Tax INFORM- August 2024

The forty-fourth 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:

• SC upholds the decision allowing depreciation claims on revalued assets.
• Delhi HC overturns assessment notice issued after ITAT’s judgment to remand the case to AO, citing it is time-barred u/s 153(3).
• Revenue Audit Objections can be considered as grounds for reassessment proceeding: Allahabad HC.
• Telangana HC confirms that faceless assessment procedure is mandatory and applicable even for NRIs.
• Value of shares granted under Employees Stock Purchase Scheme cannot be added as perquisite: Delhi HC.

Notifications/ Circulars:

• Circular No.8/2024 dated August 5, 2024

Indirect Tax – 

Goods & Services Tax

Case Laws:

• Madras HC clarifies that issuance of ASMT-10 notice is not a mandatory pre-requisite for adjudication.
• Procedural lapse cannot be a reason to deny export incentives: Madras HC. 
• Telangana HC, while clarifying the concept of ‘place of supply’ in relation to an immovable property, confirms that a re-registered entity under foreign law does not qualify as a separate entity.

Notifications/ Circulars:

• Notification No. 16/2024 dated August 6, 2024