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Highlights Highlights, Income Tax, GST, Import Eport and Corporate Laws

Charitable Society Wins Tax Battle: Court Upholds Tax Exemption Despite Activities Beyond Core Objects.
December 9, 2024   Case Laws     Income Tax

Late TDS return filing for Q3 FY13 - Tribunal deletes late fee & interest for pre-June '15 period.
December 9, 2024   Case Laws     Income Tax

Revenue authorities ordered fresh assessment after earlier order set aside due to lack of fair hearing.
December 9, 2024   Case Laws     Income Tax

Financial firm fails to maintain net worth, settlement rejected despite opportunities.
December 9, 2024   Case Laws     SEBI

Tax penalty cancelled for honest mistakes in disclosing interest income.
December 9, 2024   Case Laws     Income Tax

Outstanding Dues Conundrum: Court Rejects One-Time Settlement, Clarifies Tax Status.
December 9, 2024   Case Laws     VAT / Sales Tax

Customs tribunal rules pamphlets/leaflets are books, exempt from service tax under "Print media.
December 9, 2024   Case Laws     Service Tax

Promotional Expenses Not Part of Taxable Franchise Services.
December 9, 2024   Case Laws     Service Tax

Debt default acknowledged, CIRP initiated against corporate debtor on bank's plea.
December 9, 2024   Case Laws     IBC

CCD holders can initiate insolvency proceedings against defaulting companies as CCDs involve time value of money, hence 'financial debt'.
December 9, 2024   Case Laws     IBC

Apex court condones 12-day delay in insolvency appeal filing, matter remitted to NCLAT for merits decision.
December 9, 2024   Case Laws     IBC

Duty exemption for mobile parts aimed at manufacturing new products under HS Code 39 or 73.
December 9, 2024   Case Laws     Customs

No redemption fine when exported goods unavailable.
December 9, 2024   Case Laws     Customs

Tax Tribunal remands case for fresh adjudication on Transfer Pricing & Business Promotion expenses after admitting new evidence.
December 9, 2024   Case Laws     Income Tax

Corporate guarantee fee transfer pricing adjustment restricted to 0.5% for foreign loan.
December 9, 2024   Case Laws     Income Tax

ITAT upholds taxpayer's interest calculation u/s 234B against AO's adjustments.
December 9, 2024   Case Laws     Income Tax

Income Tax Penalty Upheld - Search Seizure Led to Additional Income.
December 9, 2024   Case Laws     Income Tax

Bank's rural branch deduction claim upheld; Census data interpretation corrected.
December 9, 2024   Case Laws     Income Tax

Interest income treated as business income despite lack of NBFC license.
December 9, 2024   Case Laws     Income Tax

Taxpayer allowed to set off past losses against current income despite belated filing.
December 9, 2024   Case Laws     Income Tax

Taxpayer's plea dismissed; instructed to appeal against assessment order to Appellate Authority.
December 9, 2024   Case Laws     GST

Insurance premium & reinsurance commission not 'supply' - Refund due on deposits made pending litigation.
December 9, 2024   Case Laws     GST

Improper revival of tax proceedings after initial satisfaction violates natural justice principles.
December 9, 2024   Case Laws     GST

Petitioner's challenge to tax demand stayed pending constitution of appellate tribunal.
December 9, 2024   Case Laws     GST

High Court quashes GST assessment orders citing time limits & lack of personal hearing opportunity, remands for reassessment.
December 9, 2024   Case Laws     GST

