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Case Laws Income Tax
Retrospective Amendments and the Doctrine of Vested Rights: A Judicial Perspective
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Vested rights preserved against retrospective tax amendments; filings made before enactment remain effective for settlement consideration.
The court addressed whether a retrospective Finance Act amendment prohibiting settlement applications from a specified date could divest a taxpayer who filed earlier of its vested right to have the application considered. It held that retrospective legislation cannot take away rights already accrued by actions completed before enactment unless clearly intended; that section 119 confers time-extension power but cannot impose new substantive eligibility conditions; and that administrative delay by revenue does not justify denying access where an application was already filed.
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The Income Tax Settlement Commission may inquire into and decide issues disclosed in the application and any other matters relating to the case as reflected in the Commissioner's report or uncovered by further inquiry; full and true disclosure is mandatory and amendments or contradictory positions that undermine that requirement are impermissible, yet contesting taxability before the Commission does not automatically negate disclosure; judicial review is limited to statutory contravention, prejudice, fraud, bias or malice, while sufficiency of materials placed before the Commission is generally beyond routine court scrutiny.
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Source of source doctrine used to pierce the corporate veil where share capital appears round tripped among related entities.
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Upholding the Transfer of Assessment Proceedings u/s 127: A Judicial Perspective
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Transfer of assessment proceedings for coordinated investigations and administrative convenience upheld where procedural safeguards and factual links exist.
The judgment explains that transfers of assessment proceedings pursuant to the statutory transfer power may be justified for coordinated enquiries and administrative convenience, provided the decision is not capricious or mala fide. Authorities must afford an opportunity to be heard and consider objections; where factual indicia exist - for example, disclosed transactions such as unsecured loans with searched persons - centralisation can be sustained. The convenience of the assessee is relevant but subservient to effective adjudication and tax collection, and transfers supported by procedural compliance and factual nexus are not arbitrary.
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Transfer of right to use goods: contracts retaining operational control are service arrangements, not deemed sales under VAT.
The issue is whether supply agreements for cranes, trailers and tank trucks amount to a transfer of the right to use goods under the deemed sale provision. Applying the five BSNL tests-availability of goods, consensus on identity, transferee's legal right to use, exclusivity of use, and non transferability by owner-the contracts failed to meet the criteria. Contractors retained possession, crew, fuel, maintenance and liability, and transferees had only permissive use without effective control, so the arrangements were services, not deemed sales under VAT/sales tax.
Case Laws Indian Laws
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Forfeiture of earnest-money deposits under SARFAESI rules stands as a statutory consequence, limiting equitable intervention.
The analysis affirms that Rule 9(5) of the SARFAESI Rules prescribes an express statutory forfeiture of earnest-money deposits arising from auction terms, and that Sections 73 and 74 of the Indian Contract Act, 1872, addressing contractual damages, do not apply to such statutory forfeitures. Unjust enrichment and equitable considerations cannot supplant a clear statutory forfeiture, and subsequent recovery by the secured creditor does not negate the forfeiture, except in narrowly defined exceptional circumstances where equity may justify relief.
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Generality vs. enumeration principle affirms broad delegated rule making power, upholding rules that further an Act's statutory purposes.
The Court held that Rule 9(3) is intra vires because the general delegated rule making power in section 29A(1) authorises rules that carry out the Act's purposes even when not covered by enumerated heads. Applying the generality vs. enumeration principle, the Court found the enumerated matters in section 29A(2) illustrative and not restrictive, and concluded Rule 9(3) furthers the misconduct chapter's object of maintaining ethical standards and preventing wrongful threshold dismissal of genuine complaints.
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Share Premium Addition u/s 68: Demystifying Share Premium Transactions
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Burden of proof in share premium cases: failure to prove investor identity and genuineness sustains addition under section 68.
The assessment of share premium under section 68 requires the assessee to prove the identity, creditworthiness and genuineness of investors who subscribe at a premium. The court scrutinised disparate allotments made on consecutive days, examined subscribing companies' financials, and applied the doctrine of "source of source" restrictively, holding that incorporation papers or bank payments alone do not discharge the burden. Absent cogent evidence tracing funds to lawful origin and demonstrating commercial rationale for large premiums, additions under section 68 are supportable.
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Navigating the Intricacies of Income Tax Penalty u/s 271(1)(c): Fairness in Tax Administration
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Strict construction of penalty provisions prevents penalty where taxpayer disclosed omitted income before assessment notice.
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Case Laws Indian Laws
Ensuring Fair Procedure before declaring Fraud in Bank Loan: Providing Relevant Documents and Opport...
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Right to be heard: affected parties must receive documents underlying fraud allegations and be allowed inspection and rebuttal.
