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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 3951 to 4000 of 9427 Records

1 ....76 77 78 798081 82 83 84........ 189

July 13, 2024 Case Laws Income Tax

Incorrect claim doesn't amount to inaccurate particulars. Separate books, own capital investments & direct expenses debited. No concealment. No Penalty.
July 13, 2024 Case Laws Income Tax

Unexplained investment share capital/premium sans incriminating material. Conditions u/s 153C not met. Search didn't yield documents. Notice invalid.
July 13, 2024 Case Laws Income Tax

Services rendered outside India, payment made abroad. No PE of foreign co. in India. Fees for technical services utilized for earning income from foreign source.
July 13, 2024 Case Laws Income Tax

TDS 194H/192 - Commission to directors, deducted TDS u/s 192 as salary - No addition u/s 40(a)(ia) for non-deduction of TDS on commission
July 13, 2024 Case Laws Income Tax

Registration denied for non-compliance with state trust law. Charitable institutions must follow applicable state laws.
July 13, 2024 Case Laws Income Tax

Offshore Supply Contracts receipts not taxable u/s 44BBB. Functions post equipment sale irrelevant for business income chargeability.
July 13, 2024 Case Laws Customs

Customs dept's vindictive conduct restricting exit despite acquittal is abuse of power. Court grants exit & â‚¹10L compensation for trauma.
July 13, 2024 Case Laws Customs

Valuation case: Polyurethane Sealant import value enhanced 5x solely on acceptance letter. Held: Insufficient evidence for enhancement as per CMR Nikkei case.
July 13, 2024 Case Laws Customs

Broker's license revocation overturned, penalty upheld for misdeclaration entries despite due diligence. Deterrent penalty for future compliance.
July 13, 2024 Case Laws Companies Law

Arbitral order lacks jurisdiction, misreads tax laws, violates self-incrimination. Accounts' veracity dispute unresolved. Order may render proceedings infructuous.
July 13, 2024 Case Laws Insolvency and Bankruptcy

Certified copy essential for appeals, not free copy. Tribunal clarifies in line with precedents.
July 13, 2024 Case Laws Insolvency and Bankruptcy

Resolution plan approved by CoC can't be challenged by individual homebuyer. Homebuyers are financial creditors under IBC & RERA. Different payment schemes for creditor categories valid.
July 13, 2024 Case Laws Service Tax

Training exempt pre-2010, works contract benefit allowed, mandap service demand upheld, foreign training non-taxable, consultancy demand wrong, grants non-taxable. Penalties set aside.
July 13, 2024 Case Laws Central Excise

Tribunal upheld input tax credit eligibility for services utilized in manufacturing, rejecting vague allegations without specific objections.
July 13, 2024 Case Laws Central Excise

Refund: Unjust enrich Invoices - didn't mention duty. Stock transfers between units. Appellant bore duty burden. Price difference due to gold rate. Refund eligible.
July 12, 2024 Notifications SEBI

SEBI redefined "liquid asset" for Credit Rating Agencies to include low-risk assets easily convertible to cash.
July 12, 2024 Notifications SEBI

SEBI mandates 15-day record date for interest/dividend payments, debenture trustee due diligence certificates, web-links for financials in offer docs.
July 12, 2024 Notifications SEBI

Listed firms can publish newspaper ads with QR code/website link for financial results, subject to debenture trustee approval.
July 12, 2024 Notifications GST

Amended notification reduces TCS rate from 1% to 0.5% for e-commerce operators on inter-state supplies & where consideration is collected.
July 12, 2024 Notifications GST

Rate of TCS by e-commerce operators for intra-State supplies reduced to 0.25% from 0.5% of net taxable value.
July 12, 2024 Notifications GST

MSME taxpayers with turnover upto Rs. 2Cr exempted from filing annual GST return for FY24. Easing compliance burden.
July 12, 2024 Notifications GST

Aadhaar exemption for GST revoked. Biometric authentication mandatory. Effective from gazette publication date.
July 12, 2024 Circulars Customs

New utility standardizes Voyage Call Number format for ports. Use it for non-standard VCNs & non-NLP ports.
July 12, 2024 Circulars Customs

Surat Diamond Bourse gets Air Freight Station for EDI-based imports/exports of precious cargoes, enabling electronic clearance.
July 12, 2024 Circulars GST

CSD can electronically file quarterly refund for 50% GST paid on inward supplies for Unit Run Canteens/authorized customers. Refund subject to supplier's GSTR-1 & GSTR-3B filing.
July 12, 2024 Circulars GST

