"06 September 2022" Archive

CBIC Clarification on procedure for Disposal of gold

Instruction No. 22/2022-Customs 06/09/2022

New procedure for disposal of gold, wherein it was envisaged that the seized/confiscated gold (other than ornament/jewellery/articles) shall be transferred to Reserve Bank of India (RBI) through Security Printing and Minting Corporation of India Ltd. (SPMCIL)....

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Uploading of e-BRC for shipping bills on which RoSCTL scrip availed – Extension upto 30.09.2022

Trade Notice No. 16/2022-23 06/09/2022

It may be noted that the last date for uploading of all such e-brcs, where RoSCTL scrips have been issued for shipping bills upto 31.12.2020 has been further extended till 30.09.2022...

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Interest on Custom duty Refund allowable from deposit date to refund date

BBM Impex Pvt. Limited Vs Principal Commissioner of Customs (Preventive) (CESTAT Delhi)

BBM Impex Pvt. Limited Vs Principal Commissioner of Customs (Preventive) (CESTAT Delhi) Appellant urged that the issue of interest is no longer res integra, and is payable as per Section 129EE of the Customs Act. Upon success in appeal, the amount of pre-deposit is to be refunded with interest from the date of deposit till […]...

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Gain on Property owned by co-owner – ITAT directs CIT(A) to decide appeals simultaneously

R.Vasimalai Vs ITO (ITAT Chennai)

AO has made addition u/s.56(2)(vii)(b)(ii) of the Act, towards difference between guideline value and consideration paid for purchase of property as unexplained investment....

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Arbitration Application Maintainable Despite Pendency of Reference before MSME Council

National Collateral Management Services Limited Vs Kunj Bihari Food Processing Pvt Ltd (Jharkhand High Court)

HC held that merely because one party, has approached before MSME Council, Arbitration application cannot be held to be not maintainable...

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HC set-aside Reassessment Order Passed without Considering Reply of Assessee

Rithala Education Society Vs Union of India (Delhi High Court)

Rithala Education Society Vs Union of India (Delhi High Court) In the present case, the significance of issuance of a show cause notice at a stage prior to issuance of a re-assessment notice under Section 148 of the Act has been lost on the respondents inasmuch as the impugned order under Section 148A(d) of the […]...

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If the Assessee disputes GST Interest Liability then revenue to follow Section 73 or 74 procedure

Bluestar Malleable Pvt. Ltd Vs State of Jharkhand (Jharkhand High Court)

HC held that that if assessee disputes Section 50 GST interest liability then revenue have to follow specific procedure of Section 73 or 74...

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SC Orders cannot be treated as Paper Orders & must be followed in true sprit

Debibrata Chattopadhyay Vs Jharna Ghosh  (Supreme Court of India)

When an order has been passed by SC, it has to be given effect in letter and spirit & it cannot be permitted to be treated as a paper order....

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Financial Debt cannot be claimed Without Proof of Disbursement

Sudhir T Deshpande Vs Dhanada Corporation Limited (NCLT Mumbai)

Without proof of disbursement an amount cannot be claimed as financial debt, as disbursement is a sine qua non for any debt to fall within the ambit of financial debt...

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Posted Under: Custom Duty | |

Capital Gain cannot be Taxed to owner for transfer by POA holder

Bharati Narendra Oswal Vs ITO (ITAT Pune)

whether the CIT(A) justified in confirming the addition of Rs.1,26,80,413/- on account of long term capital gain in the hands of the assessee instead of Jayantilal Oswal in the facts and circumstances of the case....

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September 2022