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    Case LawsIncome Tax
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    Case LawsIncome Tax
    A Landmark Judgment on Tax Credit Entitlement - Credit of TDS if deductor failed to deposit the TDS ...
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    Case LawsCustoms
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    Case LawsIncome Tax
    Tax Credit Entitlement - Credit of TDS if deductor failed to deposit the TDS to the Government
    Show AI Summary
    TDS credit entitlement affirmed: deductee entitled to credit despite deductor's non-deposit, preventing indirect recovery.
    Credit for tax deducted at source on interest payments is to be treated as tax paid on the deductee's behalf and does not depend on the deductor's remittance; statutory protections against indirect recovery prevent the revenue from seeking the same tax from the deductee when the deductor fails to deposit the deducted amount, and the deposit requirement in the applicable provisions does not negate the deductee's entitlement to such credit.
    Case LawsIncome Tax
    A Landmark Judgment on Tax Credit Entitlement - Credit of TDS if deductor failed to deposit the TDS ...
    Show AI Summary
    Tax credit for TDS: deductee entitled to credit even if deductor failed to deposit the retained tax with government.
    The Court treats amounts retained by a deductor as remaining tax and concludes the statutory credit mechanism for tax deducted at source does not condition a deductee's entitlement on the deductor having deposited the retained amount with the government, thereby barring indirect recovery or adjustment against the deductee where tax has been deducted at source.
    Case LawsGST
    A Case of Coerced Input Tax Credit Reversal - GST recovery during search and seizure proceedings.
    Show AI Summary
    Coercive tax collection prohibited; forced reversal of input tax credit during search deemed impermissible, with investigatory remedies preserved.
    Dispute involved a search under Section 67 and an alleged coerced reversal of Input Tax Credit from the petitioner's Electronic Credit Ledger for supplies from a supplier with retrospectively cancelled registration; the court found such coercive recovery during search impermissible and directed restoration of the ITC while preserving the department's power to investigate and, if ineligible or fraudulent ITC is found, pass appropriate protective orders.
    Case LawsGST
    Manner of compliance of conditions of pre-deposit - Debit of amount from electronic credit ledger (E...
    Show AI Summary
    Pre-deposit payment method: Electronic credit ledger debit does not satisfy pre-deposit; cash ledger payment required for appeals.
    Pre-deposit for appeals under the CGST/BGST regime must be paid from the cash ledger; debit from the electronic credit ledger does not satisfy the statutory pre-deposit requirement. A revenue circular restricting ECRL use to certain output tax payments and excluding reverse charge, interest, penalties, fees, and similar amounts supports that ECRL cannot be used for pre-deposit. The court emphasized the statutory payment scheme and strict appeal filing timelines, rejecting arguments that ECRL debit could substitute for cash ledger payment.
    Case LawsGST
    The need for clarity and concrete reasons in the cancellation of GST registrations.
    Show AI Summary
    Requirement of clear reasons in GST cancellation: retrospective deregistration must be reasoned and consider input tax credit effects.
    Cancellation of GST registration must be supported by clear reasons and concrete factual findings in show cause notices and cancellation orders; labels that a registration is "liable to be cancelled" without specifying dues or factual basis constitute mechanical action. Retrospective cancellation cannot be applied routinely; authorities must follow statutory procedure, assess causes for non-filing, consider exceptional disruptions to business operations, and account for the impact on input tax credit before fixing an effective date of cancellation.
    Case LawsIncome Tax
    Validity of reopening of assessment - need for a direct link between the portal's information and th...
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    Use of portal data: digital information needs a direct evidential link before reopening income tax assessments.
    Reopening assessments requires a direct evidential link between portal-derived information and the income alleged to have escaped assessment; portal data alone is insufficient without documentary support for transactions or gifts, and a show cause notice must provide adequate particulars and reflect proper consideration of the taxpayer's response before reassessment proceeds.
    Case LawsBenami Property
    Application of provisions of section 5 of the Benami Transactions (Prohibition) Amendment Act, 2016 ...
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    Non retrospective application of punitive benami provisions affirmed, limiting enforcement to post amendment transactions.
