"15 March 2022" Archive

HC quashes assessment order passed without allowing personal hearing to assessee

Omkar Nath Vs National Faceless Assessment Centre Delhi (Delhi High Court)

Omkar Nath Vs National Faceless Assessment Centre Delhi (Delhi High Court) Concededly, the AO passed the impugned assessment order, as indicated above, on 07.06.2021, without granting an opportunity to the petitioner of a personal hearing in the matter. This being the position, clearly, the provisions of Section 144B(7)(vii) of the Act wo...

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Service tax under RCM payable on Fee paid to stock exchange- Singapore

Dishman Pharmaceutical & Chemicals Ltd. Vs C.S.T.-Service Tax (CESTAT Ahmedabad)

Dishman Pharmaceutical & Chemicals Ltd. Vs C.S.T.-Service Tax (CESTAT Ahmedabad) As regard the service tax demand on stock exchange fees, we find that no documentary evidence was produced to show that this is a statutory levy and the appellant have paid as reimbursement. It appears that the Stock Exchange has charged fees to the appel...

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Financial creditors realise 221% of liquidation value & 51% of admitted claims

Financial creditors realise 221% of liquidation value and 51% of admitted claims through corporate insolvency resolution process As per inputs received from the Ministry of Corporate Affairs (MCA), corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), was initiated by banks in the 12 large ac...

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Posted Under: Income Tax |

More than 3.82 lakh companies struck off till FY 2020-21

More than 3.82 lakh companies struck off till financial year 2020-21 in Special Drives taken by Registrar of Companies Under the Special Drives taken by Registrar of Companies, 3,82,875 number of companies ware struck off u/s 248 (1) of the Companies Act till the financial year 2020-21. This was stated by Union Minister of State for [&he...

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Posted Under: Income Tax |

CESTAT reminds dept that interest on delayed refund is paid out of public money

Ingram Micro India Limited Vs Commissioner of Customs (CESTAT Chennai)

Ingram Micro India Limited Vs Commissioner of Customs (Exports)(CESTAT Chennai) It can be seen that the refund claim is rejected on the ground that the appellant has not produced the Chartered Accountant certificate to establish that the burden of 4% Additional Duty has not been passed on to another. In page 21 of the appeal […]...

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Price of contemporeous goods cannot be applied invariably in each & every case

Chakra Special Trading Co. Pvt Ltd Vs C.C.-Kandla (CESTAT Ahmedabad)

Chakra Special Trading Co. Pvt Ltd Vs C.C. Kandla (CESTAT Ahmedabad) It is settled law that the price of contemporeous goods cannot be applied invariably in each and every case. Before applying the enhanced comparable price varies circumtances need to be verified such as the quality of goods, quantity of goods, country of origin etc. [&he...

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No addition for amount deposited by NRI from his foreign Income in HSBC, Geneva account during his stay outside India

DCIT Vs Ganpat Singhvi (ITAT Mumbai)

DCIT Vs Ganpat Singhvi (ITAT Mumbai) The undisputed facts are that Respondent is an individual residing in Abu Dhabi, UAE since 1976. The Respondent is a Chartered Accountant, working with Al Nasser Holdings as Group Advisor & Director (formerly as Managing Director). During FY 2005-06 (AY 2006-07), the respondent resided in India for...

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Interest on income tax refund is not effectively connected with PE

ACIT (Intl. Taxation) Vs Baker Hughes Singapore Pte. (ITAT Dehradun)

ACIT (Intl. Taxation) Vs Baker Hughes Singapore Pte. (ITAT Dehradun) Article VII deals with taxation of business profits and also provides for mechanism to compute the profits of the business. Paragraph no. 4 relieves the source State from the rigors of paragraphs nos. (1) and (2) in case the interest is found to be effectively […]...

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No confiscation of goods already been exported | Section 113 | Customs Act

Nosch Labs Pvt Ltd. Vs Commissioner of Customs (CESTAT Hyderabad)

Nosch Labs Pvt Ltd. Vs Commissioner of Customs (CESTAT Hyderabad) Section 113 of the Customs Act provides for confiscation of export goods i.e., goods attempted to be exported. It does not provide for confiscation of goods which have already been exported. The term ‘export goods’ is defined in Section 2(19) of the Customs Act as [&hel...

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GST: Guidelines for recovery proceedings under section 79

Instruction No. 01/2022-HGST 15/03/2022

Guidelines for recovery proceedings under the provisions of section 79 of the HGST Act, 2017 in cases covered under explanation to sub-section (12) of section 75 of the HGST Act, 2017...

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