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Highlights / Annotations / Catch Notes For 2024

Home Highlights Year 2024

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Showing 4801 to 4850 of 9427 Records

1 ....93 94 95 969798 99 100 101........ 189

June 15, 2024 Case Laws Income Tax

PCIT found AO's assessment u/s 143(3) r.w.s. 153C erroneous. PCIT directipn for fresh assessment sustained.
June 15, 2024 Case Laws Income Tax

ITAT ruled in favor of the assessee in a case involving unexplained investment. Commissioner's actions under section 263 deemed unjustified.
June 15, 2024 Case Laws Income Tax

ITAT ruled that adding premium on shares to holding company not taxable under sec 56(2)(viib). Fair valuation upheld.
June 15, 2024 Case Laws Income Tax

Revision u/s 263: Tribunal rules in favor of assessee, expenses to subcontractors genuine. AO inquiry thorough. TDS details provided.
June 15, 2024 Case Laws Income Tax

ITAT ruled on TP adjustments for software services to AE. L&T Infotech & Persistent Systems Ltd upheld as comparables. Interest on receivables clarified. Employee PF contribution disallowed.
June 15, 2024 Case Laws Income Tax

Transfer of booking rights in 2009-10, not 2008-09. Capital gain deletion directed. Assessee's grounds allowed.
June 15, 2024 Case Laws Income Tax

TCS amount collected is not an expense for the seller. Buyer's income tax held by seller not hit by Section 43B.
June 15, 2024 Case Laws Income Tax

Penalty imposed on estimated income from bogus purchases overturned by ITAT. Assessee not at fault for incomplete details.
June 15, 2024 Case Laws Income Tax

Annuity payment to LIC not exempt u/s 10(10CC) - employer didn't pay, employees did. AO didn't verify, PCIT order upheld.
June 15, 2024 Case Laws Income Tax

Assessee argued AO didn't give proper hearing for order u/s 143(1)(a). AO's authority u/s 143(1)(a) is limited.
June 15, 2024 Case Laws Customs

Tribunal upheld part of enquiry report in customs broker's case. Court clarified timeline as directory.
June 15, 2024 Case Laws Customs

Penalty imposed on Appellant under Customs Act - lack of natural justice - upheld by CESTAT - no interference warranted - Appeal dismissed.
June 15, 2024 Case Laws Customs

Applicant accused of bribery for seeking release of goods by illegal means. Prima facie evidence supports proceeding against petitioners.
June 15, 2024 Case Laws Customs

Pre-arrest bail denied in customs fraud case. Strong evidence against applicant as key conspirator. Bail could hinder investigation.
June 15, 2024 Case Laws Customs

CESTAT ruled on Customs Broker License revocation due to fraudulent export practices. Time limits were met. License partly revoked, fine upheld.
June 15, 2024 Case Laws Customs

CESTAT ruled on misclassification of copper goods for export incentives. Penalties not justified. No abetment found. Appeal allowed.
June 15, 2024 Case Laws Customs

CESTAT ruled on smuggling case involving foreign gold bars seized from two individuals at a railway station. Appeal dismissed.
June 15, 2024 Case Laws Companies Law

In a recent case, the court clarified that the right to recover money through a mortgage is a Constitutional right. Priority of claims upheld.
June 15, 2024 Case Laws Insolvency and Bankruptcy

NCLAT approved Resolution Plan giving flats to Homebuyers without price hike. Dissenting Creditors' appeal dismissed.
June 15, 2024 Case Laws FEMA

Appellant directed to provide bank guarantee for penalty under FERA 1973. Tribunal found Appellant's actions intentional. Penalty reduced.
June 15, 2024 Case Laws FEMA

Appellate Tribunal found appellant guilty of accepting cricket bets for clients overseas. Reduced penalty imposed for FEMA violations.
June 14, 2024 Case Laws GST

Refund claim denied for GST assessment at 18% instead of 5% by KG Foundation. Recipient not paid the GST, petition dismissed.
June 14, 2024 Case Laws GST

HC: Levy of tax, interest, and penalty on CMWSSB for supplying purified water. Order remanded for reconsideration.
June 14, 2024 Case Laws GST

Argument that respondent failed to provide hearing opportunity due to portal issues rejected. Petitioner's tax credit shortfall upheld. Petition dismissed.
June 14, 2024 Case Laws GST

