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

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

Legal battle over tax classification: Is it a composite supply or mixed supply? Court sees abuse of process of law. HC admitted the petition for further hearing.
June 24, 2024   Case Laws     GST

High Court ruled audit notice under Central GST Act valid if not same subject as State GST proceedings. No restriction in statute. Petition dismissed.
June 24, 2024   Case Laws     GST

Court rules in favor of company, allowing payment of GST dues in installments. Bank account attachment lifted. Justice served
June 24, 2024   Case Laws     GST

Cancellation of GST registration found unlawful due to lack of personal hearing. Order set aside. Respondents directed to review petitioner's request within two weeks.
June 24, 2024   Case Laws     GST

Violation of natural justice found as petitioner not given fair hearing. Order quashed, matter remanded for review.
June 24, 2024   Case Laws     GST

High Court ruled on extending stay beyond 365 days by ITAT. SC uphold the earlier decision; appeal cannot be entertained.
June 24, 2024   Case Laws     Income Tax

Reopening of assessment under sec 147 with no response to sec 148A notice - Petitioner's remedy is to file an appeal for document disclosure.
June 24, 2024   Case Laws     Income Tax

Tax Tribunal ruled no addition to income without proof of seized docs related to assessment year. Appeal dismissed.
June 24, 2024   Case Laws     Income Tax

Penalty for non-compliance with notice deleted! Assessee's reasonable cause accepted. Appeal allowed.
June 24, 2024   Case Laws     Income Tax

Cash found during search was explained. Bank statements showed withdrawals matching cash found. No proof cash was from elsewhere. Appeal allowed.
June 24, 2024   Case Laws     Income Tax

PCIT dismissed appellant's appeal without hearing. Issue on expenditure. PCIT needed to consider all info. Remitted back for fresh decision.
June 24, 2024   Case Laws     Income Tax

ITAT decision on deductions for a credit society: Allowed for interest from credit facilities to members; Not allowed for interest from staff loans.
June 24, 2024   Case Laws     Income Tax

Revision u/s 263: Tribunal rules in favor of depreciation claim on goodwill and Trade name. Assessment order was neither erroneous nor prejudicial to revenue.
June 24, 2024   Case Laws     Income Tax

Tribunal: 1) Provision on standard assets is allowable as per RBI norms 2) Addition on bad debts provision set aside for re-evaluation
June 24, 2024   Case Laws     Income Tax

Employee claimed standard deduction on salary & ex-gratia under bonafide impression. No malafide intention found, penalty quashed.
June 24, 2024   Case Laws     Income Tax

CESTAT ruled in favor of appellant in dispute over moisture content in Iron Ore export. Transaction value followed, appeal allowed.
June 24, 2024   Case Laws     Customs

CESTAT ruled in favor of appellant on misinterpretation of Customs Act. Tug & bunkers correctly classified. Appeal allowed.
June 24, 2024   Case Laws     Customs

Appeals was rejected without deciding merits. Appellant's right to fair assessment upheld. Remanded for proper review.
June 24, 2024   Case Laws     Customs

CESTAT ruled in favor of exporter for Denial of Drawback claims due to lack of samples/testing. Export proceedings to be verified.
June 24, 2024   Case Laws     Customs

Appellate Tribunal rectifies mistake in Export Bills, adds Advance License details. Amendment allowed under Customs Act.
June 24, 2024   Case Laws     Customs

Appeal halted due to Insolvency Resolution Plan approval by NCLT. Tribunal rules appeal abates, following Rule 22.
June 24, 2024   Case Laws     Customs

Court rules against appellant in excise duty refund case. Duty was passed to buyer. Appellant failed to prove otherwise.
June 24, 2024   Case Laws     Central Excise

Goods not marketable=not liable for excise duty. Penalties unwarranted.
June 24, 2024   Case Laws     Central Excise

CESTAT ruled in favor of 100% EOU on duty demand for furnace oil consumption for electricity generation. No diversion found. Appeal allowed.
June 24, 2024   Case Laws     Central Excise

CESTAT ruled in favor of appellant companies, stating they're not related entities as per law. Price based on market value valid, no evidence of overpricing. Time limit barred the case.
June 24, 2024   Case Laws     Central Excise

