"27 August 2022" Archive

Invocation of longer period without specifying suppression of facts is unsustainable

Mak Engineering Industries Limited Vs Commissioner of Central Excise (CESTAT Kolkata)

Held that longer period of limitation cannot be invoked on the ground that no specific instance of suppression of facts was proved against the assessee....

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Refiling after curing of defect not amount to fresh filing

V R Ashok Rao Vs TDT Copper Limited (NCLAT Delhi)

SC held that refiling of Application after curing defects in Application not amount to fresh filing of Application for counting limitation....

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Posted Under: Excise Duty | |

Total joint application of financial creditor above INR 1 Crore can initiate CIRP u/s 7

Vishnu Oil Mill Private Ltd Vs Union of India (Rajasthan High Court)

Held that application u/s 7 for triggering CIRP may be initiated by a financial creditor either individually or jointly with other financial creditors with total minimum threshold for initiation of CIRP being fixed at INR 1 Crore....

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IBC: CoC decision within section 22 ambit cannot be interfered by NCLT

IDBI Bank Limited Vs C.J. Davis (NCLAT Chennai)

Held that the decision in regard to appointment of IRP as RP or replacement of IRP by another RP falling within the ambit of Section 22 of I&B Code, 2016 is a decision based on commercial wisdom of CoC. Thus, decision of the CoC, in accordance with law the same cannot be interfered with by the Tribunals...

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Posted Under: Excise Duty | |

Foreign Currency Gross Provisional Return (FC-GPR)

FC-GPR stands for Foreign Currency Gross Provisional Return. FC-GPR is a return, which is to be filed on FIRMS Portal of RBI. FIRMS stands for Foreign Investment Reporting and Management System. FC-GPR filed to RBI for information regarding Foreign Investment. What is FC-GPR? FC-GPR stands for Foreign Currency Gross Provisional Return. FC...

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Posted Under: Excise Duty |

IBC, 2016 would prevail over Customs Act, 1962: SC

Sundaresh Bhatt, Liquidator of ABG Shipyard Vs Central Board of Indirect Taxes and Customs (Supreme Court)

SC held that IBC would prevail over Customs Act, and once moratorium is imposed in terms of sections 14 or 33(5) of Code, the customs authority only has a limited jurisdiction to assess/determine quantum of customs duty and other levies....

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Non-availability of LLP Version 3 of MCA- 21 Portal & Filings on V2 portal

Regarding non- availability of LLP Version 3 of the MCA- 21 Portal and Company e-Filings on V2 portal for 9 forms from 27th Aug (12:00AM) to 28th Aug (11:59PM)....

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Posted Under: Excise Duty |

Centre amends Legal Metrology (Packaged Commodities) Rules 2011

The amendment exempts the garment or hosiery industry selling in loose or open from 6 declarations required under the Legal Metrology (Packaged Commodities) Rules, 2011...

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Posted Under: Excise Duty |

Organization for Economic Cooperation and Development (OECD)

The main object of international taxation is how to manage cross boarder taxation of a commercial transaction or taxable income which involves more than one country. A system is created mutually by different countries to share the international tax base by assigning tax jurisdiction, preventing tax avoidance, facilitating international tr...

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Posted Under: Excise Duty |

Rectification application u/s 154 for typographical/ technical mistake acceptable

Poorvanchal Vikas Foundation Vs ITO (ITAT Varanasi)

Held that rectification application u/s 154, after ROI being processed u/s 143(1)(a), for any typographical/ technical mistake reflected higher income than real income should be accepted by AO to verify the correctness of the total income of assessee...

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