Violation of natural justice, lack of reasoning in orders, fraud by tax consultant. Orders set aside for re-adjudication.
June 14, 2024 Case Laws Income Tax

High Court ruled that petitioner can appeal order passed u/s 143(3) r/w sec 144B. Petitioner must file appeal within 15 days for consideration.
June 14, 2024 Case Laws Income Tax

Petitioner's delay in filing tax return for AY 2022-23 due to accountant's illness condoned. Genuine hardship recognized.
June 14, 2024 Case Laws Income Tax

Penalty notices must clearly state the offense committed by the assessee. Failure to do so can lead to cancellation of penalties.
June 14, 2024 Case Laws Income Tax

Investors' addition u/s 68 deleted as transactions were genuine. No proof of cash deposits found. Notional interest addition also deleted.
June 14, 2024 Case Laws Income Tax

ITAT directed fresh assessment u/s 263 for FMV of shares. Existing shareholders not taxable. Pr.CIT's revisional action unjustified.
June 14, 2024 Case Laws Income Tax

Club expenses disallowed as personal by AO, but erroneous. Company has no personal expenses. Expenses must be for business. Appeal allowed.
June 14, 2024 Case Laws Income Tax

Assessment reopened u/s 147 for undisclosed income source of property investment. AO lacked jurisdiction for additional tax.
June 14, 2024 Case Laws Income Tax

Revision u/s 263 - discrepancies in assessment - undisclosed TDS, wrong deductions. Tribunal held PCIT didn't act independently.
June 14, 2024 Case Laws Income Tax

Advance written off as expense is allowable u/s 37 if related to business. Loss not capital.
June 14, 2024 Case Laws Customs

Penalty reduced for Customs House Agent due to lack of direct involvement in fraudulent exports.
June 14, 2024 Case Laws Insolvency and Bankruptcy

NCLAT ruled on delay in filing appeal. No free copy of order obtained. Law of limitation applies. Appeal dismissed.
June 14, 2024 Case Laws Money Laundering

Money laundering case: Illegal possession of property can be proceeds of crime. Attempt to conceal, possess, or use crime proceeds is covered.
June 14, 2024 Case Laws Money Laundering

Provisional attachment order upheld in money laundering case involving illegal foreign remittances. Evidence supports prosecution complaints. Property attachment aims to preserve proceeds of crime.
June 14, 2024 Case Laws Service Tax

Petitioner not at fault for payment delay under Sabka Vishwas Scheme. Allowed to avail benefits. Previous case supports decision.
June 14, 2024 Case Laws Service Tax

CESTAT ruled no service tax on revenue shared with distributor for cinema hall services. In earlier case, Supreme Court upheld decision.
June 14, 2024 Case Laws Central Excise

CESTAT rejected application u/s 35C(2) of Central Excise Act, 1944 on bank discount from auto dealers. Order quashed, remanded for review.
June 14, 2024 Case Laws Income Tax

Business setup date is crucial for expense deduction. Actual income generation not necessary for expenditure allowance.
June 14, 2024 Case Laws Income Tax

Expenses must directly relate to income to be deductible. Liquidation expenses not linked to interest income not allowed.
June 14, 2024 Case Laws Income Tax

Appellate Tribunal ruled trust not AOP. Income taxed to beneficiaries, not trust. Beneficiaries not AOP.
June 14, 2024 Case Laws Income Tax

Denial of interest on delayed DDT refund was wrong. Appellant entitled to interest payment. Lower authority's decision set aside.
June 14, 2024 Case Laws Income Tax

The tribunal ruled in favor of the trust, stating its activities are charitable and not commercial. Rental income below 20% qualifies for exemption.
June 14, 2024 Case Laws Income Tax

Application for approval u/s 80G rejected due to late filing. Date of activity start not crucial. Form filed within due date.
June 14, 2024 Case Laws Income Tax

Validity of reopening assessment questioned due to lack of fresh information with new AO. Reassessment should be based on new info, not a change of opinion.
June 14, 2024 Case Laws FEMA

Appellate Tribunal ruled that receiving money from NRE account in Indian currency still violates FERA. Denial of cross-examination not fatal.
June 14, 2024 Case Laws FEMA

Appellate Tribunal found company guilty of violating FERA by diverting cargo to Dubai instead of Russia. Directors held liable.

1 ....93 94 95 969798 99 100 101........ 189

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