"05 September 2022" Archive - Page 2

State cannot act arbitrarily while considering claim of citizens for grant of State largesse

Gayathri Vs Union of India (Karnataka High Court)

Ours being a Welfare State, the respondents who happen to be instrumentalities of the State under Article 12, cannot act arbitrarily or unreasonably whilst considering the claim of citizens for the grant of State largesse....

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No penalty on clearing agent for mere introducing actual importer with IEC holder

Girish Kumar Singh Vs Commissioner of Customs (CESTAT Delhi)

Girish Kumar Singh Vs Commissioner of Customs (CESTAT Delhi) On facts, the role of appellant was only to arrange meeting between Devi Das and Habib-uz-Zaman and the appellant neither filed the bill of entry or was involved in clearance of goods. Any action on the part of appellant much before the import of goods could […]...

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Drawer Liable even if Cheque details were filled up by Someone else

Oriental Bank of Commerce Vs Prabodh Kumar Tewari (Supreme Court of India)

A drawer who signs a cheque and hands it over to the payee, is presumed to be liable unless the drawer adduces evidence to rebut the presumption that the cheque has been issued towards payment of a debt or in discharge of a liability. The presumption arises under Section 139....

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Section 143(1) order is not an Assessment for Section 147

Ernst And Young U.S. LLP Vs ACIT (Delhi High Court)

Ernst And Young U.S. LLP Vs ACIT (Delhi High Court) Supreme Court and this Court have repeatedly held that when the original proceeding has been completed under Section 143(1), there is no need for fresh tangible material for reopening the assessment and the doctrine of change of opinion does not arise since under Section 143(1) […...

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SCN cannot be issued after expiry of period to maintain records

Union of India Vs Citi Bank, N. A. (Supreme Court of India)

Union of India Vs Citi Bank, N.A. (Supreme Court) It is a settled proposition of law that when the proceedings are required to be initiated within a particular period provided under the Statute, the same are required to be initiated within the said period. However, where no such period has been provided in the Statute, […]...

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No Bar on CENVAT Credit availment Under Rule 3(7) When CVD Availed

Commissioner of CGST Vs Shyam Steel Industries Limited (Calcutta High Court)

Taking into consideration Notification No. 12/2012-Cus there is no bar for availment of CENVAT Credit in terms of the Rule 3(7) where duty paid under Notification No. 12/2012-Cus and CENVAT Credit cannot be denied....

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Safeguards and Guidelines for Avoiding Arrest under GST

This article will give you the insight about the safeguards to avoid the arrest under GST. If you are doing or have committed any of the below practices while maintaining the GST Registration, then you must be aware about the legal consequences, along with fine and penalty, and the facts that you may also get […]...

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Posted Under: Corporate Law |

Procedure For Conversion of Loan Into Equity under Companies Act 2013

PROCEDURE FOR CONVERSION OF LOAN INTO EQUITY The company may opt for the conversion of its loan into equity share as per the loan agreement. Where there is an obligation on part of the company to pay its debt. Following are some advantages for conversion of loan into equity: – No cash exchange occurs in […]...

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Posted Under: Corporate Law |

Changes to keep in mind while filing GSTR-3B from Aug-22 onwards

The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to correctly report information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B. *Changes are highlighted as Red text in above img. Below are the [&helli...

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Posted Under: Corporate Law |

Cash transaction and its Income Tax implications

According to section 40A(3) of the Income Tax Act, if payment for any expenditure exceeding Rs.10,000 is made in cash in a day, then the expenditure will be disallowed under the Income Tax Act. ...

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Posted Under: Corporate Law |

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November 2022