Tax INFORM- June 2024

The forty-second issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.

The highlights of the current issue are:

Direct Tax – 

Domestic Tax Rulings:

  • Calcutta HC upholds penalty proceedings despite Assessee’s voluntary disclosure of concealed income.
  • One-time voluntary payment made to compensate loss in value of unexercised ESOPs pursuant to disinvestment of subsidiary not ‘perquisite’: Delhi HC.
  • Himachal Pradesh HC confirms decision setting aside addition under Section 56(2) (viib) as unsecured loans were converted into equity shares at premium and no consideration was received for such issue of shares.
  • In absence of FTS clause in India-Thailand DTAA, receipts to constitute business income as AO failed to show that services were not related to Assessee’s business: Delhi ITAT.
  • To opt for New Tax Regime, requirement to file Form 10IE is directory in nature and not mandatory: Pune ITAT.

Notifications/ Circulars:

  • Notification Nos. 45 and 46 of 2024 dated May 27, 2024.
  • Notification No. 44 of 2024 dated May 24, 2024.

Indirect Tax – 

Goods & Services Tax

Case Laws:
  • Allahabad HC reiterates that appeal should not be dismissed on mere non-filing of certified copy of order appealed against.
  • Document having details of an e-way bill is a consignment note: Karnataka AAR.
  • Gujarat AAR rules that seed mix is classifiable under HSN 120740090 and taxable @ 5%.
Notifications/ Circulars:
  • Form GST SRM-II Now Available on GST Portal.