    Application of Section 5 of the Benami Transactions (Prohibition) Amendment Act, 2016 concerns whether punitive provisions enacted in 2016 apply to transactions predating the amendment. The Appellate Tribunal relied on Supreme Court precedent that such punitive provisions must be applied prospectively, and the High Court emphasized adherence to that interpretation while allowing parties to pursue further remedies pending the Supreme Court review.
    Case LawsCustoms
    Provisional release of imported goods (apples) - The dispute centers on the valuation of the import...
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    Provisional release of perishable imports allowed pending valuation, subject to provisional assessment and bond to protect revenue interests.
    The dispute concerns provisional release of perishable imported apples amid a valuation contest tied to a stayed minimum import price notification. The instrument requires provisional assessment of the Bill of Entry within a brief timeframe and permits conditional provisional release upon the importer furnishing a bond and meeting terms set by customs, thereby reconciling the protection of revenue interests with the practical need to avoid loss to perishable consignments pending final resolution of the notification's applicability.
    Case LawsBenami Property
    Applicability of the Benami Transactions (Prohibition) Amendment Act, 2016
    Show AI Summary
    Prospective application of punitive benami amendment upheld, limiting reach to post-enactment transactions and preserving pre-enactment protections.
    The Madras High Court affirmed that the enhanced punitive provision introduced by the Benami Transactions (Prohibition) Amendment Act, 2016 is substantive and applies prospectively; it endorsed the Tribunal's reliance on the Supreme Court's Ganapati Dealcom decision, treated a pending Supreme Court review petition as not displacing that precedent, and disposed of the appeals while allowing further proceedings consistent with prospectivity and prior constitutional findings.
    Case LawsIncome Tax
    Disallowance of expenses - need for tax authorities to have a practical understanding of the nature ...
    Show AI Summary
    Disallowance of expenses must rest on specific documentation defects, not on blanket percentage adjustments.
    Disallowance of business expenses on a summary or estimate basis requires specific, pointed deficiencies and cannot rest on generalized conclusions about excessiveness; in businesses with routine small transactions, tax authorities must examine the nature of operations and identify particular defects in documentation before applying blanket percentage disallowances.
    Case LawsIncome Tax
    Disallowance of the assessee's business expenditure claims related to the purchase of sugarcane from...
    Show AI Summary
    Statutory Minimum Price interpretation: excess cane payments treated as appropriation of profits, not deductible business expense.
    The core issue is whether payments for sugarcane in excess of the Statutory Minimum Price (SMP) are deductible business expenditures or constitute an appropriation of profits. The Assessing Officer relied on standard accounting practice requiring provisions for liabilities at year end and treated post closing excess payments as distributions of operational surplus. The appellate view upheld that cooperative status does not alter the tax analysis and that payments beyond the SMP do not qualify as allowable business expenses absent proper provisioning within the accounting period.
    Case LawsIncome Tax
    Additions made u/s 69 and Section 56 in the absence of direct incriminating evidence linking the ass...
    Show AI Summary
    Direct incriminating evidence requirement: third party search materials alone cannot sustain unexplained investment additions.
    Additions alleged as unexplained investments and undisclosed interest income based on third party search materials require a demonstrable direct nexus between those seized records and the assessee; absent such direct incriminating evidence, reliance on third party statements or documents is insufficient. Procedural safeguards and transactional indicia-such as cross examination opportunities, banking records, documentary support, and TDS-reduce the probative value of seized material when direct linkage is lacking.
    Case LawsCustoms
    Whether penalty is to be imposed when the appellant has accepted the classification and paid the ent...
    Show AI Summary
    Penalty under Section 114A: no justification where importer accepted correct classification and paid differential duty before notice.
    Issue: imposition of a penalty for alleged suppression when the importer accepted correct tariff classification and paid the differential duty with interest before issuance of a show cause notice. The importer attributed the earlier misclassification to an agent error and denied intent to evade duty. The authority observed the accurate product description, admission of correct classification and prompt payment, concluded absence of suppression of facts and determined that the statutory penalty provision was not justified on these facts.
    Case LawsCustoms
