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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 4101 to 4150 of 9427 Records

1 ....79 80 81 828384 85 86 87........ 189

July 8, 2024 Case Laws GST

High Court: Petitioners entitled to refund of unutilized ITC on zero-rated supplies despite delayed approval of CENVAT credit carry forward.
July 8, 2024 Case Laws GST

Transitional credit denial notice lacked details. Reply disregarded for manual submission. Order treated as show cause. Dept to issue reasons, allow rebuttal.
July 8, 2024 Case Laws Income Tax

Reopening assessment invalid if assessee's objections not disposed. Deduction u/s 24(a) disallowed. Objections mandatory per GKN case. Orders quashed, remanded.
July 8, 2024 Case Laws Income Tax

Failure to file Form 10/10B before due date not fatal for exemption u/s 11(2) if available when CPC passed intimation u/s 143(1).
July 8, 2024 Case Laws Income Tax

Refund claim allowed u/s 240 for Rs. 27,04,767/- despite late filing, overriding AO & CIT(A) orders.
July 8, 2024 Case Laws Income Tax

U/s 263, AO couldn't make additions on cash deposits & loans, basis for reopening u/s 147. CIT exceeded jurisdiction by revising distinct issues.
July 8, 2024 Case Laws Income Tax

Demerger/transfer: Resulting/transferee company eligible for TDS credit, even if TDS certificates in demerged/transferor's name. Verify relevant income & allow TDS credit.
July 8, 2024 Case Laws Income Tax

Cash deposits during demonetization period explained by audited books & tax audit report. No addition u/s 69A for unexplained income.
July 8, 2024 Case Laws Income Tax

Under-reported tuition fees led to penalty u/s 270A. But lack of specificity in notice prevented assessee's response. Following precedent, penalty deleted.
July 8, 2024 Case Laws Income Tax

TP interest adjustment based on rupee loan rate. Interest adjustments deleted for non-AE loans. R&D deduction allowed without reducing contract income. Guarantee fee restricted at 0.5%.
July 8, 2024 Case Laws Income Tax

Valuation by DVO invalid sans rejecting books; estimation sans discrediting actual cost unjustified.
July 8, 2024 Case Laws Income Tax

Cash payments accepted due to buyers' inability to pay via cheque/DD owing to restricted banking hours. Delay in penalty initiation u/s 271D. Assessee's explanation deemed bona fide.
July 8, 2024 Case Laws Income Tax

TP Adjustments: Transfer of case by PCIT not reflected on portal; AO order validity discussed. Comparables exceeding â‚¹200cr deselected for â‚¹14.53cr ITeS.
July 8, 2024 Case Laws Income Tax

Shares issued at premium based on DCF valuation. AO erred in rejecting report sans flaws. Arm's length subscription by reputed group.
July 8, 2024 Case Laws Customs

Duty demand quashed, Tribunal overstepped by relying on proviso unraised. Remanded to CESTAT for fresh decision by 31.12.2024 for 09/2008-05/2009.
July 8, 2024 Case Laws Customs

Revision plea rejected for lack of proof linking goods cleared & exported. Authority rightly dismissed petitioner's certificate. Petition meritless.
July 8, 2024 Case Laws Insolvency and Bankruptcy

CIRP: Corporate Debtor defaulted on undisputed operational debt of rent. Legal notice post Section 9 application can't establish pre-existing dispute.
July 8, 2024 Case Laws Insolvency and Bankruptcy

Corporate guarantee survives IBC resolution plan for principal borrower. SC affirms guarantor's liability. NCLAT upholds admission against guarantor.
July 8, 2024 Case Laws Insolvency and Bankruptcy

Corporate debt triggered insolvency process. Settlement agreement didn't replace original contract. Loans & default established. Unusual recovery delay. Appeal dismissed.
July 8, 2024 Case Laws Insolvency and Bankruptcy

Adequate notice given, appellant's absence unjustified. Debt & default proven per IBC. No violation of natural justice. Rightful CIRP initiation.
July 8, 2024 Case Laws Insolvency and Bankruptcy

CIRP: Purchaser not liable for Corporate Debtor's past electricity dues. New connection obtainable on statutory dues payment, excluding past dues. Past dues can't burden liquidation sale.
July 8, 2024 Case Laws Service Tax

Impugned show cause notice for service tax shortfall quashed as ultra vires. Rules can't include reimbursables in taxable value before 2015 amendment.
July 8, 2024 Case Laws Central Excise

Refund claim for PLA deposit allowed, not subject to time limit u/s 11B. Modipon Ltd. case misinterpreted. Impugned order set aside.
July 8, 2024 Case Laws Central Excise

Tribunal upheld CENVAT credit on inputs from ship breakers despite Revenue's objections based on inadmissible statements.
July 8, 2024 Case Laws Central Excise

