"06 February 2022" Archive

Whether excise duty is payable on mixing of Ethanol with Petrol (under unjust enrichment concept)

Ethanol (primarily a by product from sugarcane and residue of rice and wheat) is mixed with Petrol in the range of 5% to 10% as of now and on world environment day (05.06.2021) PM announced to increase the same to 20% by 2025 for petrol and to mix the same upto 10% in case of […]...

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Posted Under: Excise Duty |

Deduction allowed for belated payment of contribution to PF/ESI, deposited before filing of ROI

SBW Udyog Limited Vs DCIT (ITAT Allahabad)

SBW Udyog Limited Vs DCIT (ITAT Allahabad) Deduction allowed for belated payment of employee contribution to PF/ESI, which is deposited beyond the due date stipulated under the relevant statutes governing PF/ESI, but the same stood deposited before the due date for filing of return of income. Facts- The assessee filed its return of income...

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RBI does not send emails asking for personal information

Press Release : 2011-2012/1256 06/02/2022

The Reserve Bank of India has today reiterated that it never contacts the public via unsolicited phone calls or emails asking for money or any other type of personal information....

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Limitation Act not applies to Criminal Proceedings unless Specifically Provided

Ravindra Singh Vs State of Chhattisgarh (Chhattisgarh high Court)

Ravindra Singh Vs State of Chhattisgarh (Chhattisgarh high Court) The general rule of criminal justice is that ‘a crime never dies’. The principle is reflected in the well-known maxim nullum tempus aut locus occurrit regi (lapse of time is no bar to Crown in proceeding against offenders). The Limitation Act, 1963 does not appl...

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Bogus purchases- ITAT allows addition only for gross profit not for full Purchase

Becon Constructions Pvt. Ltd. Vs ACIT (ITAT Delhi)

Once bogus purchases had gone into profit and loss account, and sales were not doubted, only option left with AO was to make addition of gross profit embedded in bogus purchases. Accordingly, AO was directed to restrict addition to the extent of 9.25% of impugned purchases as assessee had shown gross profit ratio of 9.25% in the year end...

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Empanelment of CA Firms for Audit of PF Trusts/Exempted Establishments with EPFO

Employees' Provident Fund Organisation (Ministry of Labor & Govt. of India) Regional Office Jaipur (Raj) invites Expression of Interest for Empanelment of Chartered Accountant Firms for re-audit of books of Accounts of the Exempted establishment and their Provident Fund Trusts following under its jurisdiction....

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Posted Under: Excise Duty | ,

In case of Fraud General Bar on Civil Proceedings Not Applicable | Section 34 | Sarfaesi Act

Tajunissa Vs Mr. Vishal Sharma (Delhi High Court)

Tajunissa Vs Mr. Vishal Sharma (Delhi High Court) Statutory proscription engrafted in Section 34 of the SARFAESI Act, therefore, the Supreme Court has, in the afore-extracted passage from Mardia Chemicals, chiseled out an exception, in a case in which for example, the action of the secured creditor is alleged to be fraudulent or his claim...

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Matter pending before Competent Jurisdiction cannot be transferred for mere Temporary Shift In Residence

Silpa Shaji Vs Satheesh K.S. (Kerala High Court)

Silpa Shaji Vs Satheesh K.S. (Kerala High Court) it is an admitted fact that the petitioner has no job or income and she alleged to be residing at the house of her cousin sister for the time being. The same would go to show that the petitioner wants to transfer four cases pending before the […]...

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NI Act- Date of intimation from bank for return of cheque not to be included in Limitation Period for Issuance of Legal notice

Rayapati Power Generation Pvt. Ltd. Vs Indian Renewable Energy Agency Ltd (IREDA) (Delhi High Court)

While computing the limitation period of 30 days prescribed under Section 138(b) N.I. Act for issuance of a valid legal notice, the day on which intimation is received by the complainant from the bank that the cheque in question has been returned unpaid has to be excluded....

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Requirements of FIRC Confirmation From Authorised Dealer AD Bank

In terms of extant guidelines of RBI since 1987, AD Banks may be required to issue Certificates to beneficiaries of Inward Remittances received through their medium for production as supporting evidence for claiming various facilities / benefits / entitlements under Exchange Control Regulations or Government Rules....

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Posted Under: Excise Duty |

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February 2023