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Archive: 07 July 2022

Posts in 07 July 2022

Refund allowed of IGST paid by assessee on ocean freight charges

July 7, 2022 5949 Views 0 comment Print

Gujarat HC directed department to grant refund of IGST already paid by the assessee on the amount of ocean freight charges.

CBIC Notifies Rate of Exchange of Foreign Currencies wef 07.07.2022

July 7, 2022 2484 Views 0 comment Print

CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 8th July, 2022 vide Exchange rate Notification No. 58/2022-Cus (NT) dated 7th July, 2022. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ***** Notification No. 58/2022 – Customs (N.T.) New Delhi, dated the 7th […]

Exemption available unconditionally to notified goods imported from ASEAN countries

July 7, 2022 1539 Views 0 comment Print

Appellant is entitled to claim the benefit of under Sl. No. 1335 of Notification No. 46/2011-CUS because the exemption is available unconditionally under the notification to all goods falling under 851190 imported from ASEAN countries

Sale of Corporate Debtor, as a Going Concern’, covers both assets & liabilities

July 7, 2022 5304 Views 0 comment Print

Sale of Corporate Debtor as a Going Concern as is where is basis under Regulation 32 A of the IBBI (Liquidation Process) Regulations, 2016 and the Code means sale of assets as well as liabilities and not assets sans liabilities.

Reopening by officer having no jurisdiction vitiate the entire proceedings

July 7, 2022 2199 Views 0 comment Print

Reopening the assessment under section 148(2), by officer having no jurisdiction over the appellant, vitiate the entire reassessment proceedings initiated against the appellant.

Non-completion of disciplinary proceedings, after adequate opportunities, untenable

July 7, 2022 4353 Views 0 comment Print

More than adequate opportunities to complete the disciplinary proceedings arising from Departmental Charge Sheet dated 16.07.2015 had been granted by the CAT firstly in 2016, and then again in 2020. Extension rightly not granted

Proceeds of cash sales deposited in bank- addition unjustified

July 7, 2022 3021 Views 1 comment Print

Assessee consistently deposited sale proceeds realized by way of cash, such deposit is in accordance with law, addition deleted

Deduction u/s 80IB(10) available to partly owned individuals

July 7, 2022 816 Views 0 comment Print

Form no. 10CCB clearly states that the undertaking is partly owned. Sale proceeds are also deposited equally in individual account. Deduction u/s 80IB(10) allowed

Setting aside order enhancing value, which was already accepted by the importer, unjustified

July 7, 2022 966 Views 0 comment Print

Held that importer already accepted the enhanced value determined by the assessing officer, setting aside the said order on casual observation by the Commissioner (Appeals) is unsustainable in law

Development fee, taken to corpus fund, allowable as capital receipt

July 7, 2022 2889 Views 0 comment Print

Held that the development fees received from students for acquisition of Fixed Assets and utilized for acquisition of Capital Assets, taken directly to corpus fund, is allowed as capital receipt

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