Undervaluation dispute resolved: Goods sold to related parties don't warrant Rule 8 valuation if some are sold to independent buyers. Rule 4 takes precedence. No evidence of undervaluation.
July 8, 2024 Case Laws Central Excise

Cenvat credit on spare parts as capital goods allowed. Assessee can claim more beneficial provision. Entitled to refund.
July 8, 2024 Case Laws VAT and Sales Tax

Excess tax paid on natural gas purchase to be refunded with interest within 12 weeks after verifying C-Forms for 2017-18 & 2018-19.
July 6, 2024 Notifications DGFT

Potato import from Bhutan under ITC code 07019000 allowed freely till 30/06/2027 as per DGFT amendment. Duty-free import period extended.
July 6, 2024 Notifications DGFT

Export of rice to EU & some European nations needs Certificate of Inspection. Exemption for other European countries for 6 months.
July 6, 2024 Circulars GST - States

Spectrum allocation with deferred instalments is a continuous service supply. GST due when instalments paid/due, whichever is earlier.
July 6, 2024 Circulars Customs

New CBLMS portal features allow data correction in Customs Brokers' profiles. Submit change requests via Annexure-B to policy sections.
July 6, 2024 Circulars Customs

Transitional SCMTR extended till Aug'24 for transparency, predictability & expedited Customs clearance. New manifest formats, parallel filing allowed. Amendments permitted. DGoS to issue guidelines.
July 6, 2024 Circulars Companies Law

Public cos can file Form PAS-7 on MCA portal for share warrants pre-2013 Act without fees till 5 Aug 2024 as per new Rules.
July 6, 2024 Case Laws GST

HC allowed GST credit to appellant based on IOCL's declaration of discharging GST under RCM, set aside orders & remanded matter.
July 6, 2024 Case Laws GST

Order: File statutory appeal within 30 days, pre-deposit amount. Appellate Authority to dispose within 5 months, consider on merits.
July 6, 2024 Case Laws GST

Petitioner's fake invoices & tax credits led to provisional attachment of movable assets to secure Rs. 76cr+ revenue interest. Court dismissed petition.
July 6, 2024 Case Laws GST

Minor error in e-way bill vehicle number, goods detained citing invalid e-way bill. HC: Detention unjustified, permits penalty for minor errors. Rs. 18.75L tax & penalty demand quashed.
July 6, 2024 Case Laws GST

Un-denatured Extra Neutral Alcohol faced GST levy. Show-cause notice issued, but petitioner approached court without explanation.
July 6, 2024 Case Laws GST

Advance ruling on GST levy on electricity network charges, cross-subsidy surcharge, etc. not admitted for services under Sec 98(2). Applicant's argument rejected.
July 6, 2024 Case Laws GST

Reverse osmosis reduces dissolved solids from 7932 to 148 mg/l for dyeing industry. Retains salts for zero liquid discharge. Taxable under CTH 2201.
July 6, 2024 Case Laws GST

In case of upward price revision, supplementary invoice/debit note must be issued within 30 days. Increased rent is treated as supply under GST.
July 6, 2024 Case Laws GST

Advance Ruling: GST on "Deposit Contribution Works" limited to "Establishment & Supervision Charges" for self-execution schemes. No tax on third-party works.
July 6, 2024 Case Laws GST

Healthcare IT/ITeS provider eligible for input tax credit on contract staffing services. Not barred by Sec 17(5), can claim u/s 16(1) of GST Act.
July 6, 2024 Case Laws GST

AAR: Construction services for residential units <60 sq.m & commercial area <15% qualify for 8% GST after land value deduction.
July 6, 2024 Case Laws GST

AAR: Health insurance services for TNSG & reinsurance from abroad are GST exempt. ITC reversal follows Sec 17(2) & Rule 42.
July 6, 2024 Case Laws Income Tax

Reassessment solely on audit objection sans new material is impermissible. Mere opinion change can't trigger reassessment, as it's a prohibited review.
July 6, 2024 Case Laws Income Tax

Contract for sharing profits from RBI supply; no evidence found during search; agreement terminated in 2012; assessee became NRI later; ITAT rightly deleted additions.
July 6, 2024 Case Laws Income Tax

Capitation fees undeclared, exemption denied. 'Wholly' in Sec 11 means 'solely' charitable. ITAT erred, HC favored Revenue.
July 6, 2024 Case Laws Income Tax

Income Tax Settlement Commission can go beyond application, consider all aspects for finality. Not regular assessment.
July 6, 2024 Case Laws Income Tax

Provision for loss on investment is a capital expense, ineligible for deduction u/s 37(1) or depreciation. Allowing it fails the test.

1 ....79 80 81 828384 85 86 87........ 189

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