More Highlights

Articles Articles, Tax Laws, GST

Short Notes Short Notes

Tax on Royalties: Navigating the Interplay between Domestic Tax Laws and Double Taxation Avoidance Agreements
Iron Ore Exports and Refund: Assessing 'Fe' Content on WMT Basis for Duty Calculation
Ensuring Procedural Fairness: The Importance of Proper Service of SCN in Tax Assessments
Decoding the Interplay of Customs Duty, Interest, and Confiscation Proceedings
Validity of Assessment u/s 153C: Reckoning the Limitation Period
Interpreting 'Initiation' of Penalty Action u/s 275(1)(c): Period of Limitation
Faceless Assessment: Decoding the Exemptions for International Tax Charges
Interpreting Rule 86A: Safeguarding Taxpayers' Rights in ITC Blocking
Writ Jurisdiction Not a Shortcut to Bypass Tax Adjudication Process, Rules Court: Judicial Discipline to be followed
Decoding the Interplay of Sections 153A and 153C in Search Assessments: Limitation and Reassessment Dynamics
Customs Valuation and Classification: Upholding Due Process and Objective Assessment
Income Tax Case Transfers: Place of Business vs. Registered Office: Determining the Appropriate Jurisdiction for Income Tax Assessments
Validity of Writ Petitions and Section 153C Proceedings: Examining the High Court Judgment
Interpreting Time Limits for 80G Registration for Charitable Institutions: Avoiding Absurdity in the Law
Unraveling the Web: Forgery, Fake GST Firms, and the Pursuit of Economic Justice
Interplay between the provisions of Section 153C and Section 147: Limits on Automatic Reassessment in Search Cases
Decoding the GST Forgery Case: Balancing Personal Liberty and Safeguarding Public Interest for Grant of Bail in Economic Offenses
Equity and Justice in Tax Matters: Condonation of Bona Fide Delays
Embracing Equity in Tax Laws: Recognizing Genuine Difficulties in Condonation of Delays in filing of ITR
Recovery Proceedings Against Legal Heirs of Sole Proprietors: Invalidity of Demand Notices Issued Against Deceased Exporters
Jurisdiction of DRI Officers: Supreme Court Upholds Section 97 of Finance Act 2022 validating Customs Notices
Dissecting the Legality of IGST on Ocean Freight for FOB Imports: Refund of IGST
Real Income Taxation: Avoiding Double Disallowance of Wages and Salaries Payable
Jurisdictional Prerequisites for Initiating Reassessment u/s 148: Non-Depoist of TDS by the Employer
Revisiting the Scope of "Record" u/s 263: Embracing Subsequent Records

More Notes

Notifications Notifications

PMLA

- Central Government appoint for any case or class or group of cases a Special Public Prosecutor.
December 6, 2024

PMLA

- Supersession of Notification No. S.O. 688(E) dated 6th March, 2014
December 6, 2024

PMLA

- Central Government appoints the Advocates as Special Public Prosecutors for conducting the prosecution of cases on behalf of the Directorate of Enforcement before the Special Courts under the Prevention of Money Laundering Act, 2002
December 6, 2024

ADD

- Corrigendum - Notification No. 26/2024-CUSTOMS (ADD), dated the 4th December, 2024
December 5, 2024

FTP

- Export of Broken Rice to Senegal and Gambia through National Cooperative Exports Limited (NCEL)
December 5, 2024

SEBI

- Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2024.
December 4, 2024

SEBI

- Securities and Exchange Board of India (Prohibition of Insider Trading) (Third Amendment) Regulations, 2024.
December 4, 2024

ADD

- Seeks to impose Anti-Dumping Duty on imports of "Textured Tempered Coated and Uncoated Glass " falling under Tariff headings 7003, 7005, 7007, 7016, 7020 and 8541 originating in or exported from China PR or Vietnam for a period of 6 Months.
December 4, 2024

PMLA

- Central Government Authorization for Aditya Birla Sun Life Mutual Fund to perform Aadhaar Authentication for the purposes of section 11A of the Money-laundering Act
December 3, 2024

Cus

- Seeks to rescind Notification No. 32/2022-Customs dated 30th June, 2022.- It was exempting imports of Petroleum Crude and ATF from whole of the additional duty of Customs as is equivalent to the Special Additional Excise Duty leviable thereon under section 147 of the Finance Act, 2002
December 3, 2024

CE

- Seeks to rescind Notification No. 08/2022-Central Excise dated 30th June, 2022- Exemption relating to certain applicable duties on petrol, diesel and ATF cleared for exports
December 3, 2024

CE (NT)

- Seeks to amend Rule 18 and Rule 19 of the Central Excise Rules, 2017 - Rule 18 is related to Rebate of duty and rule 19 is related to Export without payment of duty
December 3, 2024

CE

- Seeks to withdraw Road and Infrastructure Cess (RIC) on export of motor spirit, commonly known as petrol, and high speed diesel oil.
December 2, 2024

