- Bangalore ITAT holds that import of assets free of cost from its related parties for testing purposes, does not result in an irretrievable benefit in the nature of income; deletes the addition made under Section 28(iv)
- Bombay High Court holds that if the CIT does not pass an order granting or refusing registration under Section 12A for charitable trust within the prescribed period of six months, it does not create a deeming fiction of automatic grant of registration
- Chennai ITAT upholds that prize winning from unsold lottery tickets of the seller of tickets to be considered as business income and not as ‘Income from Other Sources’; allows deduction of expenditure towards purchase of unsold tickets
- CESTAT Ahmedabad rules that true meaning of pre-import condition is that the inputs shall be utilized in the goods exported and is not based on the relevant import documents; further, rules that extended period of limitation cannot be imposed in the present case as the importer has clearly availed the exemption at the time of importing the goods and accordingly, there is no suppression of facts
- Uttar Predesh AAR rules that vouchers purchased and sold by the Applicant qualify to be ‘goods’ under GST as they have a value, ownership and are freely transferable; further, states that vouchers cannot be treated as ‘money’ as they are not used to settle an obligation and also, do not qualify to be ‘actionable claim’ as they are in possession of the claimant at the time of the claim
- As per the recommendations of the 54th GST Council meeting, CBIC clarifies that preferential location charges (PLC) collected along with consideration for the sale or transfer of residential, commercial, or industrial properties is part of a composite supply of construction services where supply of construction services is the main service and PLC is naturally bundled with it
- CBIC clarifies that the services imported by an establishment of a foreign airline from a related person or from its overseas establishment without consideration are exempt with effect from October 10, 2024; Additionally, regularizes past GST payments made on such imports during the period July 01, 2017 to October 09, 2024 on an 'as is where is' basis
- SEBI revises Master Circular for FPIs and restricts investment to be made by single NRI/OCI/resident individual in a FPI in IFSC to below 25% of corpus of FPI
- IFSCA notifies International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024, which lays down the process of authorization and operations of payment systems in IFSCs
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