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Case Laws Income Tax
Reassessment Proceedings: Navigating the Scope and Limitations under Income Tax Act
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Scope of reassessment: AO may address newly noticed income but remains constrained by the recorded reasons for reopening.
Where the AO has recorded reasons to believe income escaped assessment, the AO may assess or reassess issues that come to notice during reassessment, but if no additions or modifications are ultimately made in respect of the issues that formed the basis for reopening, the AO cannot make additions or modifications relating solely to other matters that were part of the original assessment. Explanation 3 applies only after reassessment power is validly invoked and cannot be used to deviate from or supplant the recorded reasons.
Case Laws Income Tax
Navigating the Complexities of Search and Seizure Assessments: Unraveling the Intricacies of Section...
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Corroboration requirement for search statements: unsupported search statements cannot sustain additions without linked incriminating material and fair cross examination.
Additions for alleged accommodation entries cannot rest solely on statements recorded during search operations; such statements require corroboration by material found in the search that is specifically linked to the assessee. The assessing officer must articulate a factual nexus between seized group material and the assessee, and procedural fairness-including provision of relevant statements and opportunity for cross-examination-is essential. Cure provisions do not validate jurisdictional defects arising from absence of requisite notice or lack of incriminating material.
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Decoding the Judgement: Navigating the Complexities of ITC Eligibility under the GST Regime
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Input Tax Credit eligibility clarified: refund for unutilised ITC limited to inverted duty where input goods tax exceeds output supplies.
The court construes Section 54(3) narrowly: refund of unutilised ITC for inverted duty arises only where tax on input goods exceeds tax on output supplies. It upholds the constitutional validity of Section 16(2)(c) and Section 16(4), confirms that ITC is subject to legislatively prescribed conditions and time limits, and clarifies that the non-obstante clause in Section 16(2) does not override separate restrictions such as Section 16(4). Affected petitioners may invoke circulars and have eligible ITC claims processed where returns met the prescribed extended filing position.
Case Laws GST
Excess stock found during survey: Navigating the Intricacies of UPGST / CGST Act and Invoking Wrong ...
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Determination of tax on unaccounted stock must proceed under Sections 73 and 74, not Section 130.
The Court held that tax determination for excess or unaccounted stock discovered in a survey must proceed under the statutory assessment procedures for undisclosed goods rather than by invoking the survey provision. The assessment code prescribes the exclusive mechanism for quantifying and demanding tax, and survey powers cannot be used to supplant the prescribed steps for computation, notice and imposition of tax or penalty on unaccounted goods.
Case Laws GST
Striking a Balance: Judicial Interpretation of GST Provisions on Record-Keeping and Penalties
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Record-keeping obligations: failure attracts a capped statutory penalty and invalidates arbitrary confiscation without due process.
The judgment emphasises that registered persons must maintain prescribed books and electronic records under Section 35 and related rules, and that any determination of tax on unaccounted goods must follow the show cause procedures for assessing tax liability. It finds that conditions for confiscation under Section 130 were not met and that penalties must be imposed in accordance with the statutory bifurcation in Section 122, with the offences in question attracting only the capped penalty, thereby underscoring procedural limits on enforcement powers.
Case Laws Indian Laws
Interim Orders and the Limits of Article 142: Safeguarding Natural Justice Balancing Judicial Powers...
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Limits on Article 142: extraordinary power cannot automatically vacate interim stays; natural justice and supervisory jurisdiction must be preserved.
Limits on the Supreme Court's extraordinary jurisdiction were defined to prevent blanket, time based vacation of interim stays; equitable power cannot deprive non parties of substantive benefits or negate the right to be heard. The Court confined vacation rules to cases where interim relief was granted without notice, instructed High Courts to grant limited ad interim relief, prioritise vacation applications, avoid routine time bound disposal directives, and recognised that past automatic vacations that led to concluded trials raise finality concerns while endorsing judicial superintendence and natural justice as constitutional constraints.
Case Laws IBC
Upholding Fairness and Transparency in Insolvency Resolution: A Landmark Judgment on the IBC
Show AI Summary
Insolvency plan compliance: failure to acknowledge creditor claims or secure approvals undermines approved resolution plans.
The court held that a recall application grounded in lack of notice and alleged misrepresentation is maintainable under principles of natural justice. It found the resolution plan non-compliant with Section 30(2) read with Regulations 37 and 38-specifically for failing to acknowledge a creditor's claim, misrecording the payable amount, omitting secured creditor classification despite a charge, and proposing use of third-party statutory land without necessary approvals-deficiencies that materially affected the plan's transparency and treatment of creditor classes.

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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

Acts Income Tax
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