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Archive: 04 March 2022

Posts in 04 March 2022

GST: Provisional attachment ceased to be effective upon completion of period of one year

March 4, 2022 660 Views 0 comment Print

CBIC’s circular dated 23.02.2021 has also clarified that every provisional attachment shall cease to have effect after expiry of period of one year from the date of attachment order.

Charges for regularizing usage of residential premises for commercial purposes not allowable against house property income

March 4, 2022 2736 Views 0 comment Print

Explore ITAT Delhi’s decision in Amar Chand Garg vs. ACIT. Disallowance of annual mixed-use charges for commercial use. Details of the case and verdict.

AO should exercise Discretionary power as per the rules of reason & justice: HC

March 4, 2022 3930 Views 0 comment Print

Harsh Dipak Shah Vs Union of India (Gujarat High Court) Facts- The writ applicant prayed for waiver of 20% of the pre-deposit essentially on four grounds (i) high pitched assessment (ii) only source of income through Avani Petrochem Pvt. Ltd. (iii) stereo type order passed by the Principal Commissioner and (iv) adverse effect on the […]

Increase in authorized share capital of company – Procedure

March 4, 2022 6537 Views 0 comment Print

According to Section 2(68) of the Companies Act, 2013, Authorized share capital of the Company means maximum amount of share capital of the company as authorized by memorandum of the company. This means that issued or paid up capital of the company cannot go beyond its authorized share capital. It may happen that in some […]

Creditors needs to adhere time-limit fixed by Magistrate for taking over possession of secured assets

March 4, 2022 8856 Views 0 comment Print

Mangalagiri Textile Mills Private Limited Vs The State Bank of India (Andhra Pradesh High Court) Facts- The petitioners obtained loan from the SBI. The account became a Non-Performing Asset where under the total amount of Rs. 10,36,25,840 was to be paid. As the petitioners had defaulted, the SBI, prior to sanctioning OTS, on 27.02.2019 had […]

2 courts can have jurisdiction over arbitration application: HC explains the term ‘seat’ or ‘venue’

March 4, 2022 19908 Views 0 comment Print

Hasmukh Prajapati Vs Jai Prakash Associates Ltd. (Allahabad High Court) Facts- There was a dispute between the Petitioner and the Respondent with regard to payments in respect of an apartment. When the matter reached the stage of Arbitration, the Petitioner claimed that, as per the agreement, in case of any dispute arising between the parties, […]

Bill of Entry can be modified to correct clerical error in Quantity

March 4, 2022 16890 Views 0 comment Print

Surya Roshni Ltd. Vs Commissioner of Customs (CESTAT Mumbai) CESTAT held that Section 149 of the Customs Act, 1962 provides for making amendment to the Bill of Entry. As per the same, the Bill of Entry could have been modified by the Revenue authorities to correct the clerical error made by the appellant under self-assessment […]

IBBI empowered to regulate payment of remuneration of RP and IRP

March 4, 2022 1023 Views 0 comment Print

Sumit Bansal, Insolvency Professional Vs Committee of Creditors of JP Engineers Pvt. Ltd. (NCLAT Delhi) NCLAT not agreed with the submissions of the Counsel for the Appellant that IBBI has no jurisdiction with regard to question of fee which is entitled to be paid to the IRP/ RP. The IBBI is clothed with Regulations making […]

CGST Comm. Ghaziabad arrests 2 for alleged involvement in GST Fraud

March 4, 2022 2421 Views 0 comment Print

Central GST Commissionerate, Ghaziabad Arrests Two Persons Involved in GST Fraud of Taxable Value of Rs. 96.84 Crores and Availment and Utilization of Fake Input Tax Credit of Rs. 5.15 Crores (Approx.)

Amount deposited against alleged wrong Cenvat Credit availment refundable if No SCN was issued

March 4, 2022 1623 Views 0 comment Print

Bird Audio Electronics Vs Commissioner of CGS (CESTAT Delhi) CBEC Circular No.423/56/98-CX dated 22.09.1998 also stresses the need for concerned Departments to issue timely demands through SCN. The Hon’ble High Court of Madras in the case of Commissioner of Central Excise, Coimbatore vs. Pricol Ltd. reported as 2015 (320) ELT 703 (Mad.) has held that […]

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