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Archive: 29 July 2022

Posts in 29 July 2022

Moratorium as per section 14 of IBC is applicable to legal proceedings initiated under EPF & MP Act

July 29, 2022 3816 Views 0 comment Print

Held that moratorium under section 14 of the Insolvency and Bankruptcy Code is applicable to legal proceedings initiated in terms of the EPF & MP Act

Government’s Efforts to Increase Export of Steel

July 29, 2022 258 Views 0 comment Print

The Government has taken following measures for increasing investment and export in the Steel sector: – i. Notification of :- a. National Steel Policy 2017 which envisages, inter-alia, domestically meeting the entire demand of steel and high-grade automotive steel, electrical steel, special steel and alloys for strategic applications. b. Domestically Manufactured Iron & Steel Products […]

Orissa Sales Tax Act- Tin containers classifiable under Entry 129 of List-C

July 29, 2022 501 Views 0 comment Print

Maharshi Steel Industries Vs Commissioner of Sales Tax (Orissa High Court) HC held that that the expression ‘tin containers’ is to be understood in the normal commercial and trade parlance and it would be erroneous for the Department to insist that only containers manufactured entirely out of tin should be considered to be tin containers. […]

Application for interim measures once entertained cannot be restricted by constitution of arbitral tribunal

July 29, 2022 1212 Views 0 comment Print

Held that the restriction contained under Section 9(3) of the Arbitration and Conciliation Act, 1996 doesn’t apply once an application under Section 9(1) for interim measures has been entertained by the Court.

Decision by General Manager on notified claims not subjected to arbitration proceeding

July 29, 2022 1011 Views 0 comment Print

Held that once such a dispute falls within the excepted matters, any decision by the General Manager on the issue of Notified Claims cannot be the subject matter of arbitration proceeding.

Request for Extension of date of normal return of income Tax till 31st August

July 29, 2022 12069 Views 4 comments Print

Last date of filing of Income Tax return is 31st July. But you know that  last year work of financial year ending March 2021 is completed in the March 2022 and now all the tax payers salaried and general tax payer’s last date is 31st July and non-audited return is also 31st July

Unresolved issue of ITC on demo vehicles

July 29, 2022 3540 Views 0 comment Print

One of the peculiar issue has been the availability of ITC on demo cars where multiple contrary rulings by Advance ruling authorities have added to the confusion.

No penal interest applicable on amount given prior to 1st April 2014 for share allotment

July 29, 2022 1674 Views 0 comment Print

Held that as per Rule 2(b)(vii) of Companies (Acceptance of Deposits) Rules, 1975 read with General Circular No. 15/2015, the share application money given by the Petitioner for allotment of shares cannot be treated as deposits. Hence, penal interest not available to the petitioner.

Extension of Customs clearances beyond normal working hours in ICDs

July 29, 2022 2796 Views 0 comment Print

Extension of the facility of 24×7 Customs clearance to ICDs across the country, so as to cater to the requirements of the trade.

Tariff Notification No. 65/2022-Custom (N.T.), Dated: 29.07.2022

July 29, 2022 570 Views 0 comment Print

Notification No. 65/2022-Custom (N.T.), Dated: 29.07.2022- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, the 29th July, 2022 Notification No. 65/2022-Custom (N.T.) S.O. 3576(E).—In exercise of the powers conferred by sub-section (2) of […]

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