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Excise Duty Exemption Is A Capital Receipt, Not Taxable Under Income Tax Act: Jammu & Kashmir And Ladakh High Court

November 6, 2024 0

The Jammu & Kashmir And Ladakh High Court has...

Disciplinary Action Against CIT(A) Can’t Be Initiated For Deleting Rs.120.55 Crore Income Tax Addition In Hasty Manner: Gauhati High Court

November 6, 2024 0

The Gauhati High Court has held that disciplinary action...

Punjab & Haryana High Court Grants Bail To Accused Involved In Raising Fake Invoices, Wrongfully Claiming GST ITC

November 6, 2024 0

The Punjab & Haryana High Court has granted the ...

The Latest

Disciplinary Action Against CIT(A) Can’t Be Initiated For Deleting Rs.120.55 Crore Income Tax Addition In Hasty Manner: Gauhati High Court

Direct Tax November 6, 2024 0

The Gauhati High Court has held that disciplinary action...

Punjab & Haryana High Court Grants Bail To Accused Involved In Raising Fake Invoices, Wrongfully Claiming GST ITC

GST November 6, 2024 0

The Punjab & Haryana High Court has granted the ...

30 November Time Limit For Claiming ITC Applies Retrospectively From 1 July 2017: Kerala High Court

GST November 6, 2024 0

(Time Limit For Claiming ITC) The Kerala High Court...

Company & PMLA

PMLA | Interrogation By ED For About 14 hours And 40 minutes Not Heroic Rather Against Human Rights: Punjab and Haryana High Court

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Direct Tax

Excise Duty Exemption Is A Capital Receipt, Not Taxable Under Income Tax Act: Jammu & Kashmir And Ladakh High Court

Disciplinary Action Against CIT(A) Can’t Be Initiated For Deleting Rs.120.55 Crore Income Tax Addition In Hasty Manner: Gauhati High Court

New Monetary Limits For Waiver Of Interest By Income Tax Authority: CBDT

Latest Updates You Need To Know About Income Tax e Filing

Delhi High Court Upholds JAO’s Authority To Issue Notice Under Faceless Assessment Scheme

Direct Tax

Residence Country Can’t Deny Credit On Taxes Levied By Source Country: Mumbai ITAT Grants DTAA Benefit To Amarchand Mangaldas

Direct Tax

Income Tax Notice To Specify Penalty Is Against Concealment Of Income Or Furnishing Inaccurate Particulars Of Income: Jammu & Kashmir And Ladakh High Court

Direct Tax

Direct Tax Weekly Flashback: 20 To 26 October 2024

Direct Tax

BREAKING | CBDT Extends Due Date For Furnishing Return Of Income For Assessment Year 2024-25

Direct Tax

Gujarat High Court Restraints Income Tax Dept. From Initiating Recovery Proceedings During Pendency Of Appeals Before CIT(A)

Direct Tax

Rental Income From Leasing Of Properties Assessable As Income From Profits And Gains Of Business: Bombay High Court

Direct Tax

Section 12AA Registration Can’t Be Deemed To Be Granted, If Application Not Disposed Within 6 Months: Bombay High Court

Direct Tax

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Transfer Pricing

Transfer Pricing Entities Operating On Economic Upscale Can’t Be Included As Comparables Of Those Working On Cost Plus Pricing: Delhi High Court

Uncontrolled Entities As Comparables For Determining ALP; Delhi High Court Remands Back Matter To ITAT

PE Is An Independent Taxable Entity, Affirms Delhi High Court

Delhi High Court Upholds ITAT’s Order Allowing Customs-Duty Adjustment On Import Of Watches

Nature Of Trading Business Can’t Be Foundation To Conclude Principal-Agent Relationship Under Indo-Japan Tax Treaty: ITAT

Transfer Pricing

Impermissible For TPO To Doubt Commercial Soundness Of Expenditure That May Be Incurred: Delhi High Court

Transfer Pricing

Whether International Transactions With Non-Korean AEs Similar To MAP Covered Korean AE: ITAT Remit Back TP Adjustment To TPO

Transfer Pricing

ALP On Account Of Corporate Guarantee At 0.50% On Guaranteed Amount Is Proper Commission: ITAT

Transfer Pricing

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GST

Punjab & Haryana High Court Grants Bail To Accused Involved In Raising Fake Invoices, Wrongfully Claiming GST ITC

30 November Time Limit For Claiming ITC Applies Retrospectively From 1 July 2017: Kerala High Court

GST WEEKLY FLASHBACK: 27 OCTOBER TO 2 NOVEMBER 2024

BREAKING | iPhone Smuggling | CGST Delhi Busts Fraud Of Rs. 1285 Crore, Rs. 2.05 Crore Cash Recovered In Raid

