651 to 3700 of 9427 Records

1 ....70 71 72 737475 76 77 78........ 189

July 24, 2024 Case Laws Income Tax

Guest-house expenses disallowed, food/beverage=entertainment. 50% dealer conference allowed. Presentation articles=ad expense.
July 24, 2024 Case Laws Income Tax

High Court bars reassessment notices issued after April 1, 2021, under old provisions. Follows Supreme Court's Ashish Agarwal case.
July 24, 2024 Case Laws Income Tax

Undisclosed receipts added to profit, assessee claimed corresponding expenditure. CIT(A) deleted addition as double assessment, ITAT upheld.
July 24, 2024 Case Laws Income Tax

Long-term capital gain exemption denied for not depositing unutilized sale proceeds, construction delay & multiple properties.
July 24, 2024 Case Laws Income Tax

Lower tax rate option once exercised applies to subsequent years. Cannot be withdrawn for same/previous years. Validly opted for AY 2020-21.
July 24, 2024 Case Laws Income Tax

Deduction denied for income from shop sale, as not owned/operated as multiplex part. Lost ownership/control over integral shop. Previous year's treatment irrelevant.
July 24, 2024 Case Laws Income Tax

Reassessment notice invalid due to lack of jurisdiction. ACIT lacked pecuniary jurisdiction. Defect incurable u/s 292BB.
July 24, 2024 Case Laws Income Tax

Development pact doesn't trigger capital gain tax in year of agreement; taxable when built area transferred. Rental income & loans from kin accepted. Rs. 90k unexplained, taxable. Relief granted.
July 24, 2024 Case Laws Income Tax

Trust denied tax exemption due to undisclosed income, bogus donations, staff salary recovery & fraud. Violated Sections 13(1)(c)&(d).
July 24, 2024 Case Laws Income Tax

TP adjustment on guarantee fees paid to AE deleted as borrowing cost+fee<bank rate. Economic rationale upheld.
July 24, 2024 Case Laws Income Tax

Tribunal accepted purchases, GST payments, and expenses. CIT(A) erred in applying profit rate, defying logic. Assessee discharged onus with evidence.
July 24, 2024 Case Laws Customs

Bail granted in e-cig import case. Applicant not directly involved. Evidence weak. Released on bail with conditions.
July 24, 2024 Case Laws Customs

Fraudulent IGST refund, drawback benefits violate Regulation 10(n). Suspension permissible during probe, not penalty. Reliance on DGFT, GST docs valid. CESTAT erred.
July 24, 2024 Case Laws Insolvency and Bankruptcy

During CIRP, RP liable for pending payments like maintenance, electricity as per IBC & RERA. CoC decisions on dues recovery paramount.
July 24, 2024 Case Laws Money Laundering

Judges must be cautious in staying bail orders, as it curtails liberty. Stays should be rare & exceptional, not ex parte or mechanical.
July 24, 2024 Case Laws Money Laundering

Sec 50 PMLA upheld, not violating Art 14, 20, 21 & Sec 132 Evidence Act. Accused admitted paying crores for favors, is money laundering.
July 24, 2024 Case Laws Money Laundering

Property owner's rights upheld. Provisional attachment quashed for lack of notice, violating natural justice. Duty to issue notice before confirming attachment.
July 24, 2024 Case Laws Money Laundering

Bail extension denied for knee surgery; court says procedure can be done in custody. Applicant allowed to reschedule & reapply.
July 24, 2024 Case Laws Service Tax

Construction services for non-profit edu trusts exempt from service tax as per Board's Circular deeming edu institutions non-commercial.
July 24, 2024 Case Laws Indian Laws

Builder forfeited right to file statement, but could argue legal points. No new grounds/inconsistent pleadings allowed. No error found.
July 24, 2024 Case Laws Indian Laws

Failure to provide relied upon docs with show cause notice violates natural justice by denying fair response opportunity. Supplying underlying docs is vital for effective reply.
July 23, 2024 Notifications Customs

Critical minerals exempted from customs duty & surcharge. Concessional 2.5% duty on graphite, quartz & silicon dioxide.
July 23, 2024 Notifications Customs

Revising Health Cess on certain items, exercising powers u/s 25(1) of Customs Act & Section 141 of Finance Act. Amending previous notification.
July 23, 2024 Notifications Customs

Customs duty exemptions extended till Mar'29 for some electronics. New items added to exemption list. 15% duty on PCB assemblies, chargers & mobiles.
July 23, 2024 Notifications Customs

Reduced rates for imported gold, silver & platinum under specific schemes from 9.35% to 4.35% effective 24/07/2024.
July 23, 2024 Notifications Customs

