"05 August 2022" Archive

Cr.P.C. Proceedings initiated without recording statements is unsustainable in law

J. Ananad Vs Assistant Commissioner of Customs (Madras High Court)

It can be held that even before the issue of process or examining the sworn statement of the complainant, there could be cognizance in a particular case....

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Import of gold is not prohibited but the same is restricted to prescribed quantity

R.Kannathasan Vs Commissioner of Customs (Madras High Court)

Held that import of gold is not prohibited, but restricted subject to prescribed quantity on payment of duty....

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Regulatory updates for the Month of July 2022

Company Law: 1. MCA Introduces V3 for certain Company E-Forms. To be launched on 31st Aug 2022 at 12:00 AM Forms for Charge, Deposits & Directors KYC Forms will be rolled out in phase 1. 2. Order of ROC for violation u / s 161 of companies Act 2013 3. Spending of CSR Funds for […]...

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Posted Under: Custom Duty |

Block electronic credit ledger only to the extent of demand – HC directs dept

Jyoti Commotrade Private Limited Vs State of West Bengal (Calcutta High Court)

Jyoti Commotrade Private Limited Vs State of West Bengal (Calcutta High Court) Admittedly, the allegations relate to transactions pertaining to financial year 2017-2018 and accordingly by a notice dated October 22, 2021 the alleged claim of input tax credit to the tune of Rs.71,23,836.66 paisa each under CGST/SGST head had been disallowed...

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Guideline for Verification of Application for grant of new GST registration

GST Circular No. R1-/2022 05/08/2022

Registration of any business entity under the GST Law implies obtaining a unique GSTIN from the concerned tax authorities for the purpose of collecting tax on behalf of the Government and to avail ITC for the taxes paid on the inward supplies....

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Antecedents of an importers cannot be evidence for undervaluation of goods

Commissioner of Customs-Nhava Sheva-III Vs Granite India (CESTAT Mumbai)

Held that antecedents cannot be an evidence for the alleged undervaluation of the goods. At best antecedents may be a reason for creating a suspicion and be a reason for causing an enquiry or Investigation....

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Arbitration application filed beyond 3 years is barred by limitation

Garg Construction Company & Ors. Vs State of Haryana (Punjab & Haryana High Court)

Held that an application u/s. 11(6) of Arbitration and Conciliation Act, 1996 seeking appointment of an arbitrator, filed beyond three years, is barred by limitation....

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Stamp duty payable on market value of properties being situated in the State

Himachal Futuristic Communications Limited Vs State of Rajasthan (Rajasthan High Court)

Held that as per the scheme of arrangement and amalgamation, the assets situated in the state of Rajasthan and required to be assessed by the statutory scheme of the Stamp Act of 1998....

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ITAT Refuses To Condone Delay of 2985 Days in Appeal filing

Bharatkumar Somabhai Patel Vs ITO (ITAT Ahmedabad)

Bharatkumar Somabhai Patel Vs ITO (ITAT Ahmedabad) The assessee is in appeal before us filing the above appeal with a delay of 2985 days. Even before this Tribunal, 10 opportunities given to the assessee. The assessee is not responded to the hearing notices. The present Affidavit filed by the assessee is without material on record [&helli...

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SOP for Qualified Jewellers importing gold through IIBX

Circulars No. 329/IFSCA/DPM/TS/QJ/2022-23/2 05/08/2022

Standard Operating Procedure for Qualified Jewellers importing gold through India International Bullion Exchange...

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March 2023