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Latest Updates on Income Tax, GST, Customs, Corporate Laws & more

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

GST:

The order u/s 73 of CGST Act, 2017 lacked consideration of petitioner's detailed reply. AO directed to pass fresh order.

May 29, 2024

GST:

Retrospective cancellation of GST registration without reasons violates natural justice. Registration can't be cancelled mechanically.

May 29, 2024

GST:

Taxpayer did not cooperate in verifying Input Tax Credit. Order set aside due to lack of proper consideration. Matter restored back.

May 29, 2024

GST:

Detained goods may be released u/s 129(1)(a) of CGST Act, 2017. Petitioner can appeal against penalty.

May 29, 2024

GST:

Retrospective cancellation of GST registration without proper reasons violates natural justice. Show Cause Notice lacked details.

May 29, 2024

Income Tax:

Tribunal's remand to reassess 'pit filling' expenses was justified. No substantial question of law arises.

May 29, 2024

Income Tax:

IBC 2016 prevails over Income Tax Act. AO have limited jurisdiction during moratorium. Can assess the tax but cannot recover.

May 29, 2024

Income Tax:

Condonation of delay: 506-day delay in filing an appeal refused due to lackadaisical attitude of the assessee.

May 29, 2024

Income Tax:

Allowability of expenditure u/s 37(1) against partner's interest & remuneration. Deductions allowed for business expenses.

May 29, 2024

Income Tax:

Interest income from land acquisition not taxable u/s 28 - Additions of interest income derived from fixed deposits towards joint bank guarantee confirmed.

May 29, 2024

Income Tax:

Denial of deductions u/s 80C & standard deduction under New Tax Regime sustained. Original return under Old Tax Regime not considered.

May 29, 2024

Income Tax:

Rectification u/s 154: Withdrawn amount from provident fund (PF) as exempt income u/s 10(12). Additions deleted.

May 29, 2024

Income Tax:

A charitable trust is eligible for deduction u/s 11 despite belated filing of return & mistake in columns.

May 29, 2024

Income Tax:

Surcharge income allowed be taxed upon actual receipt, not accrual. Additional evidence admitted for 14A disallowance.

May 29, 2024

Income Tax:

Relief u/s 89 disallowed: difference between returned and assessed income. CIT(A) order quashed for lack of reasoning, matter restored back.

May 29, 2024

Income Tax:

Validity of revision u/s 263 that interest income from long term fixed deposits taxable u/s 56, not deductible u/s 80P. ITAT allowed the deduction u/s 80P(2)(d).

May 29, 2024

Income Tax:

Additions u/s 68 and then u/s 50 or 41(2) in reassessment case: AO's reopening based on change of opinion, no new evidence found.

May 29, 2024

Income Tax:

Discrepancies in LTCG disclosure: Reassessment proceedings quashed due to lack of independent application of mind by the AO.

May 29, 2024

Income Tax:

Deduction for contribution in LIC Group Gratuity Scheme u/s 37(1) allowed. Delay in approval by CIT, not fault of assessee.

May 29, 2024

Income Tax:

Provisions of u/s 56(2)(vii)(c) not applicable on bonus shares. Shareholder's wealth remains same post bonus.

May 29, 2024

Income Tax:

Penalty u/s 271FA for non-filing of SFT was unjustified as no reportable transactions were identified.

May 29, 2024

Customs:

Forfeiture of security deposit for Customs Broker due to violation of CBLR 2013 sustained.

May 29, 2024

Customs:

Goods of foreign origin imported for repairs and return exempted u/s Notification No.153/1994.

May 29, 2024

Customs:

Demand of customs duty for destroyed capital goods. No suppression of facts found. Extended period of limitation cannot be invoked.

May 29, 2024

Service Tax:

As services were provided to Government Agency, there was no intention to evade tax. Extended period of limitation not applicable.

May 29, 2024

More Highlights

Articles Articles, Tax Laws, GST

Short Notes Short Notes

IBC:

Maximizing Value in Insolvency: NCLAT Upholds CoC's Right to Negotiate Post-Challenge Mechanism

IBC:

Supreme Court Clarifies Limitation Period for Appeals before NCLAT under IBC in the Digital Age: E-filing and Limitation Periods

Income Tax:

Navigating the Bounds of Tax Law: Supreme Court's Verdict on Section 153-C Assessments

Income Tax:

The Delhi High Court's Guiding Light on Post-Search Tax Assessments: Application of Section 153C, powers of tax authorities and the rights of assessees.