Summary Of Show Cause Notice In GST DRC-01 Is Not A Substitute Of Section 73(1) Show Cause Notice: Gauhati High Court

GST

Kerala High Court Declares Rule 96(10) Of CGST Rules As Ultra Vires Section 16 Of IGST Act

GST

Delhi High Court Quashes GST Penalty Proceedings Initiated By Dept. On Secondment Arrangements

GST

GST Order Can’t Be Challenged Citing No Personal Hearing If Hearing Not Requested After SCN Receipt: Madhya Pradesh High Court

GST

CBIC Circular Clarifying ITC Availability On Demo Vehicles Prevails Over AAAR’s Order: Bombay High Court

GST

Bombay High Court Allows Pepperfry To File Reply To GST Show Cause Notice Subject To The Cost Of Rs. 50k

GST

GST WEEKLY FLASHBACK: 20 TO 26 OCTOBER 2024

GST

Rejection Of GST Appeals Citing Non-Signing Of Petition By Authorised Signatory Of SBI General Insurance, Too Hypertechnical: Bombay High Court

GST

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CCI

Mandatory Condition Of Prima Facie Anti-Competitive Agreements, Abuse Of Dominant Position Absent, CCI Can’t Direct Investigation: Gauhati High Court

Every IP Dispute Can’t Be Converted Into Competition Dispute: Delhi High Court

Whether Swiggy Can Share Confidential Data With Restaurant Association? Karnataka High Court Directs CCI To Decide Afresh

Information appear to be individual/contractual disputes: CCI Dismisses Complaint Against PayTm, Aditya Birla Finance, Bharti Airtel, Central Bank

OMCs Did Not Violate Provisions Of Competition Act For Issuing Joint Tender For Procurement Of Ethanol: CCI

CCI

Imposition Of Pre-Payment Of Loan Penalty On End-Consumer By Finance Company Doesn’t Amount To Anti-Competitive Agreement: CCI

CCI

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Indirect Tax

Penalty On Co-Noticee Not Sustainable When Case Of Main Noticee Is Settled Under SVLDRS 2019: CESTAT

Goods Transportation Upto Customer’s Premises Covered Under ‘Input Service’, Cenvat Credit Available: CESTAT

Self-Assessment By Taxpayer Is Only A Facility, Can’t Be Treated As Dilution Of Central Excise Officer’s Statutory Responsibility: CESTAT

CENVAT Credit Refund Can’t Be Denied To Exporter Of Cricket Match Broadcasting Services On Minor Procedural Infraction: CESTAT

Section 26(5)(a) Of MVAT Act Prevails Over Rule 36(2): Bombay High Court

Indirect Taxes

Indirect Tax Weekly Flashback: 27 October 2024 to 2 November 2024

Indirect Taxes

Manufacturing Of Stainless Steel Coils Under Advance Authorisation Scheme Exempted From All Duties Under Customs Tariff Act: CESTAT

Indirect Taxes

No Service Tax Payable On ‘Construction Of Residential Complexes’: CESTAT

Indirect Taxes

Food Testing ELISA Kits Not For Diagnostic Purposes On Human And Animals, No Customs Duty Exemption Applicable: CESTAT

Indirect Taxes

No Excise Duty On Branded Readymade Garments Manufactured Before 01.03.2011: CESTAT

Indirect Taxes

Useless Exercise Of Adjudication And Appellate Process, Continued For More Than 10 Years At Different Forums: CESTAT Slams Dept.

Indirect Taxes

Cenvat Credit Can’t Be Recovered When Obtaining Of Occupancy Certificate Of Unsold Carpet Area Was Taxable: CESTAT

Indirect Taxes

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International Taxation

West Indies Vs England : Tax Facts

UAE FTA Notifies Postponement of Deadline To File Tax Return, Settle Corporate Tax

No Gift Tax Applicable On Assets Distribution To Surviving Spouse Pursuant To Nonjudicial Agreement: US Tax Court

US Tax Court Remands Back Collection Case To Consider Ability To Pay

Assessee Not Liable To Be Taxed On Cancellation Of Indebtedness Income: US Tax Court

International Taxation

Settlement Officer Didn’t Abuse Discretion In Rejecting Offer-In-Compromise-Effective Tax Administration Based On Economic Hardship: US Tax Court

International Taxation

US Tax Court Dismisses Case On Failure Of Dept. Prove Deficiency Notice Properly Mailed To Assessee

International Taxation

Failure Of Assessee To Prove Business Activity, Tax Deduction Not Allowable: US Tax Court

International Taxation

Corporation’s Net Income To Be Considered As Taxpayer’s Income Even Though Not Received By Him: US Tax Court

International Taxation

Owner Of Capital Interest In Partnership Be Recognized As Partner Regardless Of Participation: US Tax Court

International Taxation

Ex-Wife Not Involved In Business Decision During Husband’s Affair, Gets Relief From Couple’s Joint Tax Debts : US Tax Court

International Taxation

Canada-U.S. Income Tax Treaty Bars Collections Hearing By United States: U.S. Tax Court

International Taxation

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Company & PMLA

Sickness Or Infirmity Valid Grounds Of Bail For An Accused Under PMLA: Supreme Court

PMLA | Trial Is Not Likely To Conclude In Reasonable Time, Section 45 Can’t Become Shackle Leading To Unreasonably Long Detention Of Accused: Delhi...

