"21 February 2022" Archive

Rajasthan HC directs department to accept deceleration under Vivad se Vishwas Scheme, 2020

Rakesh Garg Son of Shri Kailash Chand Garg Vs PCIT (Rajasthan High Court)

Rakesh Garg Son Vs PCIT (Rajasthan High Court) Legislature framed the direct tax Vivad se Vishwas Scheme, 2020. It was brought into effect from 17.03.2020. This act contains provisions for settlement of pending direct tax disputes. The petitioner was desirous of taking benefit of the said settlement scheme contained in the Act of 2020 and...

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Demystifying GST On Used Goods

Normally GST is charged on the transaction value of the goods. However, in respect of second hand goods (Used Goods), a person dealing is such goods may be allowed to pay tax on the margin i.e. the difference between the value at which the goods are supplied and the price at which the goods are […]...

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Posted Under: Income Tax |

No requirement under IBC that resolution plan should match liquidation value of corporate debtor: SC

Maharasthra Seamless Ltd. vs. Padmanabhan Venkatesh (Supreme Court) Supreme Court Rule That The liquidation value of assets can be higher than the bid under the corporate insolvency resolution process. The Supreme Court in a significant judgment concerning provisions of the Insolvency and Bankruptcy Code (IBC), 2016 made it clear that it ...

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Posted Under: Income Tax |

Apartment Owners Association and Post RERA Practices

1. Adequate housing is not merely a desired goal; it is a basic human right of all human beings. This has been affirmed by the Universal Declaration of Human Rights in 1948, which recognizes the right to adequate housing as an integral component of the human right to an adequate standard of living. a. However, […]...

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Posted Under: Income Tax |

Analysis: Limited Liability Partnership (Amendment) Rules, 2022

The Ministry of Corporate Affairs (MCA) vide its Notification no. G.S.R. 109(E) dated 11th February, 2022 has notified Limited Liability Partnership (Amendment) Rules, 2022 to further amend the existing Limited Liability Partnership Rules, 2009. The said amendments are notified to bring the existing rules in line with the Limited Liabilit...

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Posted Under: Income Tax |

Applicability of provisions of Companies Act, 2013 on LLPs

The Ministry of Corporate Affairs (MCA) vide its Notification no. G.S.R. 110(E) dated 11th February, 2022, has notified that the provisions of sections 90, 164, 165, 167, 206 (5), 207 (3), 252 and 439 of the Companies Act, 2013, shall apply to LLPs, except where the context otherwise requires, with the modifications as specified. The [&he...

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Posted Under: Income Tax |

No service Tax on Lease of Wagons to Railways when effective control rest with Railway & VAT/Sales Tax already paid

MSPL Ltd Vs Commissioner of Central Excise and Customs (CESTAT Bangalore)

MSPL Ltd Vs Commissioner of Central Excise and Customs (CESTAT Bangalore) Briefly stated the facts of the case are that the appellants are engaged in mining and sale/export of iron ore and are registered with service tax department. The appellants have availed ‘own your wagon scheme’ introduced by Indian Railways by purchasing and lea...

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SCN issued on Directors cannot be treated as SCN issued on Company

Yug International Pvt. Ltd. Vs Principal Commissioner (CESTAT Delhi)

Yug International Pvt. Ltd. Vs Principal Commissioner (CESTAT Delhi) It is a fact that the show cause notice was not issued to the appellant. It was issued only to five persons including Amit Agarwal, who is the Director of the appellant. The appellant has stated that since it was not required to file reply to […]...

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Modus operandi relating to short payment of GST on Coaching Services detected

DO No. 12/(CH(IC)/2021 21/02/2022

On the Anti-Evasion front, the Alwar CGST Commissionerate detected a modus operandi relating to short payment of GST on composite supply of Commercial Training or Coaching Services along with goods such as School Bags, Notebooks, T-Shirts, Sweat Shirts, Umbrellas etc. to their students....

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Financial crisis can be considered for condonation of delay

Nandlal Namdev Otwani Vs Vijay Jayprakash Ahuja (Gujarat High Court)

Nandlal Namdev Otwani Vs Vijay Jayprakash Ahuja (Gujarat High Court) HC held that At this stage only the point needs to be considered as to whether the delay occurred in preferring the said Appeal from Order is well explained or not. Now as the legal settled proposition which has been set-out here-in-above, considering the prevalent [&hel...

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