Income Tax:

Navigating Legal and Procedural Hurdles: A Charitable Institution's Quest for Tax Exemption and Registration u/s 12A and 80G

Income Tax:

Supreme Court Clarifies Jurisdictional Objections in Tax Assessments: A Landmark Order

Income Tax:

Invalid Notices and the Importance of Proper Jurisdiction: Lessons from a High-Profile Tax Case

Income Tax:

Upholding Precedent: Supreme Court's Stance on Taxation of Cross-Border Software Payments (Royalty)

Income Tax:

The Cross-Border Software Purchase Conundrum: Supreme Court's Clarification on TDS for Non-Resident Software Transactions as Royalty

GST:

Ensuring Justice in GST Registration Cancellations: A Landmark High Court Ruling

IBC:

Limitation Period in Insolvency Appeals: A Step Towards Legal Clarity for determination of relevant date and Condonation of delay in filing an appeal.

Customs:

Navigating Trade Restrictions: India's Stance on North Korea Exports and Imports

IBC:

Deadline Adherence in Insolvency Claims: The Supreme Court on Enforcing Arbitration Awards Amidst Insolvency

IBC:

Resolution Plan Approvals: The Supreme Court's Clarification on NCLT and NCLAT's Jurisdiction in Insolvency Resolution.

Income Tax:

Navigating Tax Exemptions u/s 80P: The Supreme Court's Verdict on Cooperative Societies vs. Banks

Customs:

Supreme Court Verdict on Pre-Import Condition and IGST Exemptions: A Legal Analysis

Indian Laws:

Understanding Beneficial Ownership: A Landmark Admiralty Case in India

Customs:

Beneficial Ownership, Beyond Baggage in Customs Law: Seizure of foreign currency

SEZ:

Expanding Trade Horizons: The 2023 Amendment to SEZ Rules for Gem and Jewellery Units

GST:

The Significance of Signature: A Landmark Decision on GST Assessment Orders

Income Tax:

Principles of Natural Justice in Tax Litigation: Unraveling the Significance of Cross-Examination Rights in Tax Cases

Income Tax:

Deadline Extension for Processing E-Filed Tax Returns: Refund Claims on Income Tax Returns

DGFT:

Deadline Extended for Pharmaceutical Track and Trace System Implementation

Corporate Law:

MCA Announces Establishment of Central Processing Centre at IMT Manesar

Customs:

Export Obligation Compliance: Detailed SOPs for EPCG and Advance Authorization Holders

More Notes

Notifications Notifications

CVD

- Seeks to amend Notification No. 2/2019-Customs (CVD), dated 30th August, 2019
May 28, 2024

SEBI

- Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024
May 27, 2024

IT

- Higher Rate of Tax Collection at Source (TCS) for non-furnishing of ITR: Central Government notifies the Reserve Bank of India u/s 206CCA(3)(ii) - RBI excluded from scope of "Specified person"
May 27, 2024

IT

- Higher Rate of TDS for non-furnishing of ITR - Central Government notifies the Reserve Bank of India u/s 206AB(3)(ii) - RBI excluded from scope of "Specified person"
May 27, 2024

IT

- Cost Inflation Index (CII) for the Financial Year 2024-25 notified as 363 - Amends the Notification No. 44/2017
May 24, 2024

IT

- Exemption from specified income U/s 10(46) – ‘Tamil Nadu Water Supply and Drainage Board, Chennai, notified
May 22, 2024

Cus (NT)

- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
May 21, 2024

FTP

- Amendment in Para 2.31 of the Foreign Trade Policy, 2023 and ITC HS 2022 Schedule 1 Import Policy
May 20, 2024

SEBI

- Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2024.
May 17, 2024

SEBI

- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2024.
May 17, 2024

Cus (NT)

- Rate of exchange of one unit of foreign currency equivalent to Indian rupees–Supersession Notification No. 34/2024-Customs(N.T.), dated 2nd May, 2024
May 16, 2024