More Highlights

Articles Articles, Tax Laws, GST

Short Notes Short Notes

Court Upholds Deduction for Operational Hotel under Section 35AD Despite Administrative Delays
Landmark Ruling: Leasing Businesses Entitled to Depreciation Benefits
Court Decision on Convertible Debentures Expenses : Revenue or Capital Expenditure?
Judgement on Feasibility Study Costs on Project Development: Revenue or Capital Expenditure?
Navigating Section 43B: Supreme Court Decision on Unutilised MODVAT Credit and Sales Tax Recoverable
Failure to deduct TDS and Disallowance of expenses: Supreme Court Clarifies Retrospective Application of Section 40(a)(ia) Amendments
Deduction of Bad Debts: Supreme Court's Ruling on Section 36 Compliance and alternative claim u/s 37
Principal-Agent Relationship in Telecom Sector and TDS u/s 194H: A Supreme Court Verdict
Procedural Compliance vs. Substantive Justice: Balancing Procedural Rigidity and Transitional Hardships in Section 80G Approvals
Maximizing Value in Insolvency: NCLAT Upholds CoC's Right to Negotiate Post-Challenge Mechanism
Supreme Court Clarifies Limitation Period for Appeals before NCLAT under IBC in the Digital Age: E-filing and Limitation Periods
Navigating the Bounds of Tax Law: Supreme Court's Verdict on Section 153-C Assessments
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.
Navigating Legal and Procedural Hurdles: A Charitable Institution's Quest for Tax Exemption and Registration u/s 12A and 80G
Supreme Court Clarifies Jurisdictional Objections in Tax Assessments: A Landmark Order
Invalid Notices and the Importance of Proper Jurisdiction: Lessons from a High-Profile Tax Case
Upholding Precedent: Supreme Court's Stance on Taxation of Cross-Border Software Payments (Royalty)
The Cross-Border Software Purchase Conundrum: Supreme Court's Clarification on TDS for Non-Resident Software Transactions as Royalty
Ensuring Justice in GST Registration Cancellations: A Landmark High Court Ruling
Limitation Period in Insolvency Appeals: A Step Towards Legal Clarity for determination of relevant date and Condonation of delay in filing an appeal.
Navigating Trade Restrictions: India's Stance on North Korea Exports and Imports
Deadline Adherence in Insolvency Claims: The Supreme Court on Enforcing Arbitration Awards Amidst Insolvency
Resolution Plan Approvals: The Supreme Court's Clarification on NCLT and NCLAT's Jurisdiction in Insolvency Resolution.
Navigating Tax Exemptions u/s 80P: The Supreme Court's Verdict on Cooperative Societies vs. Banks
Supreme Court Verdict on Pre-Import Condition and IGST Exemptions: A Legal Analysis

More Notes

Notifications Notifications

SEZ

- Special Economic Zones (Fourth Amendment) Rules, 2024
June 20, 2024

Cus (NT)

- Rate of exchange of one unit of foreign currency equivalent to Indian rupees–Supersession Notification No. 40/2024-Customs(N.T.), dated 6th June, 2024
June 20, 2024

Cus (NT)

- Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Cognex Sensors lndia Pvt Ltd.
June 19, 2024

FTP

- Export of Non-Basmati White Rice (under HS code 10063090) to Malawi and Zimbabwe through National Cooperative Exports Limited (NCEL)
June 19, 2024

Cus (NT)

- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
June 14, 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.
June 14, 2024

ADD

- Seeks to impose Anti-dumping duty on import of ‘Poly Vinyl Chloride Paste Resin’ from China PR, Korea RP, Malaysia, Norway, Taiwan and Thailand for 6 months, pursuant to final findings issued by DGTR.
June 13, 2024

PMLA

- Verification of identity by reporting entity.
June 12, 2024

FTP

- Corrigendum to Notification No. 16/ 2024-25 dated 06.06.2024 on enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ
June 12, 2024

IT

- Exemption u/s 10(46) in relation to specified income of notified person - Kerala Co-operative Deposit Guarantee Fund Board.
June 12, 2024

Cus (NT)

- Customs ports - Appointment for specified purposes - Seeks to amend Notification No. 62/1994 –Customs (N.T.), dated the 21st November, 1994
June 12, 2024

FTP

- Amendment in import policy of specific ITC (HS) codes under Chapter 71 of Schedule – I (Import Policy) of ITC (HS) 2022
June 11, 2024

Cus (NT)

- Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Tyco Safety Products lndia Pvt Ltd.
June 10, 2024

SEZ

- Special Economic Zones (Third Amendment) Rules, 2024 - Rule 29A - Procedure of import or export or procurement from or supply to Domestic Tariff Area of aircraft or aircraft engine by a Unit in International Financial Services Centre
June 6, 2024

IT

- Seeks to amend Notification No. 77/2014 dated 10th December, 2014 - Section 120(1) and (2) of the Income-Tax Act, 1961 - Jurisdiction of Income tax Authorities - Director of Income-tax (Intelligence and Criminal Investigation), Kanpur
June 6, 2024