CE

- Seeks to withdraw Special Additional Excise Duty (SAED) on production of Petroleum Crude and on export of Aviation Turbine Fuel, motor spirit, commonly known as petrol, and high speed diesel oil.
December 2, 2024

IT

- Central Government approves ‘International Institute of Information Technology, Hyderabad for ‘Scientific Research' under the category of ‘University, College or Other Institution’ for the purposes of clause (ii) of sub-section (1) of section 35
December 2, 2024

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

DGFT

- Launch of Revamped Preferential Certificate of Origin (eCoO) 2.0 System
December 6, 2024

SEBI

- Repository of documents relied upon by Merchant Bankers during due diligence process in Public issues
December 5, 2024

GST

- Amendment to Circular No. 31/05/2018-GST, dated 9th February, 2018 on 'Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 and under the Integrated Goods and Services Tax Act, 2017'
December 4, 2024

SEBI

- SMS and E-mail alerts to investors by stock exchanges
December 3, 2024

Indian Laws

- International Financial Services Centres Authority (Informal Guidance) Scheme, 2024
December 2, 2024

IBC

- Extension of time for filing Forms to monitor liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder.
December 2, 2024

Income Tax

- Extension of due date for furnishing return of income in the case of an assessee who is required to furnish a report referred to in section 92E regarding International Transactions for the AY 2024-25
November 30, 2024

SEBI

- Business Continuity for Interoperable Segments of Stock Exchanges
November 28, 2024

SEBI

- Valuation of repurchase (repo) transactions by Mutual Funds
November 26, 2024

SEBI

- Guidelines to Stock Exchanges, Clearing Corporations and Depositories
November 22, 2024

SEBI

- Withdrawal of Master Circular on issuance of No Objection Certificate (NOC) for release of 1% of Issue Amount
November 21, 2024

Customs

- Clarifications on the applicability of concessional duty under IGCR Rules, 2022 in certain instances
November 21, 2024

Customs

- Implementation of automation in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022
November 21, 2024

Customs

- Mandatory additional qualifiers in import declarations in respect of coking/ non-coking coal w.e.f 15.12.2024
November 20, 2024

SEBI

- Amendment to Para 15 of Master Circular for Credit Rating Agencies (CRAs) dated May 16, 2024 (“Master Circular”)
November 18, 2024

More Circulars

News News, PIB

India-Australia CCEA stocktake visit concludes in Delhi
December 9, 2024


Insolvency and Bankruptcy Board of India in association with INSOL India organises International Conclave 2024 on “Insolvency Resolution: Evolution & Global Perspective” at New Delhi
December 9, 2024


India and Norway forge deeper economic partnerships, tackling business collaboration challenges and exploring cross-sector growth opportunities.
December 9, 2024


India - Norway Business Roundtable with Shri Piyush Goyal
December 9, 2024


Cabinet approves opening of 85 new Kendriya Vidyalayas (KVs) under civil/defence sector across the country and expansion of one existing KV i.e. KV Shivamogga, Karnataka by adding 2 additional sections in all the classes
December 7, 2024


Cabinet approves setting up of 28 new Navodaya Vidyalayas in the uncovered districts of the country
December 7, 2024


Recognised startups create over 16.6 lakh direct jobs across more than 55 varied industries
December 6, 2024


Centre approves 12 new industrial smart city projects worth Rs 28,602 crore for development of trunk infrastructure packages
December 6, 2024


Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee December 4 to 6, 2024
December 6, 2024


Government of India and ADB sign $50 million loan for climate-adaptative water harvesting project in Meghalaya
December 5, 2024


MSMEs integral to industrial growth, willing to earmark land at a concession to develop businesses in industrial townships: Shri Piyush Goyal
December 5, 2024


Russian President Putin praises PM Modi's "India-First" Policy and "Make in India" Initiative at VTB Russia Calling Investment Forum in Moscow
December 5, 2024


Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024
December 5, 2024


Boilers Bill, 2024 moved in Rajya Sabha
December 5, 2024


Interns embark on their internship journey across 34 States and UTs of India under the Pradhan Mantri Internship Scheme
December 5, 2024


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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137

 

 

 

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