    Liability for payment of customs duty on sale of excess liquor from the duty-free shop
    Show AI Summary
    Liability under Section 72: duty rests with duty-free shop licence-holder when trade facility conditions are breached.
    Duty arises where a duty-free shop licence-holder breaches voucher and recordkeeping conditions under the trade facility; the licence-holder bears responsibility for payment of duty and interest when procedural requirements are violated, while penalty depends on culpability and may be disallowed where no intent to evade duty is established and customs were aware of the transactions.
    Case LawsCustoms
    Demand of customs duty beyond normal period of limitation on the ground of change in classification ...
    Show AI Summary
    Extended limitation in customs demands inapplicable where no suppression, limiting reassessment for CVD on undeclared MRP entries.
    Reassessment and CVD demand arose from a post-clearance change in classification and retrospective reliance on MRP for past entries; the tribunal held that items described were essential refrigeration parts rather than accessories, that MRP-based reassessment requires clear factual basis, and that the Extended Period of Limitation is inapplicable where no suppression is established, although penalty issues may still be considered where omissions occur.
    Case LawsCorporate Laws
    Stringent approach towards ensuring compliance with auditing standards - importance of auditors' res...
    Show AI Summary
    Auditor responsibility reinforced: regulatory findings against audit failures stress strict adherence to auditing standards and sanctions.
    NFRA found a statutory auditor guilty of professional misconduct for failures to comply with Standards on Auditing, including inadequate procedures to verify revenue, lack of physical inventory verification, insufficient going concern assessment, deficient materiality application, and inadequate communication with Those Charged with Governance, and applied regulatory sanctions to reinforce auditor responsibilities in preserving financial reporting integrity.
    Case LawsIBC
    Whether the appellant's claim can be classified as a Financial Debt or Operational Debt under the In...
    Show AI Summary
    Operational debt classification confirmed for supplier's claim based on the transaction's nature under the insolvency framework.
    Whether a claim from a supply arrangement is a Financial Debt or an Operational Debt depends on the transaction's substantive character. The tribunal examined contractual terms-penalties for non-delivery, interest, and security cheques-and applied precedents on the financial-versus-operational distinction. It characterised the supplier's claim, filed under Section 9, as arising from the supply of goods and therefore as an operational debt, sustaining the Resolution Professional's and Adjudicating Authority's classification.
    Case LawsIBC
    Scope of Approval of resolution plan - Allegations of undervaluation of the Corporate Debtor's asset...
    Show AI Summary
    Commercial wisdom of committee of creditors governs resolution plan approval, limiting valuation and standing challenges by promoters.
    Exclusion of the creditor was non irregular as no claim was filed; undervaluation allegations were rejected since opportunities to raise them during the CIRP were not used; the resolution plan satisfied Committee approval requirements and reflected the Committee's commercial wisdom; and a suspended director/promoter lacked standing to challenge the approved plan, underscoring limited judicial interference post approval.
    Case LawsGST
    Denial of Input Tax Credit since the GST registration of the Supplier of Goods has been Cancelled wi...
    Show AI Summary
    Input tax credit denial over supplier deregistration; remanded for document verification and fresh adjudication to determine genuineness.
    Denial of Input Tax Credit was challenged where the supplier's registration was retrospectively cancelled; the petitioner paid through bank and the supplier appeared on records at the time. The High Court remanded the matter for fresh adjudication, directing the appellate authority to reconsider the petitioner's documentary evidence, hold a hearing, and pass a reasoned order verifying genuineness and timing of transactions; if purchases are genuine and occurred prior to cancellation, ITC is to be considered per precedent.
    Act RulesGST
    Input Tax Credit (ITC) is a vested right or concession - Can government impose conditions or restric...
    Show AI Summary
    Input Tax Credit as legislative concession: entitlement subject to statutory conditions, but retrospective deprivation of vested accruals is vulnerable.
    Input Tax Credit (ITC) is a legislative concession, not a vested right, so the legislature may lawfully prescribe eligibility conditions and procedural limits which taxpayers must strictly satisfy; however, retrospective amendments that destroy or diminish an already accrued entitlement are susceptible to challenge and have been treated as impermissible when they impair rights that vested before the amendment.