Mechanism for IGST refund on upward price revision of exported goods post-export. File claim electronically under "Any other" category.
July 12, 2024 Circulars GST

Corporate guarantee between related parties: 1% p.a. of guaranteed amount or actual fee, whichever higher. ITC available. No GST on existing loans unless fresh guarantee.
July 12, 2024 Circulars GST

Circular: Recovery proceedings allowed if appeal can't be filed due to non-operational Tribunal. Pre-deposit via ELR for stay. Undertake to appeal later. Adjust DRC-03 via DRC-03A.
July 12, 2024 Case Laws GST

Jailed petitioner's registration cancelled sans response opportunity. HC revoked cancellation order subject to tax compliance.
July 12, 2024 Case Laws GST

Provisional attachment order challenged for exceeding 1-year limit. Court upheld mandatory time limit, quashing order dated 19.05.2023.
July 12, 2024 Case Laws GST

Petition maintainable for rights violations despite alternative remedy. Cancellation of GST registration questioned for lack of natural justice. Bogus invoices alleged.
July 12, 2024 Case Laws Income Tax

Faceless Assessment Unit denied video hearing despite request, mere meeting ID insufficient. Finding of non-attendance perverse. Order vitiated, remanded with directions.
July 12, 2024 Case Laws Income Tax

Notice u/s 143(2) issued late, assessee didn't object. Tribunal held proceedings invalid due to delayed notice beyond time limit.
July 12, 2024 Case Laws Income Tax

Nursery income: Agri or other? Details like land, ledger, expenses provided. Explanation 3 deems it agri. But sales register lacked order/supply dates, addresses. Partly remanded.
July 12, 2024 Case Laws Income Tax

Disallowance of VAT non-payment before filing upheld. Accounting method rejected. Ganapati Motors case distinguished.
July 12, 2024 Case Laws Income Tax

Disallowance of revenue expense claim without fair hearing violated law. Late return accepted earlier. Contradictory stance unjustified. Relief granted.
July 12, 2024 Case Laws Income Tax

Gynecologist deposited demonetized cash from profession. Onus discharged. Mere demonetization can't treat income unexplained. Revenue failed.
July 12, 2024 Case Laws Income Tax

ITAT quashed penalty order u/s 271(1)(c) as assessment order u/s 263 was unsustainable. Consequentially, penalty levy dismissed.
July 12, 2024 Case Laws Income Tax

Warranty expenses based on formula allowed even without past history. Accrual system prevails over actual payment year.
July 12, 2024 Case Laws Income Tax

Dividends from donated shares form corpus, not income, if donor directs so. Reinvestment in specified modes u/s 11(5) qualifies for exemption.
July 12, 2024 Case Laws Income Tax

CSR expenses allowed as 80G deduction if conditions met. AO to allow claim.
July 12, 2024 Case Laws Income Tax

Mere non-disclosure claim insufficient for reopening assessment beyond 4 yrs. AO must prove specific failure. Disclosure accepted earlier can't be reinterpreted later.
July 12, 2024 Case Laws Income Tax

Environmental compensation disallowance deleted; AO couldn't decide without examining PCB order in summary proceedings. (1)
July 12, 2024 Case Laws Income Tax

Non-deduction of TDS on directors' fees & transaction charges not liable for penalty. Payments to directors allowed. Bona fide belief on transaction charges.
July 12, 2024 Case Laws Income Tax

Transfer pricing adjustment rejected. APA relied upon. TNMM for distribution segment. No royalty/FTS. Sec 10A deduction recomputation ordered.
July 12, 2024 Case Laws Income Tax

TP Adjustment: TPO must examine work, agreements, functions, qualifications, remuneration to determine ITeS/KPO/BPO status. Opportunity of hearing. Assessee to produce documents.
July 12, 2024 Case Laws Customs

Penalty can't be levied for unfulfilled export obligations if no violation attempt. Order imposing penalty for export shortfall sans contravention quashed.
July 12, 2024 Case Laws Customs

Customs duty case remanded for fair hearing. Dept denied docs relied on, violating natural justice. Fresh order after providing docs mandated.
July 12, 2024 Case Laws Insolvency and Bankruptcy

NCLAT: IBC's Section 7 prevails over CPC Section 10. Insolvency resolution must be prompt. DRT order can't bar Section 7 petition.
July 12, 2024 Case Laws Service Tax

Transfer of goods with effective control retained is taxable as Supply of Tangible Goods under service tax, not VAT. Agreement clauses prevail.

1 ....76 77 78 798081 82 83 84........ 189

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