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

SEZ

- Guidelines for Procurement / Installation of Solar Power Panels by SEZ Developers to provide power supply in common areas of Special Economic Zones
June 21, 2024

SEBI

- System Audit of Professional Clearing Members (PCMs)
June 20, 2024

SEBI

- Introduction of a special call auction mechanism for price discovery of scrips of listed Investment Companies (ICs) and listed Investment Holding Companies (IHCs)
June 20, 2024

SEBI

- Modification in duration for Call Auction in pre-open session for Initial Public Offer (IPO) and Relisted scrips
June 20, 2024

SEBI

- Contribution to Core Settlement Guarantee Fund and Default Waterfall for Limited Purpose Clearing Corporation (PLCC)
June 19, 2024

DGFT

- Clarification regarding Notification No. 17/2024-25 dated 11.06.2024
June 19, 2024

DGFT

- Amendments in Appendix-4J of the Handbook of Procedures, 2023
June 18, 2024

SEBI

- Modification in Framework for Offer for Sale (OFS) of Shares to Employees through Stock Exchange Mechanism
June 14, 2024

DGFT

- Clarification regarding subsequent re-import of unsold jewellery, exported under Para 4.79 & 4.92 of the Handbook of procedure, 2023.
June 13, 2024

DGFT

- Issuance of RCMC for Medical Devices
June 12, 2024

DGFT

- Corrigendum to Public Notice No. 10/ 2024-25 dated 06th June, 2024 on enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance holders, EOU and SEZ
June 12, 2024

DGFT

- Inclusion of agency in Appendix 2G of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2023 in terms of Para 2.52 (c) of HBP 2023.
June 12, 2024

FEMA

- International Trade Settlement in Indian Rupees (INR) – Opening of additional Current Account for settlement of trade transactions
June 11, 2024

FEMA

- Export-Import Bank of India (Exim Bank)’s Government of India-supported Line of Credit of USD 23.37 mn to the Government of the Co-operative Republic of Guyana (GO-GUY), for procurement of two Hindustan 228-201 aircraft from Hindustan Aeronautics Ltd.
June 11, 2024

SEBI

- (a) Ease of Doing Investments- Non-submission of ‘Choice of Nomination’ (i) Doing away with freezing of Demat Accounts and Mutual Fund Folios for existing investors; (ii) To remove freeze on payment of corporate benefits and service of physical folios; (b) Only 3 fields to be provided mandatorily for updating Nomination Details
June 10, 2024

More Circulars

News News, PIB

Bridging Gaps to Build Futures: The key role of SLBCs in driving inclusive development (Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - June 19, 2024 - at the Conference of Convenors of State Level Bankers’ Committees, held in College of Agricultural Banking (CAB), Pune)
June 24, 2024


Recommendations of 53rd GST Council Meeting held on 22-06-2024
June 23, 2024


Minutes of the Monetary Policy Committee Meeting, June 5 to 7, 2024 [Under Section 45ZL of the Reserve Bank of India Act, 1934]
June 22, 2024


Release of Publication ‘Statistical Report on Value of Output from Agriculture and Allied Sectors 2024
June 21, 2024


Hands-on Training Workshop on e-SAKSHI Portal for the revised Fund Flow procedure under MPLAD Scheme for Master Trainers of all States/UTs
June 21, 2024


DGFT implements system-driven rule based Faceless Automation for ad-hoc Input Output Norms Fixation
June 21, 2024


Keeping the Financial System Resilient, Future Ready and Crisis Resistant (Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - June 20, 2024 - at the Second Global Conference on Financial Resilience organised by the College of Supervisors (CoS), RBI, Mumbai)
June 20, 2024


2nd meeting of India-Cambodia Joint Working Group on Trade & Investment held in New Delhi
June 20, 2024


National Monetisation Pipeline monetised Rs 3.85 lakh crore of assets in 3 years
June 20, 2024


India’s seafood exports touch all-time high by volume in FY 2023-24
June 19, 2024


CCI approves realignment of interests, legal ownership, and management of various entities within the Godrej group
June 19, 2024


CCI approves acquisition of(i) certain share capital of WeWork India by Real Trustee; and (ii) Volrado IIIand other independent co-acquirers; and (ii) 100% share capital of OAW by Embassy Buildcon
June 19, 2024


Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19%
June 18, 2024


Data user conference on Household Consumption Expenditure Survey (HCES) 2022-23 to be held tomorrow (19.6.2024) in New Delhi
June 18, 2024


New Vistas in Deposit Insurance in India (Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - June 14, 2024 - at the 79th Executive Committee Meeting of the International Association of Deposit Insures (IADI) at Rome, Italy)
June 18, 2024


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