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      Review of Customs duty Exemptions - Review of conditional exemption rates of BCD

      24 July, 2024

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      (i) The BCD exemption for the goods covered under following serial numbers of the notification are being extended upto 31st March, 2026 unless specified otherwise.

      S. No.

      S N of 50/17-Cus

      Brief Description

      1.

      17

      Specified Planting materials, namely, oilseeds, seeds of vegetables, tubers, etc.

      2.

      80A

      Algal oil for manufacturing of aquatic feed

      3.

      90

      Lactose for use in manufacture of homeopathic medicines

      4.

      104

      Specified goods used in processing of sea-food

      5.

      133

      Gold ores and concentrates

      6.

      139

      Bunker Fuels namely: (i). IFO 180 CST; (ii). IFO 380 CST; (iii). VLSFO (CTH 27)

      7.

      150

      Naphtha for manufacture of Fertilisers (scope of exemption is being reduced only to Naphtha)

      8.

      155

      Liquefied petroleum gases (LPG) received from unit in SEZ and returned by the DTA unit to the SEZ unit

      9.

      164

      Electrical energy supplied from SEZ unit to DTA

      10.

      165

      Electrical energy supplied from SEZ to DTA

      11.

      172

      Specified goods used in manufacture of silicon wafers or solar wafers, for manufacture of solar cell or module

      12.

      183

      Medical use fission Molybdenum-99 (Mo-99) for use in manufacture of radio pharmaceuticals

      13.

      184

      Pharmaceutical Reference Standard

      14.

      188

      Goods for manufacture of ELISA Kits

      15.

      191

      Maltol for manufacture of deferiprone

      16.

      204

      Anthraquinone or 2-Ethyl Anthraquinone for use in manufacture of Hydrogen peroxide

      17.

      237

      Specified material for manufacture of EVA (Ethylene Vinyl Acetate) sheets or backsheet, which are used in the manufacture of solar photovoltaic cells or modules (Scope of materials which can be imported is being increased)

      18.

      253

      Specified Goods for manufacture of Brushless Direct Current (BLDC) motors

      19.

      257

      Tags, labels, stickers, belts, buttons, hangers or printed bags, imported by bonafide exporters

      20.

      257A

      Specified goods used in manufacture of handicraft items for export when imported by bonafide exporter

      21.

      257B

      Specified goods used in manufacture of textile or leather garments for export when imported by bonafide exporter

      22.

      257C

      Specified goods used in manufacture of leather or synthetic footwear or other leather products for export when imported by bonafide exporter

      23.

      258

      Security fibre, threads, Paper based Taggant, M-feature for use in manufacture of security paper by Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt Ltd, Mysore.

      24.

      259

      Raw materials for manufacture of security fibre and security thread for supply to Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt. Ltd, Mysore for use in manufacture of security paper

      25.

      260

      Goods for the manufacture of specified orthopedic implants (902110)

      26.

      261

      Raw material for manufacture of Copper-T Contraceptive

      (i) Alatheon

      (ii) Copper Wire

      27.

      265

      Capacitor grades polypropylene granules for manufacture of Capacitor grade plastic

      28.

      269

      Super absorbent polymer for manufacture of adult diapers and specified goods

      29.

      271

      Polytetrametylene ether glycol, (PT MEG) for use in manufacture of spandex yarn

      30.

      276

      Ethylene- propylene- non-conjugated diene rubber (EPDM) for manufacture of insulated wire and cables

      31.

      279

      New or retreated Pneumatic tyres of rubber for use in servicing, repair of maintenance of aircrafts used for operating scheduled air transport service or scheduled air cargo service etc

      32.

      280

      New or retreated Pneumatic tyres of rubber for use in servicing, repair or maintenance of aircraft imported or procured by Aero Club of India/ for flying training purpose/ operating non-scheduled (passenger or charter) services/ AAI for flight calibration purpose

      33.

      290

      Wood pulp for manufacture of newsprint, paper or paperboard

      34.

      292

      Goods imported for manufacture of paper, paper boards, newsprint

      35.

      293A

      Newsprint and uncoated paper imported for printing of newsprint

      36.

