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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 4051 to 4100 of 9427 Records

1 ....78 79 80 818283 84 85 86........ 189

July 10, 2024 Case Laws Income Tax

CIT(A) deleted addition on unaccounted income, accepted retraction of statement, agreed cash payment from surplus, not suppressed sales.
July 10, 2024 Case Laws Income Tax

Interest on enhanced compensation is taxable as income from other sources, not capital gains.
July 10, 2024 Case Laws Income Tax

Discontinued biz loss disallowed; no revival likelihood. Interest income taxed at 10% as per India-NZ DTAA for NZ residents.
July 10, 2024 Case Laws Income Tax

AO erred by disregarding CBDT guidelines on cash deposits up to â‚¹2.5L. ITAT granted relief based on binding precedents.
July 10, 2024 Case Laws Income Tax

Trust's mutual fund investments from corpus allowed. Settlor's accommodation clause infructuous post death. Registration cancellation improper. Actual activities genuine. Order set aside.
July 10, 2024 Case Laws Income Tax

Assessee's appeal dismissed; share premium treated as unexplained cash credit under Sec 68 due to accommodation entries.
July 10, 2024 Case Laws Income Tax

Assessee valued intangible assets per AS-26, CIT wrongly assumed non-compliance. Tribunal upheld valuation, CIT's jurisdiction flawed.
July 10, 2024 Case Laws Income Tax

TPO's interest rate determination flawed. DRP rightly considered future projections & risk for arm's length rate. Final assessment valid.
July 10, 2024 Case Laws Income Tax

Daurau Farms LLP partner paid Rs. 30L cash for cows from firm's sales. Revenue doubted, made addition. ITAT accepted explanation, deleted addition.
July 10, 2024 Case Laws Income Tax

Flat renovation cost disallowed due to lack of evidence. Bills in unrelated entity's name, unsecured loan advanced. Partial cost allowed based on assessee's bills. Appeal dismissed.
July 10, 2024 Case Laws Customs

Commissioner Appeals can't pass order based on quashed order. New facts emerged, should've remanded for fresh consideration.
July 10, 2024 Case Laws Customs

Refund of CVD paid on re-import after GST implementation due to system error & insistence, not time-barred. Drawback paid, no duty liability.
July 10, 2024 Case Laws Customs

Imported goods valuation: Retail vs bulk packs must be considered. NIDB data alone can't enhance value. Quantities & quality are key.
July 10, 2024 Case Laws Companies Law

Delayed filings denied fee waiver. Pay late fees for restoration. Court upholds previous order's condition. No relief beyond granted.
July 10, 2024 Case Laws Service Tax

GTA service tax liability on recipient, not provider. Reimbursement expenses not taxable. Order set aside, appeal allowed. Demand time-barred.
July 10, 2024 Case Laws Service Tax

Subcontractor services to SEZ units exempt from service tax, regardless of provider's location. Complex laws, debatable issue. Limitation period wrongly invoked, demand set aside.
July 10, 2024 Case Laws Central Excise

Black sand from casting process not 'manufactured', hence non-dutiable. Color change alone doesn't alter nature.
July 10, 2024 Case Laws Central Excise

Sale completed on delivery to buyer's factory. Outward freight charges for FOR sale eligible for CENVAT credit.
July 10, 2024 Case Laws Central Excise

Penalty for CENVAT credit fraud set aside as firm settled dues under Sabka Vishwas Scheme. Discrepancy in stock can't lead to adverse inference against supplier. Payments received through cheques.
July 10, 2024 Case Laws Indian Laws

Appellate Court's remand power u/s 37(1)(c) to be used sparingly. Narrow scope of interference u/s 34 & 37. Multiple grounds waste time & increase pendency.
July 10, 2024 Case Laws Indian Laws

Limitation period for arbitration petition filing expired on 30/09/2022, excluding extension. Petition filed on 31/10/2022 dismissed.
July 10, 2024 Case Laws Indian Laws

Cheque dishonour: Proprietor/signatory liable, not others. Petitioner neither, so complaint dismissed.
July 10, 2024 Case Laws Indian Laws

Reference proceedings abate if 3/4th secured creditors initiate SARFAESI recovery, benefiting majority creditors. Statutory conditions met, abatement ensues.
July 10, 2024 Case Laws Indian Laws

Petitioner violated undertakings, failed to clear dues despite extensions. Bank allowed to take possession of properties.
July 9, 2024 Circulars SEBI

AIF schemes availing dissolution/additional liquidation period must file info memo/details with SEBI. Formats prescribed. In-specie distribution conditions specified.
July 9, 2024 Circulars SEBI