Custodial Interrogation Not Mandatory, Can Be Done Via Video-Conferencing: Patiala House Court Dismissing ED’s Application For Anticipatory Bail Cancellation

Mere Possession Of Crime Proceeds Sufficient To Invoke PMLA Provisions: Madras High Court

S. 138 NI Act Cases | Company’s Director Can’t Be Prosecuted Without Prosecuting Company Itself: Rajasthan High Court

Company & PMLA

Relief To Patanjali Foods | Excise And Service Tax Commissioner Bound By Resolution Plan: Karnataka High Court

Company & PMLA

PMLA | Interrogation By ED For About 14 hours And 40 minutes Not Heroic Rather Against Human Rights: Punjab and Haryana High Court

Company & PMLA

Public Funds Auction | Committee Of Creditors Decision To Be Considered By NCLT, May Allow ‘Open Court Bidding’: Delhi High Court

Company & PMLA

Illegal Sand Mining: ED Provisionally Attach Immovable Properties Worth Rs. 93.84 Crore Acquired Under PMLA

Company & PMLA

Chartered Accountant Of A Company Can’t Compelled To Be Summoned As A witness In Recovery Suit: Delhi High Court

Company & PMLA

PMLA | Delhi High Court Grants Bail To Accused Who Allegedly Gave Rs. 5 Crore To CA Asking Him To Arrange ED’s Help

Company & PMLA

PMLA | Supreme Court Shows Green Flag To ED And Dismisses TMC MP Abhishek Banerjee’s Appeal Challenging Summons

Company & PMLA

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Columns

West Indies Vs England : Tax Facts

Latest Updates You Need To Know About Income Tax e Filing

Justice Sanjiv Khanna To Become 51st CJI: Know His Contribution In Indian Taxation

Know Time Limit For Issuing Income Tax Notices And Completion Of Assessment

Take Care Of Disabled Dependents And Get Relief Under Section 80DD Of Income Tax Act: Know How

Columns

Leave Job And Become A Consultant: Here’s Tax Saving Tricks

Columns

Amnesty Scheme | FAQs On Waiver Of Interest Or Penalty On Demands Pertaining To FYs 2017-20

Columns

BREAKING | New GST Invoice Management System Goes Live Today: Know Key Details

GST

Know Revised TDS Rates Chart for AY 2025-26 Effective From October 2024

Columns

Is Redemption Fine On Re-Export Imposable? Know 2 Contradictory Rulings

Indirect Taxes

IMPORTANT POINTS & DATES FOR CONSIDERATION AFTER SUPREME COURT’S DECISION IN RAJEEV BANSAL CASE

Columns

Safari Retreats Judgement | Prove Immovable Property To Be A ‘Plant’ To Avail GST ITC

Columns

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Notification

CBIC Mandates Personal Hearing Through Video Conferencing Under GST Act, Customs Act, Central Excise Act

New Monetary Limits For Waiver Of Interest By Income Tax Authority: CBDT

Investigation Into Tax Evasion Cases In Import Or Export: CBIC Issue Guidelines For Customs Field Formations In Maintaining Ease Of Doing Business

GSTN Issues Advisory On Barring Of GST Return On Expiry Of Three Years

CBIC’s Endeavour To Grant GST Registration Within 7 Days To Combat Corruption: Know Public Opinion

Notification

BREAKING | CBDT Extends Due Date For Furnishing Return Of Income For Assessment Year 2024-25

Direct Tax

DGFT Amends Export Policy of Non-Basmati Rice

Notification

Non-Reporting Of Annual RODTEP Return Lead To Denial Of Benefits Under RODTEP Scheme: DGFT

Notification

Penal Provisions Against Customs Broker Is Not Proper When The Matter Is At Appellate Stage: CBIC

Notification

CBIC Issues Corrigendum Clarifying “Any property” To Mean “Any Immovable Property”, For Renting Commercial Property Under RCM

GST

Third Party Invoicing To be Accepted In FTA, Trade Agreement To Prevail Over Section 28D Of Customs Act: CBIC

Notification

Govt. Imposes Anti-Dumping Duty On Imports Of Sulphur Black For 5 Years

Notification