Govt revises Agriculture Infrastructure & Development Cess (AIDC) on precious metals & other items. Rates reduced substantially.
July 23, 2024 Notifications Customs

Duty-free import of commercial samples: value limit hiked from Rs. 1L to Rs. 3L/consignment. Effective 24/07/2024.
July 23, 2024 Notifications Customs

Customs rules amended for new exporters' subsidy review. Provisional assessment, guarantees allowed. Retrospective duty possible.
July 23, 2024 News GST

CSD to file GST refund applications sequentially on portal. Upload invoices, bank details. Preview before submission. NIL claim if no refund.
July 23, 2024 News Budget

3 schemes: 1-month wage for new workforce, incentives for manufacturing jobs & EPFO contribution reimbursement for 2 years.
July 23, 2024 News Budget

GST simplified tax, reduced burden on common man & logistics cost. Facilitated trade with amendments like liquor exemption & regularization.
July 23, 2024 News Budget

Income Tax reforms: Simplification, digitalization, dispute resolution scheme. TDS rationalization, higher appeal limits. STT hike, buyback tax.
July 23, 2024 News Budget

Capital gains tax: 20% on short-term gains, 12.5% on long-term gains. Higher exemption limit for long-term gains on financial assets.
July 23, 2024 News Budget

Customs reforms boost manufacturing, value addition, exports & simplify taxation. Exemptions for minerals, drugs, key sectors. Duty cuts for mobiles, chargers & renewable energy.
July 23, 2024 News Budget

Income tax relief for salaried & pensioners under new regime. Higher std deduction & family pension deduction. Revised tax slabs.
July 23, 2024 News Bill

Union Budget 2024: Finance (No.2) Act, Budget Speech, Economic Survey highlights & news.
July 23, 2024 Case Laws GST

Order u/s 74(9) post taxpayer's demise unenforceable. SCN issued, reply filed. Hearing on 7/2/24. 13/3/24 order set aside.
July 23, 2024 Case Laws GST

HC held GST dept can't deny refund on inverted duty citing SC's Kusum Ingots ratio. Impugned order set aside, fresh order for refund in 3 months.
July 23, 2024 Case Laws GST

Petitioner's contentions disregarded, GSTR mismatch unaddressed. Flawed order on ITC, classification. Opportunity for hearing ordered.
July 23, 2024 Case Laws GST

Lack of ASMT-10 notice invalidated scrutiny, not adjudication. Petitioner's silence confirmed tax demand. Chance to contest merits granted on 10% deposit.
July 23, 2024 Case Laws GST

Order upholding quashing of penalty for goods transport upheld. Seizure allowed only if documents not genuine under Act. Documents genuine.
July 23, 2024 Case Laws GST

Petitioner can file representation to Additional Chief Secretary on tax liability for govt contracts pre/post GST within 4 weeks. Decision in 4 months.
July 23, 2024 Case Laws GST

Expats' service tax on salaries & perks under manpower supply agency: Petitioners get time till 15.01.2024 to respond. No coercive recovery if adverse order.
July 23, 2024 Case Laws GST

Transit fee paid to Forest Dept. for coal movement not exempt under GST. Continuous service exceeding Rs. 5000/yr, ineligible for exemption.
July 23, 2024 Case Laws Income Tax

AO reassessed on seized docs, dictated by superiors, no independence, bias. HC upheld ITAT: order on dictation, delay beyond limitation.
July 23, 2024 Case Laws Income Tax

Income from commodity transactions disclosed; reopening of assessment invalid. Lack of factual basis & non-application of mind by Revenue.
July 23, 2024 Case Laws Income Tax

Expenditure on power, fuel & hired machines treated as capital expenditure for cement unit by ITAT, contrary to Revenue.
July 23, 2024 Case Laws Income Tax

Interest can't be charged post-CIRP if amount frozen by IBC moratorium & not in approved plan. Excluded claims extinguished.
July 23, 2024 Case Laws Income Tax

Domestic company paid higher DDT on dividends to Mauritius holding co. instead of lower DTAA rate. Claimed refund but failed to show Mauritius extended treaty protection. Appeals dismissed.
July 23, 2024 Case Laws Income Tax

Expenditure disallowed for bogus transactions, but financial charges allowed for genuine business. Order of CIT(A) sustained.

1 ....70 71 72 737475 76 77 78........ 189

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N: Amendment in Notification No. 18/2021-Customs (ADD), dated the 27th Ma...

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H: Tax-free dividend income, interest-free funds disallowance relaxed, TD...

H: Property renovation costs wrongly disallowed; Revenue authorities over...

H: Charity trust's registration wrongly denied, court orders re-evaluatio...

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

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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 ...