      296A

      Lightweight coated paper imported by actual users for printing of magazines

      37.

      326

      Hydrophilic /Hydrophobic Non- Woven, imported for use in the manufacture of Adult Diapers

      38.

      329

      Pile fabrics for the manufacture of toys

      39.

      333

      Moulds, tools and dies, for the manufacture of parts of electronic components or electronic equipment

      40.

      334

      (i) Graphite Felt or Graphite pack for growing silicon ingots (ii) Thin Steel wire used in wire saw for slicing of silicon wafers

      41.

      345A

      Simply Sawn Diamonds

      42.

      364A

      Spent catalyst or ash containing precious metals

      43.

      368

      Ferrous Scrap

      44.

      374

      Magnesium Oxide (MgO) coated cold rolled steel coils for use in manufacture of cold rolled grain oriented (CRGO) steel

      45.

      375

      Specified items for manufacture of cold rolled grain-oriented steel (CRGO) steel

      46.

      378

      Metal parts for manufacture of electrical insulators falling under heading 8546

      47.

      379

      Pipes and tubes for use in manufacture of boilers

      48.

      380

      Forged steel rings for manufacture of special bearings for use in wind operated electricity generators

      49.

      381

      Flat copper wire for use in the manufacture of photo voltaic ribbon for manufacture of solar photovoltaic cell or modules

      50.

      392

      Dies for drawing metal, where imported after repairs from abroad

      51.

      403

      Parts and raw materials for offshore oil exploration

      52.

      404

      Specified items including capital goods and raw materials for off shore oil exploration

      53.

      415

      Parts for manufacture of catalytic convertors

      54.

      415A

      Platinum or Palladium for manufacture of Noble Metal Compounds & Noble Metal Solutions

      55.

      416

      Ceria zirconia compounds for use in the manufacture of washcoat for catalytic converters

      56.

      417

      Cerium compounds for use in the manufacture of washcoat for catalytic converters

      57.

      418

      Zeolite for use in the manufacture of washcoat for catalytic converters

      58.

      422

      Machinery, electrical equipment for use in semiconductor wafer and LCD

      59.

      423

      Machinery, electrical equipment for use in marking and packaging of semiconductor chips

      60.

      426

      Specified goods for the manufacture of semiconductor devices, memory card, IC, solar cell

      61.

      435

      Capital goods for printing industry

      62.

      442

      Bushings made of Platinum and Rhodium alloy when imported in exchange of worn out or damaged bushings exported out of India

      63.

      446

      Parts and components for manufacture of tunnel boring machines

      64.

      451

      Evacuated tubes with three layers of solar selective coating for use in manufacture of solar water heater

      65.

      462

      Ball screws for use in the manufacture of CNC Lathes

      66.

      463

      Linear Motion Guides for use in the manufacture of CNC Lathes

      67.

      464

      CNC Systems for use in the manufacture of CNC Lathes

      68.

      464A

      Goods for manufacture of plastic processing machineries

      69.

      467

      Parts and components of cash dispenser or automatic bank note dispenser

      70.

      468

      Parts for manufacture of Micro ATM, Fingerprint reader/scanner, Iris scanner, Miniaturised POS (Scope of exemption is being limited to import of raw materials only)

      71.

      471

      All parts for use in the manufacture of LED lights

      72.

      472

      All inputs for use in the manufacture of LED driver or MCPCB for LED lights

      73.

      476

      Television equipment, cameras etc for taking films, imported by a foreign film unit or television team

      74.

      477

      Filming equipment of foreign origin if imported into India after having been exported therefrom.

      75.

      480

      Goods imported for being tested in specified test centers

      76.

      489B

      Goods for manufacturing of Microphones

      77.

      504

      Parts and Components of Digital Still Image Video Cameras

      78.

      509

      Parts, components and accessories for manufacture of Digital Video Recorder

      79.

      510

       Parts, components and accessories for use in manufacture of reception apparatus for television

      80.

      511

      Parts, components and accessories for manufacture of CCTV Camera

      81.

      512

      Specified Parts, components and for use in manufacture of Lithium-ion battery and battery pack

      82.