Passive funds like ETFs & Index Funds can invest up to 35% in group cos of sponsor if based on approved indices. Rebalance in 60 days else restrictions.
July 9, 2024 Circulars Customs

Food import entry points: ICD/SEZ, LCS, seaports. Authorized officers: FSSAI, superintendents, appraisers, inspectors, examiners.
July 9, 2024 Case Laws Income Tax

CIT(E) rejected 12AB registration due to lack of details from assessee. Tribunal upheld order, distinguishing from prior case with documents.
July 9, 2024 Case Laws Income Tax

Reopening invalid; profit disclosed. Assessing Officer overreached, no fresh material. Mere change of opinion unacceptable.
July 9, 2024 Case Laws Income Tax

Unexplained cash credit, non-genuine purchases additions rightly deleted. Interest expenses disallowance rightly deleted due to sufficient capital.
July 9, 2024 Case Laws Income Tax

High Court upholds deletion of addition u/s 41(1) where liability time-barred & no deduction claimed earlier.
July 9, 2024 Case Laws Income Tax

Reassessment invalid: No fresh material for reopening. Disclosed facts in original assessment. Mere change of opinion untenable. Impugned notice unsustainable. Entitled to co-owner's benefit.
July 9, 2024 Case Laws Income Tax

Donations receipts doubted, but AO failed to disprove evidence. ITAT: Allow deduction u/s 35(1)(ii) for earlier donations despite later withdrawal.
July 9, 2024 Case Laws Income Tax

ITAT upheld CIT(A) allowing full deduction u/s 54EC for REC bonds invested before 2015 amendment capping deduction at Rs. 50L.
July 9, 2024 Case Laws Income Tax

Publishing biz' subscription fee & commission income not taxable as Fees for Technical Services or royalty. Just promotion, sale, distribution. No special skills.
July 9, 2024 Case Laws Income Tax

Prior period expenses disallowed in first year of business. Reassessment quantum addition can't be challenged via rectification order.
July 9, 2024 Case Laws Income Tax

Live transmission fees not royalties under India-Australia DTAA. AO to verify amounts. Balkrishna fees not royalties. Appeal allowed.
July 9, 2024 Case Laws Income Tax

TP Adjustment: Proportionate adjustment for third-party transactions remitted for computation. Notional interest on receivables deleted following precedent.
July 9, 2024 Case Laws Income Tax

Tribunal upholds Commissioner's revision order on deduction u/s 80P(2)(d) for interest income from co-op bank deposits.
July 9, 2024 Case Laws Income Tax

TP Adjustment: Tribunal upheld assessee's stance on dissimilar comparables, excluding E-clerx, Acropetal, Infosys BPO & TCS EServe.
July 9, 2024 Case Laws Benami Property

Benami Act amendment effective 2016. Cases from 2011-2015 pre-date it. SC ruling in Ganpati case led to High Court setting aside orders by consensus.
July 9, 2024 Case Laws Customs

Self-assessed goods before tariff hike. Reassessment orders quashed. Refund of additional duty allowed. Applicant to prove no unjust enrichment.
July 9, 2024 Case Laws FEMA

FEMA violation: Forex trading bitcoins in USD led to seizure of â‚¹1.97 crore. ED's bid to initiate fresh proceedings rejected.
July 9, 2024 Case Laws FEMA

Clerk not instrumental in business; director not liable for past acts. Mere designation insufficient for vicarious liability under FERA.
July 8, 2024 Circulars FEMA

Govt. of India provides $2.5M LoC to Guyana for solar plant at airport. 75% Indian export, 25% foreign sourcing allowed. Effective Jun'24, 48 months disbursement.
July 8, 2024 Circulars Customs

Custodianship renewal granted to Ennore Bulk Terminal Pvt. Ltd. for Multi cargo Terminal at Kamarajar Port until 19.06.2029.
July 8, 2024 Circulars Customs

Automated exchange rate publishing via SBI-Customs EDI integration. Rates rounded to 5 paise, published on ICEGATE at 6 PM, effective next midnight. Contingency plan in place.
July 8, 2024 Case Laws GST

Genuine issues in manual refund application merit liberal approach. Avoid undue technicalities & litigation. Foster assessee-friendly system.
July 8, 2024 Case Laws GST

Notices ignored, order quashed. Case remitted for fresh decision on recovered amounts. Order treated as addendum to show cause.
July 8, 2024 Case Laws GST

Fusible interlining fabric of cotton not classifiable under Heading 5903; visible plastic coating pattern disqualifies it.

1 ....78 79 80 818283 84 85 86........ 189

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