ADD

- Seeks to impose Anti-dumping duty on import of 'Pentaerythritol' from China PR, Saudi Arabia and Taiwan for 5 years, pursuant to final findings issued by DGTR
May 16, 2024

Cus (NT)

- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
May 15, 2024

CE

- Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.
May 15, 2024

SEBI

- Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007
May 10, 2024

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

DGFT

- Abeyance of Public Notice No. 05/2024 dated 27.05.2024
May 28, 2024

DGFT

- Abeyance of Public Notice No. 05/2024 dated 27.05.2024
May 28, 2024

SEBI

- Standard Operating Procedure for handling of Stock Exchange outage and extension of trading hours thereof in Commodity Derivatives segment
May 27, 2024

SEBI

- Eligibility criteria for launching Options with Commodity Futures as underlying by Stock Exchanges having commodity derivative segments.
May 27, 2024

SEBI

- Self Regulatory Organizations for Social Impact Assessors in the context of Social Stock Exchange (“SSE”)
May 27, 2024

SEBI

- Timelines for disclosures by Social Enterprises on Social Stock Exchange (“SSE”) for FY 2023-24.
May 27, 2024

FEMA

- Instructions on Money Changing Activities
May 27, 2024

DGFT

- Amendment in 4.59 of Handbook of Procedures, 2023 and modification in Standard Input Output Norms (SION) M- 1 to M-7 for export of jewellery
May 27, 2024

SEBI

- Enhancement of Dynamic Price Bands for scrips in the Derivatives segment
May 24, 2024

SEBI

- Norms for sharing of real time price data to third parties
May 24, 2024

SEBI

- Modification in Staggered Delivery Period in Commodity Futures Contracts
May 24, 2024

SEBI

- Audiovisual (AV) presentation of disclosures made in Public Issue Offer Documents
May 24, 2024

Customs

- Launch of functionalities/features on Customs Brokers Licensing Management System (CBLMS).
May 22, 2024

Customs

- Disposal of Unmanned Aircraft Systems (UAS)/Unmanned Aerial Vehicles Systems (UAV)/Remotely Piloted Aircraft Systems(RPAS)/ Drones
May 22, 2024

SEBI

- Industry Standards on verification of market rumours
May 21, 2024

More Circulars

News News, PIB

Advisory on launch of E-Way Bill 2 Portal
May 28, 2024


Department of Commerce holds Chintan Shivir on FTA Strategy and SOP for Trade Negotiations
May 28, 2024


Auction for Sale (issue/re-issue) of (i) ‘New GS 2029’, (ii) ‘New GOI SGrB 2034’ and (iii) ‘7.34% GS 2064’
May 28, 2024


WIPO Treaty, a big win for India and Global South
May 27, 2024


IICA and MCA hold inter-ministerial workshop on ‘Responsible Business Conduct in India’ in partnership with the United Nations Development Programme (UNDP) in New Delhi
May 22, 2024


Attorney General for India Shri R. Venkataramani delivers Keynote address at 15th Annual Day commemoration of Competition Commission of India
May 21, 2024


Incubation Centre inaugurated at DPIIT’s National Council for Cement and Building Materials
May 21, 2024


ULIP Workshop Brings States Together to Enhance India’s Logistics
May 20, 2024


The Crucial Role of Assurance Functions in Urban Co-operative Banks (Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - May 16, 2024 - at the Conference of Heads of Assurance of Urban Cooperative Banks held in Mumbai)
May 18, 2024


DPIIT organizes ONDC Startup Mahotsav in New Delhi; platform for startups to leverage Open Network for Digital Commerce
May 17, 2024


IICA organises roundtable consultation on R&D expenditure by top 1,000 listed companies in India
May 17, 2024


Exchange Rate Notification No. 36/2024- Customs (N.T.)
May 16, 2024


Embracing meaningful assurance for sustainable growth of the NBFC Sector (Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - May 15, 2024 - at the Conference of Heads of Assurance of Non-Banking Financial Companies (NBFCs) held in Mumbai)
May 16, 2024


Information from manufacturers of Pan Masal and Tobacco taxpayers
May 16, 2024


3rd Session of India-Zimbabwe Joint Trade Committee held in New Delhi
May 15, 2024


More News

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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.

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