      512A

      Inputs, parts or sub-parts for use in the manufacturing of Printed Circuit Board Assembly

      83.

      515A

      Open Cell for manufacture of TV Panel

      84.

      516

      The following goods for use in the manufacture of Liquid Crystal Display (LCD) /LED TV Panel

      85.

      517

      Magnetrons for manufacture of domestic microwave ovens

      86.

      519

      Raw materials or parts for use in manufacture of e-Readers

      87.

      523A

      Parts, sub-parts, inputs or raw material for use in manufacture of Lithium-ion cells

      88.

      527

      Lithium-ion cell use in manufacture of battery or battery pack

      89.

      527A

      Lithium-Ion Cell for use in manufacture of battery or battery pack of cellular mobile

      90.

      527B

      Lithium-Ion Cell manufacture of battery or battery pack of EV

      91.

      534

      Parts of gliders or simulators of aircrafts (excluding rubber tyres and tubes of gliders)

      92.

      535

      Raw materials for manufacture of aircraft and parts of aircraft

      93.

      535A

      Parts of aircraft for manufacture of aircraft or for manufacture of parts of aircraft by PSU under Min of Defence

      94.

      536

      Parts, testing equipment, tools and tool-kits for maintenance, repair, and overhauling of aircraft, components or parts of aircrafts

      95.

      537

      All goods of Heading 8802 (except 88026000-spacecraft)

      96.

      538

      Components or parts, including engines, of aircraft of heading 8802

      97.

      539

      (a) Satellites and payloads; (b) Ground equipment brought for testing of (a)

      98.

      539A

      Scientific and technical instruments etc for launch vehicles and satellites

      99.

      540

      Specified goods imported by scheduled air transporter

      100.

      542

      Specified goods imported by Aero Club, Flying Training Institutes

      101.

      543

      Specified goods imported by non-scheduled air transporter

      102.

      544

      Parts (other than rubber tubes), of aircraft of heading 8802

      103.

      546

      Parts (other than rubber tubes), of aircraft of heading 8802

      104.

      548

      Barges or pontoons imported along with ships

      105.

      551

      Cruise ships, Excursion ships

      106.

      553

      Fishing vessels, Tugs and Pusher crafts, light vessels excluding vessels and floating structure imported for break up

      107.

      555

      Vessels like warships, lifeboats excluding vessels and floating structure imported for break up

      108.

      567

      Stainless steel tube and wire, for manufacture of Coronary stents /artificial valve

      109.

      569

      Parts required for manufacture of Ostomy products

      110.

      570

      Medical and surgical instruments, apparatus and appliances including spare parts and accessories thereof

      111.

      575

      Specified Hospital Equipment for use in specified hospitals

      112.

      578A

      Raw materials, for the manufacture of Cochlear Implants

      113.

      580

      X-Ray Baggage Inspection Systems and parts thereof

      114.

      581

      Portable X-ray machine / system

      115.

      583

      Parts and cases of braille watches, for the manufacture of Braille watches

      116.

      591

      Parts of electronic toys

      117.

      593

      Parts of video games for the manufacture of video games

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (ii) The BCD exemption for the goods covered under following serial numbers of the notification no 50/2017-Customs is being extended upto 31st March 2029.

      S. No.

      S. No. of 50/2017Cus

      Brief Description

      1.

      212A

      Medicines/drugs/vaccines supplied free by United  Nations International Children's Emergency Fund (UNICEF), Red Cross etc

      2.

      213

      Drugs and materials

      3.

      428

      Specified goods imported by accredited press cameraman

      4.

      429

      Specified goods, imported by accredited journalist

      5.

      549

      Capital goods, raw materials and spares for repairs of ocean-going vessels

      6.

      550

      Spare parts and consumables for repairs of ocean going vessels registered in India.

      7.

      577

      Lifesaving medical equipment for personal use

      8.

      607

      Life Saving drugs like Keytruda etc

      9.

      607A

      Lifesaving drugs/medicines for personal use

      10.

      611

      Archaeological artefacts for exhibition in a museum

      11.

      612

      Specified raw material for sports goods

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Topics

      ActsIncome Tax
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